The Cryptocurrency Market Continues to Rise with More than $220 Billion Market Cap

As the cryptocurrency and blockchain industries are supported by government and institutional entities, the cryptocurrency market continues to rise. After the sell-off that began on September 24, the cryptocurrency market ushered in the second day of the rebound, and the current daily trading volume has exceeded $16 billion.

 

In addition to the two of TOP 20 cryptocurrencies, other currencies have experienced strong growth over the past 24 hours. Previously, cryptocurrency prices have stagnated in a single day and have soared in the past few hours.

 

Bitcoin price rose about 2.82% in 24 hours, and the current trading price is $6,679. The largest cryptocurrency in the world has more than two support levels yesterday, rising from an intraday average of $6,500 to more than $6,700. Despite this, bitcoin has fallen by 3% in the past 30 days.

 

Eth price rose more on the day and traded at $228 as of press time. According to the ethereum Price Index in Cointelegraph, the altcoin rose more than 6% in the past 24 hours at the time of publication and rose more than 2% this week. Another cryptocurrency, ripple price rose 3.98% in 24 hours and was traded at $0.54 at the time of publication. Following this week’s rapid growth, the altcoin has risen nearly 60% in the past month.

 

The cryptocurrency market has rebounded sharply, and the total market value has rebounded to more than $220 billion in just a few hours. As of press time, the total market value of cryptocurrencies was $224 billion, with an intraday low of $212.9 billion.

 

Although the total market capitalization continued to grow, dominant position of bitcoin in the market declined slightly, from 53% of the market share a week ago to 51.8% as of the time of publication.

 

In the past 24 hours, litecoin (LTC) and bitcoin cash (BCH) have the largest gains among the 20 cryptocurrencies with the highest market capitalization. According to CoinMarketCap, LTC rose the most, at 9.27%, as of press time, at $63.00. Bitcoin cash rose sharply yesterday, rising 9.12%, and the transaction price was around $565.40 at present.

 

Today, Goldman Sachs is one of the largest investment banks in the United States, bringing $25 million in strategic financing to the blockchain payment platform Veem. The company recently denied rumors about its plans to build its own cryptocurrency trading platform.

 

It was reported by Cointelegraph that the Swiss-based SEBA Crypto AG has raised 100 million Swiss francs (about $103 million) to set up a bank that provides cryptocurrency-related services.

 

On September 25th, local Austrian media revealed that the government plans to issue 1.15 billion euros ($1.35 billion) in government bonds at the Ethereum blockchain next week. The auction is scheduled to take place on October 2nd and will be conducted by the Austrian Ministry of Finance (OeBFA), one of the largest banks in Austria.