Cryptocurrencies are trading in the green today after a tumultuous seven days.
In the last 24 hours, the total market capitalization of all cryptocurrencies has increased 25 percent to $352 billion, as per data provider CoinMarketCap. The total value had dropped to $276 billion yesterday – the lowest level since Nov. 26.
Though a welcome development, that figure is still down at least 30 percent from last Wednesday’s high above $500 billion. Further, it’s still 57 percent down compared to the record high of $830 billion seen in January.
As of writing, the top 10 cryptocurrencies by market capitalization are reporting double-digit gains.
Bitcoin, the world’s largest cryptocurrency by market cap, has appreciated by 22 percent in the last 24 hours, again according to CoinMarketCap. As of writing, CoinDesk’s Bitcoin Price Index (BPI) is showing the average price across global exchanges at $7,845.
So why the upturn? For one, market observers have told CoinDesk that the U.S. Senate’s softer approach to regulating bitcoin, publicly discussed yesterday, bodes well for cryptocurrencies…