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The cryptocurrency markets appear to be in recovery mode, gaining back $12 billion in valuation over the last day, including Dash passing back over the $1 billion mark.
Over the last week, the cryptocurrency markets experienced quite a tumble, taking a hit from $88 billion a week ago to a recent low of $60 billion over the weekend. This is an especially significant drop from about three weeks ago when the combined market cap of all cryptocurrencies was still $115 billion, supported by very high interest in Ethereum. The current recover stands at approximately $72 billion, which is $12 billion higher than the weekend low, but still $16 billion short of last week’s high
Dash back past $1 billion, hoping to end a crazy month on a high note
The last couple of months have been quite the wild ride for Dash. At the end of May, Dash rose from $91 to $146 on June 1st, crossing the $1 billion market cap threshold, where it has remained consistently until this past weekend. June saw a stable growth to about $178, while the first week of July had a spike to an all-time high of $223 per coin. Since then it has been a fairly steady downward correctional trend, hitting the bottom around $120 on Sunday before rising back to $142 at time of writing. That makes roughly one day since June began of a market cap under $1 billion, and a fairly consistent three-month upward trend.
Initial “bloodbath” seems to be over, uncertainty remains going into August
While worst of the carnage appears to be over, there could be a repeat coming into August as several factors remain that could destabilize markets once again. First, while Ethereum has taken a hit, ICOs keep rolling in, creating the potential for the bubble to be inflated even larger before a pop, which could have a similar effect as recent market drops. Second, Bitcoin’s future is n...