After a turbulent week, cryptocurrency market starts to bounce back

Bitcoin climbs back above $8500, as the cryptocurrency market shows signs of a better week…

After a tumultuous seven days for cryptocurrencies pretty much across the board, the market has bounced back over the past 24 hours, lead by the recovery of Bitcoin’s price.

Bitcoin fell below the $8000 mark at the end of last week, after a month of trading above that level, and often sitting above $9000. Now, it’s climbed back to just above $8500, and there’s a sense that the market has rebounded, with every major cryptocurrency seeing price gains too.

Here’s how Bitcoin has fared over the past week – note the price pick up over the past day, and the volume rise too.

Total market capitalisation, meanwhile, has recovered as well. It now sits just south of $400bn, still some way down from the $466bn level it sat on earlier in the month, but at least back on an upward trend.

The drop that currencies faced pretty much across the board came as the Consensus 2018 conference was taking place in New York, ironically. A major blockchain and crypto event, it was only after the conference ended, coincidentally, that the market rallied. That contrasts with a sizeable boost in cryptocurrency prices during the equivalent 2017 event.

The hope is now that the market can build and grow again from this point, and perhaps offer some of the stability it’s been lacking thus far in 2018.

Image: BigStock