The cryptocurrency market rebounded in evening trading
A massive crash sliced market capitalization in half
from its all time high.
At the time of writing, the market had picked up over
$100 billion in value from the day’s lows.
The cryptocurrency market rebounded Wednesday night after a
massive sell-off over the previous two days.
The market for digital coins picked up around $100 billion in
value after bottoming out at $412 billion. At the time of
writing, total cryptocurrency market capitalization was close to
Just ten days ago, the cryptocurrency market reached an all-time
high above $830 billion. Fears of a crackdown on trading in South
Korea, however, brought the crypto world to its knees. Across the
board, digital currencies were down for much of Wednesday, with
bitcoin hitting a low below $9,500, according
to Markets Insider data.
The coin, which hit close to $20,000 in December, was trading at
$11,080 a coin at 6:26 p.m. ET.
Market watchers view the downturn as natural. David Sonstebe, the
founder of digital currency IOTA, told Business Insider the
correction was not that big when viewed in context.
“At peak, over 40 individual tokens were valued north of $1
billion, most of which neither have a working product or even
team,” he said. “Today’s correction might seem cataclysmic to
those that are new to the scene, but crypto has been through this
roller coaster numerous times before. The current market cap
today is what crypto was at just one month ago.”
As for the future of the market, Brad Zastrow, the core director
of global business at Dash, another cryptocurrency, told Business
Insider that in the near term, similar situations could occur,
but strong projects will survive in the long run.
“I don’t see this impacting strong projects,” he said. “Which
have a differentiated value proposition coupled with a robust
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