Cryptocurrencies Rebound After Hitting a low of $276.8 billion

Feb 08, 2018 at 14:41

After experiencing prices below $6,000, Bitcoin is rebounding substantially as it pushed over the $8,000 mark on Wednesday pulling the top 100 altcoins up with it.

Bitcoin’s price gained around 24 percent as of this writing, trading at an average of $8,280, according to CoinMarketCap.

Likewise, Altcoins showed strong performances with all the top 100 coins went up, gaining as much as 97 percent over the last 24 hours. In the top 10 coins, NEO and NEM have increased by 55 and 46 percent respectively, while Bitcoin Cash and Ethereum gained up to 33 percent.

Total market cap of all cryptocurrencies is now at $388 billion, a gain of over $100 billion since Tuesday’s low of $276.8 billion.

Aside from the general movement of the market, the rebound in the prices of cryptocurrency is considered to be due to the positive outcome of the hearing on cryptocurrency and Blockchain conducted by the United States’ Securities and Exchange Commission and Commodity Futures Trading Commission (CFTC).

During the hearing, CFTC chairman J. Christopher Giancarlo expressed optimism about Bitcoin, Blockchain and the Distributed Ledger Technology.

Litecoin founder Charlie Lee commented through Twitter about the overall volatility of the crypto markets and the benefits of staying bullish in the long-term.

“Those that can withstand such a drop without flinching are the ones with lambos eventually. The others pay for these lambos,” he quipped.