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Market Wrap: Cryptocurrencies Bounce Back, Gain $15B In Less Than 24 Hours

The last two days are proof enough for anyone doubting the volatility in the cryptocurrency market.

Benzinga · -

The last two days are proof enough for anyone doubting the volatility in the cryptocurrency market.

Less than 24 hours after a major sell-off erased more than $7 billion from the cryptocurrency market capitalization, the digital assets have bounced back harder than before.

According to CoinMarketCap data, the overall cryptocurrency market value has regained 8.6% of its value at $190.25 billion by press time, up $15.11 billion than hitting its lowest value on Wednesday morning around 8:30 AM.

The cryptocurrencies soared higher than even the $194.93 billion market cap they started at before the Monday sell-off, to reach $194.97 billion on Wednesday, but have lost another 2.42% since then.

The market sell-off reportedly started after a Chainalysis report suggesting that scammers are hording nearly $150 million in cryptocurrency (at that time's conversion rate).

Market Performance

Here's how individual cryptocurrencies performed at press time:

Bitcoin (BTC), the world's first and largest cryptocurrency, traded 7.30% up at $7,159.

Ethereum (ETH), the cryptocurrency backing the namesake blockchain platform, bounced back by 3.82% to $128.31.

XRP (XRP), the cryptocurrency behind the Ripple payment network, was up 2.05% at $0.1882.

Tether (USDT), a stablecoin purportedly backed by a U.S. dollar reserve, traded $1., at its intended price.