MVIS CryptoCompare top 100 index

The cryptocurrency market rebounded strongly after severe sell off in the previous days. The MVIS CryptoCompare top 100 index rose 7.88% in the last 24 hours which is the strongest recovery since late January.

It is thought that the positive remarks from the CFTC and SEC at yesterday’s senate hearing are fuelling the rally. The question remains whether this will signal the end of the downtrend from $20,000 in mid December. Analysts are looking for sustained price action above a support level before calling the bottom.

Top 10

Cryptocompare coinlist

The top 10 coins by 24 hour volume have all posted huge gains ranging from 21 – 57%, with the exception of ICON which has been left out of the rally. On the whole, altcoins recovered to a greater degree than Bitcoin, however this was primarily due to the fact that the recent bear move affected alts worse than bitcoin as well as the fact that the alt markets are less liquid and smaller volumes are required to move the market.

Sixth-ranked NEO posted the best performance of any top 10-cryptocurrency, rising 57.67% to $116.11. EOS and Ethereum Classic, meanwhile, both rose around 30% with  Tronix slightly ahead at 42.49%. 

BTC

The recent decline of almost all cryptocurrency markets seems to continue full steam ahead. This week, the Bitcoin price fell below $6,000 marking three month lows.

Earlier today the Bitcoin price continued to drop, reaching a low of $5,998 at 7:30 UTC according to CryptoCompare, which represents a drop of over 65% from the all time high of $19,346 in mid December.

China announced it is stepping up its cryptocurrency trading ban.The Chinese government plans to use the aptly named  ‘Great Firewall of China’, to block citizens from visiting foreign exchange sites. The recent decline of the Bitcoin price may be related to the move by the Chinese government.

At the time of writing, the Bitcoin price is sitting at $8,008 representing a gain of 24.96% in the last 24 hours. More than $2.64B worth of BTC were exchanged in the BTC/USD market representing a 35.02% share of daily volume. The BTC/JPY pair that represents a 39.28% share.

Bitcoin USD Cryptocompare chart

ETH

Some investors believed that the market downturn would present Ethereum with the opportunity to decouple its strong correlation to bitcoin and  surpass Bitcoin’s market cap. However, this has not proved to be the case, as the Ethereum price has largely tracked with Bitcoin’s decline, albeit with some lag. Ethereum’s recovery is especially strong considering the string of recent hacks including the Bee Token hack of $1 Million Ether.

The Ethereum price has risen by 32.25% over the past 24 hours and is currently sitting at $825.75, with over $1.619B worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 42.18% market share of the daily trading volume.

Ethereum USD CryptoCompare Chart

XRP

The Ripple price has risen by 23.62% over the past 24 hours and is currently sitting at $0.78, with over $244M worth of Ripple exchanged in the past 24 hours on the XRP/USD pair which has a 24.8% market share of the daily trading volume. The dominant pair – XRP/KRW – accounts for 50.94% of global volume.

Ripple USD CryptoCompare Chart

LTC

The Litecoin price has risen by 31.9% over the past 24 hours and is currently sitting at $150, with over $324M worth of Litecoin exchanged in the past 24 hours on the LTC/USD pair which has a 50% market share of the daily trading volume. The recent Litecoin fork of ‘Litecoin Cash’ is contributing to the rally as investors are looking to profit from the free airdropped LTC Cash coins.

Litecoin USD CryptoCompare Chart