Cryptocurrency Market Cap Recovers Over $500 Billion As Bitcoin Exceeds $11k
After a relatively low beginning to the month in the cryptocurrency market, the total market capitalization of all cryptocurrencies broke again on February 17, according to CoinMarketCap by $ 500 billion. Total market capitalization at the time of release is approximately $502 billion..
In the last 24 hours Bitcoin has seen a price increase of 9% from 10,030 USD to 10,850 USD, as major cryptocurrency recorded huge profits in the past few days.
Bitcoin has shown major signs of recovery as its trading volume becomes stronger in the past 24 hours. Several analysts have said that if the price of Bitcoin can exceed $ 11,500, it will continue its momentum towards the $ 13,000 region.
Of the top ten coins listed on CoinMarketCap, only Litecoin (LTC) records a low trading volume, about 3 percent at the time of printing. Earlier this week, Litecoin experienced a price hike following the announcement of the launching of the LTC Fiat payment service. LTC currently trades at $227.
The significant recovery of bitcoin in the past few days may have prompted by the consequent increase in demand for bitcoin in the South Korean market, causing an increase of its trading volume to about 2 to 3% premium after it experienced a massive decline from speculations of a total ban of cryptocurrency by the South Korean government.
Ethereum and other major cryptocurrencies have more or less followed the recovery trend of bitcoin last week. Few cryptocurrences like NEO have outperformed Bitcoin in the last 24 hours and the majority of cryptocurrencies have struggled to adapt the good performance of Bitcoin.
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