The aftermath of the Bithumb hack did not have a long lasting effect on markets fortunately and they are creeping up today. Total market cap is edging back towards $300 billion but taking its time. Bitcoin has recovered all losses and is up 2.2% on the day to $6,780 and Ethereum is performing even better with a 3.6% rise to $540. It is too early to say whether the previous third big dip of the year was the last. Altcoins are generally in the green at the moment but the only one in double figures at the time of writing is Ethereum Classic.
Coinmarketcap is reporting a 14% increase in ETC over the past 24 hours making it the leading altcoin in the top 25 during Asian trading. Ethereum Classic is currently trading at $17.09, up from $15 this time yesterday. Over the past seven days ETC has jumped 25% from $13.66 this time last Thursday. During the past 30 days however it has lost 5% falling from just over $18 the same time last month. Against Bitcoin ETC has gained 11.5% on the day to 253000 satoshis from 226700 sats this time yesterday. Weekly gains on BTC have been around 20% from 211000 satoshis this time last week.
Momentum is likely coming from the Coinbase support and announcement that ETC will be the next digital asset that it lists. What is a notable coincidence however is that the announcement was made just three days before the SEC declared that Ethereum was not a security indicating that Coinbase may have already been aware of this. ETC is likely to continue upwards until it gets listed on Coinbase unless the bears grab hold of the markets in force again.
OKEx is currently the most popular exchange for ETC trade with over 27% of the total volume and Binance is second with around 12%. That daily volume has increased from $285 million to $387 million over the past 24 hours. Ethereum Classic’s market cap has also increased as a result and is currently at $1.75 billion positioning it at 16th in the charts.
Total crypto market capitalization has climbed 3% on the day and is currently $291 billion. There is a lot of speculation of a recovery but in general the long term trend is still bearish. Looking back at the six month chart we are still near the bottom of the third dip of 2018. Other altcoins faring well at the moment include Tron up 7.8% as its mainnet approaches, Nano 10% higher on the day, and BAT climbing 12.5% at the time of writing.