The cryptocurrency markets appear to be in recovery mode, gaining back $12 billion in valuation over the last day, including Dash passing back over the $1 billion mark.
Over the last week, the cryptocurrency markets experienced quite a tumble, taking a hit from $88 billion a week ago to a recent low of $60 billion over the weekend. This is an especially significant drop from about three weeks ago when the combined market cap of all cryptocurrencies was still $115 billion, supported by very high interest in Ethereum. The current recover stands at approximately $72 billion, which is $12 billion higher than the weekend low, but still $16 billion short of last week’s high
Dash back past $1 billion, hoping to end a crazy month on a high note
The last couple of months have been quite the wild ride for Dash. At the end of May, Dash rose from $91 to $146 on June 1st, crossing the $1 billion market cap threshold, where it has remained consistently until this past weekend. June saw a stable growth to about $178, while the first week of July had a spike to an all-time high of $223 per coin. Since then it has been a fairly steady downward correctional trend, hitting the bottom around $120 on Sunday before rising back to $142 at time of writing. That makes roughly one day since June began of a market cap under $1 billion, and a fairly consistent three-month upward trend.
Initial “bloodbath” seems to be over, uncertainty remains going into August
While worst of the carnage appears to be over, there could be a repeat coming into August as several factors remain that could destabilize markets once again. First, while Ethereum has taken a hit, ICOs keep rolling in, creating the potential for the bubble to be inflated even larger before a pop, which could have a similar effect as recent market drops. Second, Bitcoin’s future is not entirely certain, as hashpower majority moves to implement the Segwit2x compromise while several other parties threaten opposition that could split the chain. Whichever outcome, though, the cryptocurrency field will emerge stronger for long-term growth.