Cryptocurrency Market Cap Recovers Over $200 Billion, Ethereum Jumps Over 12.5%

A major recovery of Ethereum and other altcoins support today’s cryptocurrency market price surge.

Photo: tiendientu vietnam / Flickr

Photo: tiendientu vietnam / Flickr

On Thursday, September 13th, cryptocurrency market posted a much-needed recovery of 5% surging over $200 billion. This came as a major relief after a heavy sell-off witnessed in the altcoin space starting this Monday. After a severe bloodbath, almost all of the top-twenty digital currencies have turned green today.

After hitting its 2018-bottom on Wednesday, Ether (ETH) has made a solid comeback showing over 12.5% price surge in the last 24-hours. At the press time, ETH is trading for a price of $212 with over $21 billion market cap, according to CoinMarketCap. A majority of top-twnety altcoins have gained over 5% in today’s market surge.

Bitcoin, which is seen staying relatively stable in the last coupld of days, has gained by 2% over $6500. Some analysts believe that this is just a ‘dead cat bounce’, a event where a publicly-traded assets surges before further downfall.

Higher Price Predictions for Bitcoin and Ethereum

Owing to the past performance of the crypto market this year, not everyone has turned bullish with this price recovery. But some crypto enthusiasts says that this recovery will set the next market uptrend. CNBC contributor Brian Stutland suggested some crucial support levels for Bitcoin, at the CNBC’s “Futures Now” segment. Stutland expects Bitcoin to go higher to $7200 levels from here. He says:

“Our momentum trend isn’t great to the upside, our models aren’t saying to go all-in, so its a little risky. But I just think that the fact that we have held this $6,000 level — sort of traded a little bit lower in the last few days and then moved back up to the $6,400 level — it feels like we want to head higher here. And I think that when you look at it, the cryptocurrency industry is still in its early stages of evolution and a broader macro sense.”

At the very beggining of 2018, ConsenSys Capital co-founder Andrew Keys predicted that ETH would touch $2000 this year. eys said:

“The price of ether will exceed $2,000 in 2018. Ether will continue to outperform bitcoin, and the total market cap of ether will exceed that of bitcoin in 2018. “

With just four months to go into 2019, Ethereum has a long journey to achieve this milestone.

Ethereum Achieves Major Breakthrough in Blockchain Sharding

Blockchain researcher Vlad Zamfir unveiled a proof-of-concept idea during the ethereum hackathon EthBerlin this week. The code gives a highlight into how different Ethereum shards can communicate on the blockchain network. Sharding is Ethereum’s scalbility solution that aims to reduce the complexities by breaking the blockchain network into smaller units, called shards.

Zamfir told CoinDesk that the code is currently in the preliminary stage of development. Nevertheless, it sets up the foundation for the implementation of Sharding at a later stage. Zamfir said:

“It’s really a proof-of-concept of the most core component in my sharding roadmap. It prevents the cross-shard atomicity failure, or more specifically, it prevents finalization of cross-shard atomicity failure, so it will never be that a ‘send’ is finalized and a ‘not received’ is finalized.”

Zamfir also told the publication how he differes from Vitalik’s views over Sharding implementation. He said:

“I consider the core of sharding to be a cross-shard message or a cross-shard consistency problem.Vitalik thinks of it as sharding of availability, validity and execution of the state. I have a different perspective than Vitalik does of consensus protocols and therefore also sharding.”

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