On Wednesday, 24th January, the crypto market saw an increase in its market cap of almost $50 billion as cryptocurrencies such as Neo, Ripple and Stellar enjoyed steady price increases.
The digital currency market experienced one of its roughest periods in December and January, when the market cap dropped from what was $750 billion to $415 billion this week. Such a steady decrease and emaciation of investors’ confidence in the market, certain cryptos regained their momentum and helped the market stabilize with $50 billion in a very short amount of time.
Source: CoinMarketCap.com
The current market cap of the crypto market is $544 billion, signalling a staggering comeback of $130 billion and almost a 10% increase in value for just under two days.
While Bitcoin has remained steady in price, with levels above $11,000, the cryptocurrencies that helped the stabilization were mainly Neo, Ripple and Stellar.
Stellar saw a sharp increase in price, as Stripe announced that while they are dropping Bitcoin as a payment method, the company hinted at the possibility of accepting Stellar as a digital payment option instead.
Source: CoinMarketCap.com
Neo put smiles on investors’ faces as well, when it noted a double-digit price advance of around 12%, with trading on average at $135.
Source: CoinMarketCap.com
Today’s “green field” and positive percentages in cryptos’ prices gives hope to investors that while the digital currency market is experiencing hardships and regulatory scrutiny to the extreme in certain cases, the market is here to stay.