Brutal best defines the past 36 hours for the crypto market, with almost all cryptos seeing double-digit losses and sinking to yearly lows. The weekend crash saw Bitcoin sink to $3,500, almost half of what it was trading for just two weeks ago. However, Bitcoin is finally in the green and in the past 12 hours, it has slowly edged back to the $4,000 level. The market saw a wave of green, although the movement of most cryptos was very little and they are still miles away from the prices they posted a fortnight ago. Ethereum gained 2.3 percent and currently sits at $115, with Litecoin at 6 percent being the biggest gainer in the top 10.
Will The New Week Bring Good Tidings?
After weeks of stability and very little volatility, Bitcoin has been on a free fall in the past two weeks. The currency has descended further and further down to finally hit $3,500 earlier today. However, it seems the trend may have finally been reversed, with the currency gaining 3.8 percent to hit $4,000. At press time, the currency was trading at $4,017.
On Bitfinex, which is the fourth largest crypto exchange by volume, Bitcoin was trading at $4,100, a really positive sign for investors. On South Korean exchange Upbit, which is the sixth largest globally, Bitcoin was trading at $4,080.
The movement, however slight, will be highly appreciated by investors, especially given that it is a weekend. Historically, weekends haven’t been too kind to cryptos. The 24-hour volume is also indicative of a very vibrant market, standing at $6.9 billion, the highest since November 1.
Whether the new momentum can hold as the new week kicks off remains to be seen. Previously, the currency has had short rallies that only led to more downward movement.
The upward movement spread across the market, with most cryptos registering gains, albeit very small ones. XRP is now trading at $0.37, up from $0.33. The currency has over the past few weeks proven itself to be less susceptible to overall market wipeouts. However, in the past three days, it was unable to resist the crash and currently, it seems quite tied to Bitcoin’s movement.
Ethereum gained 3.3 percent to trade at $116, up from $106. The currency has gained $15 since it hit its yearly low of $101 and seems determined to fight for its position which was snatched by XRP around a fortnight ago. The recent series of crashes have been especially brutal to Ethereum, with the currency proving unable to recover at the pace of most other currencies, especially XRP.
Litecoin was the biggest gainer in the top 10 after gaining 6 percent to trade at $30. Litecoin is now up $3 from its low of $27 which it hit just a day ago and seems poised to keep up the recovery. Meanwhile, the race for fifth has continued heating up, with EOS and Stellar Lumens being neck and neck. At press time, EOS had gained 3.4 percent to trade at $3.35, putting its market cap at $3.03 billion and placing it sixth. Just ahead of EOS is Stellar which gained 4.9 percent to put its market cap at $3.05 billion.
Not all cryptos are in the green, with Cardano, Monero and Dash being in the red, the only ones in the top 20 cryptos.