After a flash crash yesterday where eth fell some 50% while bitcoin dropped by $1,000 in hours, with all other digital currencies covered in red, today the opposite is happening, with all digital currencies rising.
Ethereum, in particular, has seen a strong recovery, rising some 40% today to around $178, in part due to news that Huobi, one of china’s biggest digital currencies exchange, will list ethereum trading.
Eth seems to have dragged bitcoin up, which in turn seems to have lifted other currencies, some 30%, some 50%, while Golem is up an incredible 77%, rising to a market cap of nearly half a billion, an all-time high for any token.
The main reason appears to be their release of a new client, which may mean they are moving closer to their big beta release called Brass, when the supercomputer starts being accessible for everyone.
Another notable rise is ethereum classic. They are now worth as much as eth was before the fork, but back then eth had some running Dapps, including the DAO which grabbed everyone’s imagination, thus propelled eth to new highs.
Ethereum classic, on the other hand, currently has as good as no ecosystem except for the Ethereum Classic Investment Trust by Barry Silbert, making the platform just a tool of pure speculation with no developers and no projects.
But, everything is up. NEM, a digital currency which slightly improves upon bitcoin but has smart contracts that are far more primitive than eth’s, is now worth some $2 billion in market cap, a valuation which used to be very rare, but is now becoming a bit more common.
The total market cap of all digital currencies is slightly down from yesterday, standing at around $75 billion, not too far from its all-time high of $90 billion reached on Friday just before the crash.
It’s not clear yet whether that crash was just a much needed correction or a turning market, but the recovery appears to be V shaped, although we have to wait and see whether new higher highs and higher lows are made before the picture becomes more clear.