Today, the cryptocurrency market showed some signs of life after a mostly disappointing first half of the week. The total crypto market capitalization is now at $200 billion, and 97 of the top 100 coins recorded gains in the last 24 hours. Among those, 10 saw an increase of more than 10%. Bitcoin’s performance was more reserved (+1.9%), resulting in BTC dominance slipping to 55.8%.
Apart from Ethereum, EOS (+10%) and Monero (+9.5%) were the best performers in the top 10.
Perhaps the most notable event on the news front was a Bloomberg story which claims that U.S. investment bank Morgan Stanley is working on Bitcoin derivatives products which would offer investors synthetic exposure to BTC. There are still no concrete plans and no official announcements from the firm, so it’s hard to say how much weight to give to this particular story.
Ethereum was the star of the show as it finally found some relief, breaking the $200 mark after gaining 12.5%. ETH trading volume peaked at about $2.3 billion as more and more traders started to try their hand in the market after seeing the positive price action. While the 12.5% bounceback is very solid, ETH holders will be hoping for sustained positive momentum given that the token has taken a beating in the last couple of weeks.
Bitcoin briefly broke through $6,500 but encountered some resistance and is currently trading at around $6,450. Earlier in the day, BTC saw a sharp uptick from $6,350 to $6,440 and volume gradually increased from $3 to $3.5 billion as it approached the $6,500 mark.
NANO continued to capitalize on its momentum from yesterday, and increased by 15%.