Home / Bitcoin Price Ananlysis / Total Market Cap is Still Below $200 Billion, but Crypto Markets See Sharp Rebound

Total Market Cap is Still Below $200 Billion, but Crypto Markets See Sharp Rebound

Bitcoin (BTC)  price spiked sharply today. Altcoins have mostly followed suit, making markets a mix of red and green, as data from Coin360 data shows. The market has clashed the price weekly.

Bitcoin (BTC) jumped over 3 percent in under an hour today, proceeding to trade sideways just under the $6,400 mark for several hours, before dropping again in the hour to press time.

At press time, Bitcoin is up about 1 percent on the day to trade at $6,24.

Since taking a steep price hit Wednesday, September 5, Bitcoin been trading between $6,400-$6,500 – around $1,000 lower than its intraweek high at $7,391. Today, the top coin has dipped below the $6,400 mark for the first time since mid-August.

On the week, Bitcoin is now down 13 percent, holding the fort with 0.64 percent gain on its monthly chart.

EOS (EOS), ranked 5th, is seeing the most growth among top ten cryptos today, up 5 percent on the day to trade at around $4.95. Today’s growth, however, has simply reclaimed some of the ground EOS lost in a further price dip yesterday.

Litecoin (LTC) has also seen relatively solid growth on the day, up 4 percent to trade at $55.10.

Among the top twenty, coins are also seeing mostly green, with the two coins in red down less than 1 percent. Altcoin IOTA (MIOTA) is another relatively strong top, twenty players, up 5.41 percent on the day to trade at around $0.559.

Despite the market’s sudden surge today, total market capitalization of all cryptocurrencies is still dropping, currently around $195.5 billion at press time. The current figure is down $44.7 billion from its intraweek high at around $240.2 billion.

Vitalik Buterin said he believes that explosive growth in the crypto space is “getting close to hitting a dead end,” now that the initial work to raise crypto and blockchain awareness has largely been done:

“If you talk to the average educated person at this point, they probably have heard of blockchain at least once. There isn’t an opportunity for yet another 1,000-times growth in anything in the space anymore.”

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