Poised for rebound? Cryptocurrencies show slight increase
After a few days of doldrums with the cryptocurrency market cap slumping to below the $350 billion mark, it could be that the digital coin market is on the road to a revival with legacy Bitcoin (BTC) demonstrating a slight increase that took it well below the $9,000 mark after having dropped to below $8,500 at one point on Friday. Indeed all the bad rumours regarding regulation in China and the United States, scam attacks on exchanges as well as rumours of insider trading have had a significant effect on prices in the past week with some currencies slumping to prices not seen in February.
One of the currencies which recovered extremely well from its slump was Bitcoin Cash which again pushed strongly above the $1,100 mark at one point before retracing slightly. In fact, the rise of 15% on Sunday afternoon indicated that the currency is well poised to reach further highs over the week if selling volume is achieved. Another currency which performed very well was Dash as it saw a rise of well over 12% at one point although it again had a slight retracement. Ripple was disappointing since it had slumped to well below the $0.80 mark, but is now just over the $0.81 level which means that it is still struggling to gain any sort of traction to propel itself above the $1 mark.
Performance in the Top 10 cryptocurrencies by market cap was mixed overall but all registered substantial gains over the weekend after the Friday and Saturday slump. Ethereum seems to have recovered from its low of well below the $700 mark and is now trading at around $730 at press time, with a further push to over the $750 mark not out of the ordinary if a momentum is to be sustained. Its sister currency, Ethereum Classic, suffered a huge drop over the past week where it declined by well over 30%, and at one point it had even dropped below the psychologically sensitive $20 mark. However, it appears to be on the rise once again with a 6-7% increase over the past few hours at press time.
Of the smaller cryptocurrencies by market cap, Stellar again managed to regain the $0.30 mark although there does not seem to be the volumes to sustain further price increases in the short term. NEO also suffered badly in the past week with its value dropping to well below the $0.90 mark but it is now trading at that level with a possible further increase to the $100 mark. However, this currency has also lost well over 30% of its value over the past two weeks with the ominous threats of Chinese regulation hanging over the currency.
Source: Read Full Article