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The main cryptocurrencies have been in recovery mode on Thursday, driven by the double-digit gain of Ethereum, while investors have been busy to buy the market at the annual lows. However, the last shot has all the signs of a rebound from a dead cat, which means the bulls are not out of trouble yet.
Market Update
Digital currency values rebounded sharply on Thursday, with the overall market recovering $ 10 billion in market loss. The total value of all encrypted in circulation reached $ 186 billion on Wednesday, a new low for the year, but has since recovered about $ 196.4 billion
In terms of percentage gains, Ethereum, Litecoin and Monero were the leading figures. Ether rose 12.2% to $ 193 after reaching its 16-month lows on Wednesday. Litecoin rose by 11.7% to trade just under $ 54. Monero added 15% to $ 113.
Altcoins and tokens saw their overall cryptocurrency market share rise slightly to 43, 4%, according to CoinMarketCap. The bitcoin, meanwhile, rose 3% to $ 6.463.
The market rose even though trade volumes slightly stabilized. The total turnover of the trading market fell to $ 11.9 billion from a previous maximum of about $ 13 billion
. The rally was largely driven by oversold conditions on most major businesses. As such, the market remains in a steady downward trend
Ethereum co-founders cluster
While there are many factors behind the rapid depreciation of ICO's ether-cashout, scalability problems and prospects for down market – comments from one of its co-founders have also helped in the fall. On Sunday, Vitalik Buterin told Bloomberg News that "the space of the blockchain is coming to the point where there is a roof in sight", adding that the days of 1000% of price growth are over.
As might be expected, Buterin's comments prompted a tsunami of response (and speculation) from the cryptocurrency community. And it did not take long for Joseph Lubin, one of the co-founders of Ethereum, to issue a reply. In an interview with CNN, he stated the following:
"Vitalik is brilliant, but I would not agree with him on this." This is a technology that will have an impact on how systems economic, social and political will be built in the coming decades so we are right at the beginning of this. "
Buterin later clarified via Twitter that" he never said that there is "room for growth "in the cryptographic ecosystem," only that "there is no room for the 100x price increases."
As the debate continues, short bets on Ethereum continue to grow. As reported by Hacked five days ago, down bets on Ethereum have reached the all-time high on Bitfinex, one of the largest cryptocurrency exchanges in the world. Since then it has been confirmed by the CoinFi data provider, which has shown that betting against the ether has reached record levels.
Disclaimer: The author owns bitcoins, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out short-term or day trading activities.
Featured image courtesy of Shutterstock.
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