The market capitalization which was stuck in a plunge trend for the past few weeks and was barely floating above the $200 billion mark, has finally managed to breathe some positivity as the market capitalization shows major signs of green throughout. The market capitalization was recently stuck at $202 billion, and as of press time, it has reached $212 billion, increasing almost $10 billion from its initial value, which is a great improvement.
The market capitalization graph shows how previously the CMC was struggling to make it above $200. Only 11 out of the top 100 cryptocurrencies have faced minor losses, otherwise, the overall currencies have contributed to the rise showing major signs of greens.
The driver of the market, Bitcoin was previously struggling to stay above $6,500. At the beginning of September, Bitcoin made it above $7,000 showing positive signs to the investors for quick investments, but it eventually came down under $6,500 and haven’t shown significant growth. Over the period of 24 hours, the premium currency has managed to grow up to a healthy rate of 5% and shows signs of growth. It is to be noted that BTC has been driving the market as the growth rates of the market have been tightly glued to the graphs of bitcoin because of the high dominance rate.
Many analysts, like Ran Neu Ner, were calling $50,000 for Bitcoin previously, but seeing the currency has tied its roots to $6,500 they’ve gone slightly bearish. However, the bulls of the market still have been postitive with their predictions. David Gokhshtein, a crypto enthusiast and entrepreneur told BlockPublisher in this regard that,
Anything can happen, but it’s not going to hit $50,000. I’m thinking $25,000.
Where the bulls of the market are calling $25,000 and $50,000 based on optimism. The bears have analyzed the situation at hand and have tied the future of the market capitalization to the approval of the ETF by the SEC. According to Thomas Power, a crypto enthusiast and the board member of 9 Spokes, SEC is stopping the market capitalization from getting a better brand image by pausing the ETF proposal. He stated that Bitcoin would fall before ETF is approved. He stated,
We’re heading for $3,000 before ETF approval.
He further stated in this regard,
SEC will give BTC brand confidence in 2019, rest will follow in 2020 post crash.
The demand for the ETF is increasing everyday, and the analysts are calling 2019 the year for the approval of the ETF which would then give the market a boost that it needs right now.
Altcoins like Stellar, Cardano and XRP have managed to take the attention away from the market makers. Each of these have shown significant growth over the period of 24 hours. XRP in particular has stunned the market by the dramatic surge of 49.32%
The graph clearly shows that the currency has been rather stable compared to much of the other currencies present, and has outperformed all others in terms of surges and stability. Following the trend, 96 out of the top 100 cryptocurrencies have shown significant growth over the pas 24 hours span, showing signs of positivity.