The last 24 hours has been a lot kinder to cryptocurrency markets than the fortnight prior that saw $90 billion wiped from the industry’s market capitalization.
Bitcoin’s enjoyed a 24 hour rise of 13.66%, and elsewhere the boats of several top thirty coins were elevated well beyond Bitcoin’s tidal rise provided from its role as the industry reserve currency. Most notably:
VeChain +24.87% USD, +8.51% BTC.
NEO +22.05% USD, +5.26% BTC.
BAT +18.77% USD, +9.22% BTC
TRON +31.11% USD, +13.4% BTC
Cardano +21.3% USD, +4.76% BTC
While there remains a long way to go before we can claim that there is a return to a bull market, many industry insiders are claiming the industry is becoming much more appealing and accessible to institutional investors who may be quietly accumulating in preparation for more attractive tradable products. Earlier today Coindesk reported that industry giant Coinbase launched an over the counter trading service for institutional clients.
In an interview with Cheddar, Coinbase head of coverage Christine Sandler said that despite the bearish crypto-economy, many of their crypto-first clients remain as steadfast in their commitment to cryptocurrency and blockchain as ever.
“From our crypto-first clients, we are hearing that nothing has changed with respect to the technology, and that they’re still absolutely committed to crypto — they’re absolutely committed to the technology. I think there is one silver lining to this volatility — and look, we had volatility late last year on the upside, now we have it on the downside — is that crypto has been front and centre of the mainstream media the last few weeks. That has forced a lot of institutions to think, really, ‘is this an opportunistic investment point for crypto?’ at this point.”