The crypto-market is showing good signs of with prices recovering, with almost all of the top 100 digital currencies profiting, and the top 10 coins recording a 1-4% solid growth.
BTC currently trades at around $6,700. This marks a strong recovery despite Bitcoin’s steep fall last week after much tougher anti-crypto measures in China and more orders of disapproval for a number of BTC ETFs by the US SEC.
Ethereum also currently trades at about $280. However, it has still recover the $300 price tag, held just a week ago. The coin has seen a rather slow and controlled upwards movement as compared to BTC. It is still running on severe monthly losses of 40.6%.
LTC and XMR have also reported a sturdy growth, both having risen over 2%, and currently trading at about $57 and $93 respectively. Litecoin has, by now, essentially closed down all its mid-week losses, and has actually managed to secure profits.
The full market cap of all tokens currently stands at about $217 billion. The market is looking to recover it’s mid-week peak if $221.7 billion (a rise nearly $13 billion from its fall to a mere $204 billion last week).
The middle of the week saw the market enter another decline similar to the one that was seen when the SEC rejected the Winklevoss Twins’ BTC ETF proposal, that then led to almost $12 billion being removed from the total market value.
However, this sudden devaluation has already been proven to be short-lived as of now. Crypto analysts have argues that since the market didn’t “sell off” even after news of the recent denials of the ETFs, it could been seen as a change in sentiment among investors and therefore mean that the market is eventually inching closer to the approval of the ETFs.
This feeling has been backed by the news that the SEC will once again resume deciding on the ETFs. The SEC commissioner Hester M. Price has also made known her dissent of the regulator’s prior decisions regarding the ETFs.