The cryptocurrency markets had a good day on Monday after a long period of decline. The Bitcoin price was up to $6,600 as turnover increased quite substantially. The announcement that the multinational giant BlackRock could be interested in cryptocurrencies may have had something to do with the price rise. Bitcoin Cash recovered very well from its sub $700 levels and was trading close to the $770 mark on Monday afternoon. Ethereum was also in recovery mode and thundered up to the $470 level after having dropped to well below $420 last week.
Another currency which saw a considerable increase was EOS, which was up by well over 8% to the $7.70 mark. EOS had an excellent 48 hours with the price rising by at least 15% over that period and traded at $7.70 at press time on Monday afternoon.
Litecoin also seemed to be in recovery mode and was trading at well over the $78 mark, having dropped to well below the $75 level as recently as Friday. The 2% move forward also came on the back of further announcements that the currency was being adopted by an array of payment systems. NEO also showed a positive movement forward rising by about 5% and trading at around $33.50 at press time. Cardano also charged forward and traded at $0.15 with founder Charles Hoskinson very bullish about the potential of the coin’s scalability.
Other smaller cryptocurrencies by market cap also showed positive momentum. Stellar was up by around 8% to trade at the $0.22 level while Ethereum Classic also rose by around 5% to trade at the $16.60 level. Dash continued its slow recovery where it traded close to the $230 level while IOTA once again traded at above the $1 level. The only currency which saw a drop that was quite substantial was VEChain that saw a decline of around 7% to the $1.70 level. Other coins such as QTUM, ICX and ONT saw more modest increases of around 3%.
According to several analysts, the Bitcoin price should see a consolidation at the $6,600 – $6,500 levels before perhaps retracing slightly. It could also be interesting to observe if it manages to break the $6,800 resistance level.
Jay is pretty interested in the crypto space. He’s written for several publications on the topic and has lots of ideas on how the world can be made a better place with blockchain technology. He’s also a fintech journalist with some years of experience and enjoys writing about new startups, ICO’s as well as any other intriguing news that catches his fancy.