The whole industry is slowly rebounding after a major meltdown. While an intense battle between bulls and bears continues, a positive news cycle indicates that another market uptrend may be in the offing.
Bitcoin keeps asserting dominance
The market is still recovering from a recent bloodbath, triggered by the Goldman rejection. Over the last 24 hours, the total market capitalization (currently sitting at $196 bln) experienced a minuscule increase of about 0.2 percent, according to a DataLight report. Bitcoin (BTC), the flagship cryptocurrency, also increased by 0.69 percent (that is by no means an indication of another bullish uptrend).
In fact, BTC had the biggest increase in the top 10, which speaks volumes about the current market sentiment. Meanwhile, Cardano (ADA) shows the most upsetting result with a 4.4 percent drop.
Credo appears in the spotlight
If to analyze the performance of other altcoins by market cap, Credo (CREDO), the current behind a Blockchain project that aims to tackle the problem of email spam, boasts the biggest price spike in 24 hours (46.5 percent). Emercoin (EMC) and Crypterium (CRPT) also saw a substantial increase (44 and 42.5 percent respectively). At the same time, ZClassic (ZCL) becomes the biggest loser of the day, plunging by almost 15 percent.
An incredible week for the industry
A prominent investor Joseph Young doesn't buy the drama. Indeed, the crypto market took a major nosedive the previous week with Ethereum (ETH) plunging below $200 for the first time in 2018. However, he points to a slew of recent major announcement in the crypto industry- from Citigroup embracing cryptocurrency custody to European officials backpedaling on their plan to regulate digital assets, giving a sigh of relief to the industry. On top of that, the Winklevoss brothers stirred some buzz by rolling a brand-new dollar-pegged cryptocurrency Gemini Dollar (GUSD).
I can argue this week has been the best week for crypto— Joseph Young (@iamjosephyoung) September 11, 2018
1. Citigroup looking into crypto custody
2. Gemini's fully audited, licensed stablecoin
3. EU commission says crypto is here to stay
4. Nasdaq building crypto analytics tools
It's not always all about the price.