Smaller cryptocurrencies are leading a comeback from the crypto bloodbath

Jeff J Mitchell/Getty Images

The past couple of days have been rough for crypto traders.

Bitcoin and Ethereum, the two largest cryptocurrencies, are down around 20% over the last week in what many referred to as a “bloodbath.” But, the coins that aren’t at the top of the market capitalisation heap are faring a bit better on Thursday, and are bouncing back faster than the major coins.

Many of the cryptocurrencies with mid-sized market caps are posting double-digit gains on Thursday, as angst from possible Asian market crackdowns fades. The potential for increased regulation or a shutdown in South Korean and Russian exchanges wiped around $US300 billion of value from the cryptocurrency markets over the course of a couple days.

According to some market watchers, the bone-chilling declines were just part of a regular pattern for cryptocurrencies, though.

“Today’s correction might seem cataclysmic to those that are new to the scene, but crypto has been through this roller coaster numerous times before,” David Sonstebe, the founder of the IOTA cryptocurrency, told Business Insider’s Frank Chapparo.

Here’s a roundup of some of the mid-sized cryptos and their moves on Thursday. Prices are of 9:30 AM.

Read more about the cryptocurrency bloodbath and comeback here.

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