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Cryptocurrency Prices Rise Back Above $150 Billion as Investment Rebounds
Cryptocurrency prices rebounded heading into Wednesday, a trend that suggests China's move to ban ICOs may have a limited impact.
By Pete Rizzo
Updated Sep 13, 2021, 6:53 a.m. Published Sep 6, 2017, 3:55 a.m.
After declining nearly 25% from an all-time high observed earlier this week, the cryptocurrency market is once again in the green.
Heading into Wednesday's trading session, the value of all publicly traded cryptocurrencies was once again on the rise, climbing 17% from a low of $134 billion observed Tuesday. At press time, this figure had recovered to $157 billion, a gain of over $20 billion in just 24 hours.
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Showcasing the extent of the rally, all top-10 cryptocurrencies were displaying double-digit gains at time of publication, with litecoin, iota and monero seeing the biggest increases.
Such market movements are notable as they come just a day after an announcement from China's financial regulators that initial coin offerings (ICOs), or the sale of new cryptocurrencies to fund blockchain project development, had been deemed illegal.
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Assets including bitcoin and ether, the currencies of choice in most sales, declined on the news. However, the short-lived drop suggests a bullishness in the market remains.
Most telling is that a similar increase was observed in the market for crypto assets, which saw its total investment recover to $8.5 billion, up nearly 20% from a low of $7 billion just a day before, according to data from CoinMarketCap.
Indeed, some of the largest ICO tokens already appear to be recovering investment dollars, with OmiseGo rebounding above the $1 billion mark after declining to a low of $718 million on the news.
Slinky image via Shutterstock
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
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Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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