The cryptocurrency market seems to be enjoying some much needed recovery after weeks of consistent bearish trend that gave bears an upper hand in the crypto market. With 17 of the twenty top cryptocurrency enjoying some fresh air, investors have something positive to cheer them on.
Having dropped below the $6,500 price point on Friday, Bitcoin (BTC) was able to make some 1.6 percent gain and now trading at $6,533 as at press time, Saturday.
Ethereum (ETH) is currently enjoying some of the biggest gains in the ongoing crypto market recovery. The second major cryptocurrency is trading at $223, up 6.7 percent in 24 hours. Also, ETH is up 5.3 percent on the week, a dramatic increase having dropped as low as $169 on the second week of September. With the total market cap continually rising, Ethereum could still enjoy some more gains in the coming days.
Having announced the launch of its mainnet which would take place on Monday, the Tezos token has enjoyed some of the largest gains yet. As a matter of fact, XTZ is trading at $1.68, up by 26.4 percent in the last twenty four hours.
Litecoin And Monero
Litecoin (LTC) and Monero (XMR) have also enjoyed some incredible gains in the past couple of days. As at Saturday, Litecoin was trading at $57, up 5.2 percent while Monero is up 5.8 percent and trading around $120.
Although Dogecoin has seen some losses in the past couple of days, it is still up 0.6 percent over the last seven days and currently trading at $0.006148 as at press time.
Giving this slight recovery, Tim Drapper, Silicon Valley venture capitalist and well-known Bitcoin evangelist has predicted that the cryptocurrency market cap will hit $80 trillion in 15 years’ time..
This recent wave of Green is coming after CEO of Galaxy Digital Capital Management Mike Novogratz, gave his opinion on price bottom on the crypto markets.
In another news, U.S. stock brokerage company EF Hutton stated yesterday that they are planning to issue $60 million in various crypto instruments by January 2019. This is coming after the company stated that it would sponsor the upcoming U.S. crypto exchange ACEx.
Also, Bloomberg reports on September 13 suggests that U.S. banking giant Morgan Stanley is planning to offer Bitcoin swaps which will enable clients to trade derivatives without necessarily holding the actual cryptocurrency.