Crypto market update: Bitcoin continues to recover

Total cryptocurrency market capitalisation rises by $100bn in 24 hours

The capitalisation of the total cryptocurrency market continued to recover on Thursday, after falling to its lowest level in six weeks the day before.

Having dipped to $1.72tn (£1.25tn) in early Wednesday trading, the total crypto market cap stood more than $200bn higher at $1.98tn today.

At 16:00 (BST UTC+1), bitcoin was trading up by 1.5% at $44,109, having briefly dipped below $40,000 for the first time since early August late on Tuesday night in the UK.

The market capitalisation of the world’s first and largest cryptocurrency rose by 4.1% over the past 24 hours at $830.5bn. Its trading volume was 10% lower at $38.3bn.

Ethereum saw a 19.6% collapse in trading volume to $22.1bn but a 6.7% rise in market cap to $368.9bn. The world’s second-largest crypto was trading up by 3.4% at $3,131. It too fell to a more than one-month low on Tuesday night, bottoming out at $2,651.

Of the other leading cryptocurrencies, solana, polkadot and cardano enjoyed the largest gains, rising by 7.8%, 6.3% and 5.3%, respectively.

Biggest riser

Across the wider digital asset spectrum, gravitoken enjoyed the largest gain, rising by 515% in 24 hours to $2.60.

Only 8 days old, the gravity-free rebasing, autonomous community token is algorithmically programmed to increase in price by 9.8% every eight hours until it reaches a ceiling of $1,337,000, at which point it will become a stablecoin.

Biggest loser

TAMA EGG NiftyGotchi suffered the largest decline, slumping by 92.9% to $110.53.

Although the Tamagotchi-inspired cryptocurrency operating on the Ethereum platform has jumped from the $57 all-time low experienced earlier this week, it stands 98% below the $6,893 all-time high reached in March.

Further reading

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