The cryptocurrency markets are showing some signs of much needed life following the Bithumb hack that rocked the crypto-verse early Wednesday morning. Many crypto traders noted that Bitcoin (BTC) managed to hold its own this time round during the hack. The King of Crypto only decreased in value by 1.3% and has since continued to rise to current levels of $6,769: an increment of 1.72%.
With the stability of Bitcoin (BTC), the total market capitalization has increased by around $10 Billion from levels of $282 Billion only yesterday, to current levels of $290 Billion. It is a huge step forward in the much needed market recovery.
In the past 24 hours, a few major cryptocurrencies have led the rest in impressive gains.
IOSToken (IOST) is one of the digital assets that has performed well in the last 24 hours. The token had earlier peaked to levels of $0.033 before settling to current levels of $0.0313. IOST has increased by 6.42% in the last 24 hours and helped the crypto markets gain the much needed volume for a recovery.
Ethereum Classic (ETC) has also been doing pretty well since Coinbase added the coin to its list of digital assets on the platform. The coin is currently trading at $17.09 and up 13% in the last 24 hours. Nano (NANO) has also shown tremendous improvement in the last 24 hours. The coin is currently up 10% in the same time period and currently trading at $2.97. Basic Attention Token (BAT) is also outshining the rest with a 12.55% increment in the last 24 hours. The token is currently valued at $0.277.
Summing it all up, the cryptocurrency market seems to be experiencing a recovery that might be tested as we inch closer to the weekend. The hacks on both Coinrail and Bithumb seemed to have not scared away all the investors in the crypto-verse.
Dr. Robert Statica, who is an expert in cyber security as well as cryptocurrencies and blockchain, was asked by Ethereum World News about the effects of the two hacks on the future of the crypto-markets. One question many crypto-traders have been asking, is if the repeated hacks will scare the institutional investors from making an entry into the industry.
Dr. Statica would offer his opinion on the above issue by saying the following:
Institutional investors are familiar and comfortable with a certain level of risk. But definitely they will think twice before putting all their money into a single exchange. Anywhere between 2-5 exchanges is probably a safer place to be.
He is also the CEO and President of BLAKFX: an advanced blockchain project that has the potential of changing the lives of almost 3 Billion people that are currently unbanked. The project will do this by allowing them to enter the world’s economy, banking and payment systems.