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Market Recoil: Ethereum Soars Around 24%, Bitcoin Touches $6,500 Mark in Last 2 Days

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The total cryptocurrency market cap has risen considerably in the last 48 hours as a wave of green spread across virtually all of the top 100 crypto assets.

Several top 20 cryptocurrencies are seeing good gains, with Ethereum (ETH) leading the pack, and is up over 6.9 percent on the day, as per the data from coinmarketcap. Ethereum has grown by almost 24 percent in the last 48 hours to trade at $219 at press time. Two days back, due to accelerated losses, the top altcoin sank below the $170 mark to reach a new 2018 low. But, now Ethereum has rapidly recuperated back to September 9 levels, reversing several days of dwindling value.

Ethereum nevertheless stays down around 0.16 percent on its weekly chat and around 27 percent down on the month.

Ethereum nevertheless stays down around 0.16 percent on its weekly chat and around 27 percent down on the month. According to recent remarks by Ethereum co-founder Vitalik Buterin, the days of 1,000-times growth in the cryptocurrency space are over, and they have impacted the crypto ecosystem sentiment this week, prompting Buterin to publicly deny claims he is a crypto "pessimist," arguing that media publications had "spun" his comments.

Bitcoin (BTC) is trading at $6,533 as of press time, up 0.8 percent over the 24 hour period. Bitcoin has seen a volatile week, with major losses briefly taking hold on September 8-9, since which Bitcoin has made a substantial recovery.
Other major coins which have shown significant movement are Litecoin (LTC), up a bullish 8.02 percent at $58.4, EOS (EOS), down almost 0.7 percent at $5.37 and Cardano (ADA), up just 1.58 percent at $0.069.
Among the top twenty, Dash (DASH), IOTA (MIOTA), TRON (TRX) and VeChain (VET) are all showing green, seeing substantial 24-hour growth. Tezos is up by around 25% in the last 24 hours. Dogecoin (DOGE) which has seen the mildest growth of the top twenty coins in the last month, is down by 4.6 percent to trade at $0.0061 at press time.
As altcoins lead the market recovery, Bitcoin dominance - or the share of total market capitalization is slightly down from previous multi-month highs at close to 58 percent. As of press time, BTC dominance is at 55.5 percent, as per CoinMarketCap.

Among the top twenty, Dash (DASH), IOTA (MIOTA), TRON (TRX) and VeChain (VET) are all showing green, seeing substantial 24-hour growth. Tezos is up by around 25% in the last 24 hours.

The bullish price movement in the last two days has been accompanied by more positive news for potential institutional investor exposure to Bitcoin and other digital assets. Today saw reports that U.S. banking giant Morgan Stanley is planning to offer clients Bitcoin trade swaps. Meanwhile, the Citigroup insiders gave signals that it is also planning an entry into crypto-based products.
Meanwhile, a joint report from the World Economic Forum has mentioned that distributed ledger technologies such as blockchain could generate $1 trillion in new trade worldwide over the next decade.

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