It certainly has been a wild 24 hours for financial markets and the cryptocurrency industry in particular.
But thankfully for crypto traders, the industry has ended up bouncing back from its sharp decline and even managed to push higher.
Here is the state of play in the industry at present:
The bitcoin (BTC) price is up 7% over the last 24 hours to US$7,598 per coin according to Coin Market Cap, giving it a market capitalisation of US$128 billion. This has been quite a turnaround for the world's largest cryptocurrency after dropping below US$6,000 at one stage yesterday.
The Ethereum (EHT) price has risen 10.5% since this time yesterday to US$769.20, lifting its market capitalisation to US$75 billion. Like bitcoin, Ethereum has rebounded strongly after dropping as low as US$574 during trade yesterday.
The world's third-largest cryptocurrency, Ripple (XRP), is up 5.7% to 75.4 U.S. cents during this time. Ripple's market capitalisation has now improved to US$29.4 billion after XRP recovered from a low of 58.8 U.S. cents. From top to bottom that's a massive 28% gain.
Bitcoin spin-off Bitcoin Cash (BCH) has climbed 5.5% over the last 24 hours to US$964. BCH had fallen as low as US$764 per token at one stage, so this has been another impressive rebound. Bitcoin Cash now has a market capitalisation of US$16.3 billion.
The Cardano (ADA) price is up 5% to 34.9 U.S. cents, giving it a market capitalisation of US$9 billion. Like the other cryptos, the Cardano price has swung wildly during the last 24 hours after hitting a low of 26.6 U.S. cents. This means ADA has improved by over 31% since reaching its low yesterday.
What happened?
This move higher comes as a bit of a mystery to the market as there doesn't appear to be a single catalyst for the rebound. However, considering the sharp drop over the last few weeks, I suspect that speculators have swooped in believing that the cryptos are trading at bargain prices.
Whilst this may prove to be the case one day, I would suggest investors stay clear of the industry for the time being as these gains could easily be gone again this time tomorrow unfortunately.
