Crypto Bulls Fighting Back? Market Sees Green After Sell-Off

The cryptocurrency market is flashing green Wednesday following a major downturn, with the total capitalization rising more than $11 billion on a 24-hour basis.

The signs of a turnaround emerge in the wake of a rough patch for the market, during which it hit its lowest point for 2018, as CoinDesk previously reported.

At press time, bitcoin, the world's biggest cryptocurrency by market capitalization, is trading hands at an average of $6,349 - a considerable improvement from yesterday, when the price hit a low of $5,921.

A turnaround for the world's second largest cryptocurrency by market capitalization, ether is perhaps most notable given the severity of its recent market free fall.

The price of ETH fell from $407 on August 7th to a low of $257 yesterday - a more than 36 percent week-to-week depreciation, according to CoinDesk's Ether Price Index.

Ether's plummet made it next to impossible for many cryptocurrencies to show positive growth in BTC value.

Sellers of the cryptocurrency have since taken a breather, allowing for a more than 12 percent relief rally in price to occur.

The rest of the market immediately followed suit, bringing the total market capitalization at one point back above the $212 billion mark from a more than eight-month low.

What's more, ETH, XRP, Monero, and EOS are all posting gains of above 8 percent, with ETH leading the pack for price growth in the past 24 hours, according to CoinMarketCap.

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