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In the Green: Cryptocurrency Prices Rebound After Market Correction
Cryptocurrency prices have rebounded, reversing the price declines seen during a broad market correction.
Cryptocurrency prices rebounded today, reversing the price declines seen during this week's broad correction.
STORY CONTINUES BELOW
This rebound was seen across many different markets, with more than 90 of the top 100 cryptocurrencies seeing higher prices in the last 24 hours, according to CoinMarketCap.
This broad rally coincided with the market capitalization (market cap) of cryptocurrencies reaching $107.7bn today, a roughly 17.5% increase over the prior day’s low of $91.3bn, additional CoinMarketCap figures show.
The wider cryptocurrency market saw a notable correction earlier in the week, with its collective market cap falling by more than 20% after reaching an all-time high of $117.2bn on 12th June. This stood in contrast to the significant inflows seen over the past few months, as the total cryptocurrency market cap has risen more than 500% year-to-date as of press time.
The sharp appreciation motivated some analysts to warn that the cryptocurrency market may have entered bubble territory.
Bouncing ball image via Shutterstock; Graph image via CoinMarketCap
Charles Lloyd Bovaird II
Charles Lloyd Bovaird II is a financial writer and editor with strong knowledge of asset markets and investing concepts. He has worked for financial institutions including State Street, Moody's Analytics and Citizens Commercial Banking. An author of over 1,000 publications, his work has appeared in Forbes, Fortune, Business Insider, Washington Post, Investopedia and elsewhere. An advocate of financial literacy, Charles created all the industrial finance training for a company with more than 300 people and spoke at industry events across the world. In addition, he delivered speeches on financial literacy for Mensa and Boston Rotaract.
