Cryptocurrency prices rebounded today, reversing the price declines seen during this week’s broad correction.
This rebound was seen across many different markets, with more than 90 of the top 100 cryptocurrencies seeing higher prices in the last 24 hours, according to CoinMarketCap.
This broad rally coincided with the market capitalization (market cap) of cryptocurrencies reaching $107.7bn today, a roughly 17.5% increase over the prior day’s low of $91.3bn, additional CoinMarketCap figures show.
The wider cryptocurrency market saw a notable correction earlier in the week, with its collective market cap falling by more than 20% after reaching an all-time high of $117.2bn on 12th June. This stood in contrast to the significant inflows seen over the past few months, as the total cryptocurrency market cap has risen more than 500% year-to-date as of press time.
The sharp appreciation motivated some analysts to warn that the cryptocurrency market may have entered bubble territory.
Bouncing ball image via Shutterstock; Graph image via CoinMarketCap