- Altcoins recover from losses incurred at the end of the
previous week.
- Bitcoin returned to $3,500 after an epic fail on
Friday.
Cryptocurrency market has been
recovering since Friday when Bitcoin and other major altcoins touched new
lows of 2018. Currently, the total capitalization of the digital
assets in circulation rose to $113B from as low as $103B on
December 7. While it is too early to claim that the worst is over,
crypto investors obviously got some breathing space.
“The price of bitcoin has crippled on the back of this, and I
think it is likely that the price may not only drop below the $2K
mark but with this kind of momentum behind it, the price can test
the 1500 level. Simply put, the bad news keeps coming just like
cockroaches coming out of a hole,” Naeem Aslam, from Think Markets
U.K. commented.
Bitcoin has gained 10% since the recent low and
about 3% since this time on Sunday. The first digital coin is
trading marginally above $3,530 handle, though, it is still below
Sunday's high of $3,637. BTC has lost about 84% as compared to the
all-time high reached above $19,000 one year later, but it is not
the first time the asset devalued significantly.
Ethereum, the third largest digital
asset, climbs towards critical $100. ETH/USD is trading at $93.00
at the time of writing, having gained 1% in the recent 24 hours.
The coin's market value is registered at $9.7B, while the average
trading volumes have settled marginally below $2B, down from $2.5B
on Friday.
Ripple's XRP traded as low as $0.2897; however,
now the coin is changing hands at $0.3100, 7% higher since the
recent low and 1% since this time on Sunday. The second largest
coin with market value $12.7B moves in sync with global sentiments
on the cryptocurrency market, which means that the recovery may
gain traction within the next trading sessions.
All major altcoins out of top20 are in green; however, the
recovery momentum seems to be waning away after a steady growth on
Sunday. The bears might take back the control over the situation if
we don't see follow through within the next sessions.