The cryptocurrency market cap has once again crossed the $95 Billion mark today after a rough few weeks, according to analysts. The previous peak had occurred at the beginning of June when the mood of the market was bullish, and the calls of bubbles were everywhere.
Cause for Implosion
As investors began to do research and realize that the coming scaling debate could potentially split Bitcoin and orphan part of the blockchain, money began to flee Bitcoin and other coins as well. News about hackers stealing Ethereum didn’t help the mood either. As prices dropped, the market cap followed, and Bitcoin and altcoins lost substantial ground in the chaos. Thoughts of a bubble were on the minds of many investors, and especially those who had purchased at the top.
Bubble? What Bubble?
However, the market cap has rebounded, mostly because of a recovery in the price of Bitcoin. The market has seen a substantial shift upward this week, lending strong credence to the belief that Bitcoin value may skyrocket after the August 1 scaling debacle is put to rest. Bitcoin now accounts for over 47.6% of the total market cap.