The markets on cryptocurrency have begun to bounce back after their Sunday price pullback. The pullback is said to be fueled by the recent positive movement in the industry of the price of bitcoin and ethereum. Being the two largest cryptocurrencies, they contribute to what occurs over the rest of the market. This helped to take the rest of the alternative coins or altcoins to a higher price over the weekend in the middle of October.
The trading over the second weekend of October brought the overall market capitalization or market cap below a number of $170 billion. After, on Monday, the markets bounced back slightly bringing the market cap to $175 billion. The number of $175 billion again brings the market cap to within only $5 billion of its all-time high hit in the beginning of September.
Many expected that the price would drop after bitcoin hit an all-time high during the second week of September, but it has done very well compared to the bearish opinion of many economists.
Compared to Bitcoin, Ethereum deployed an upgrade to its system that would effectively help with scalability as well as security. This upgrade helped to increase the price, but only slightly.
The price jumped from $325 to a slightly higher number of $335. After the deployment of the upgrade, the price went up to $348, and then quickly pulled back to $341.
The cryptocurrency market has been historically volatile with bitcoin leading the charge in that respect. As the market not only gains traction, but public acceptance, it is becoming more popular. Investors have begun to seize the opportunity but as some refer to the market as a bubble, only time will tell what occurs to the market on cryptocurrency as a whole.