Bitcoin Price Holds Above $8,500 as Market Fights to Cement Recovery

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The Bitcoin price held above $8,500 on Tuesday as the market fought to cement yesterday’s widespread recovery.

On Monday, the cryptocurrency market cap swelled by $45 billion, with virtually every top-tier cryptocurrency experiencing a double-digit percentage advance against the US dollar. The market ebbed from its intraday high leading into Tuesday morning, but it is still valued at $326 billion, which represents a 24-hour increase of four percent.

bitcoin priceSource: CoinMarketCap

This recovery has correlated with a decrease in the likelihood that the present G20 summit will produce a meaningful international framework on cryptocurrency regulations, though it is unclear what direct impact this development has had on the market writ-large.

Bitcoin Price Hold Above $8,500

The Bitcoin price lagged the index slightly on Tuesday, rising three percent to $8,513 on Hong Kong-based cryptocurrency exchange Bitfinex. Bitcoin now has a market cap of $145.1 billion, which translates into a 44 percent share of the index.

bitcoin priceBTC Price Chart

Ethereum Price Posts Lackluster Return

The Ethereum price, meanwhile, fared even worse, rising less than one percent for the day to a present value of $531. Ethereum now has a $52.6 billion market cap, providing the second-largest cryptocurrency with a market share of just under 16 percent.

ethereum priceETH Price Chart

EOS, Cardano Continue Double-Digit Surge

The wider altcoin markets posted generally-positive returns, with the day’s top performances coming from EOS and Cardano.

bitcoin priceAltcoin Price Chart

Ripple, which was yesterday’s large-cap leader, posted another solid gain with an index-matching four percent increase to $0.68. Bitcoin Cash also rose four percent, raising its price to $980, while Litecoin rose less than three percent to $160.

The day’s top performances came from EOS and Cardano, which leaped by 20 percent and 13 percent, respectively, to present values of $5.75 and $0.18.

NEO, ranked eighth, struggled to keep pace with its peers but still beat the index with a 24-hour gain of six percent, while Stellar’s XLM token soared in value by eight percent to $0.24.

IOTA rounded out the market’s top tier with a 10 percent surge that raised its price to $1.35.

Featured image from Shutterstock.

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