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After a Terrible Week for Crypto , the Market Rally Moves Sector Into the Green

On August 9th the crypto roller coaster barrels forward, as the markets are seeing a strong rebound into the green after major losses just yesterday.
On August 8th the total market cap had decreased to $219 billion- its lowest level since mid November 2017.  However, today crypto had an upward surge with virtually all cryptocurrencies having posted gains, as data Coin 360 shows.
Bitcoin (BTC) is trading at a healthy $6,500 at press time, a 3.2% increase on the day.  The worlds leading cryptocurrency spiked up around $300 within a 2 hour period earlier this morning, from $6,229 to $6,528.  Since then there has been a small downward correction, but the coin is still trading $330 higher at press time than its 24 hour low of $6,144.
Bitcoin’s weekly losses have remained at a bleak 14%, with a more modest  3.5% loss on the month.
Today’s promising rally may soothe the nerves of some edgy crypto investors, Dogcoin creator Jackson Palmer has been keeping his eye on the recent plummets, which could be attributed to the US regulators announcement that they intend on delaying their decision on approving a high-profile BTC exchange-traded-fund (ETF).
Palmer made a thread of tweets this morning referencing data that shows declining daily transaction rates for Bitcoin, Ethereum, and Ripple as long with a downtrend in decentralized application (dApp) usage, making a note of the fragility that remains in the crypto sector.
On an optimistic note, Litecoin (LTC) creator Charlie Lee said in a tweet today that he feels the bear market to be “the best time for people to work on adoption.”
Ethereum (ETH) is currently trading near $363, up around 1% on the day to press time.  The second largest altcoin’s intraday rally closely paralleled that of Bitcoin.  As Bitcoin jumped from $352 to $367 within 2 hours, Ethereum’s losses on its weekly chart remain near 11%, with monthly losses closing in on the 24% mark.