This past week, the cryptocurrency markets have shown a slight rebound and appear to be on track towards $300 billion. Most cryptos are currently in the green following a correction that saw $15 billion leave the markets, and daily trading volume has surpassed $26 billion. This is the highest trading level for nearly three months.
How did the big players fare?
Bitcoin regained 3.3% and as of Friday was trading at just over $8,200. Analysts expect further gains despite the apparently short-lived correction.
Ethereum recovered as well, with a small gain of $1.4% and as of this writing, is trading at $470.
Stellar (XLM) is the best-performing alt-coin in the top ten, with a 5% gain, trading at $0.321. Over the past week, XLM has climbed a respectable 16.7% from $0.275; the rise is attributed to new partnerships and positive public sentiment.
Other altcoins in the top twenty are up between 1 and 3%. The exception is Binance Coin (BNB), which saw a jump of 7.5% on the day to trade $14.63. This is a hefty 20% gain since last weekend when BNB was trading at about $12.
Total crypto market cap climbed to $298 billion on Friday, when $11 billion entered the markets in a two-hour influx.
The recovery is gaining momentum, as this week has seen an 8% climb in total market cap. Trading volumes are at their highest since mid-May, and further gains are expected in the coming days.
Mirroring trading patterns from the latter half of 2017, Bitcoin is climbing at the expense of altcoins. Bitcoin is on a roll and its market dominance continues to rise – currently approaching 50% of the market share (46.7%) and outperforming all altcoins.
The second-most popular cryptocurrency, Ethereum, saw modest gains but trading close to $2 billion, which could signal further gains.
Since mid-July, a predominantly Bitcoin-driven market uptrend seems poised to continue.