The cryptocurrency markets began a slight recovery on Monday after a negative weekend where Bitcoin dropped below the $6,000 mark for the second time this year and even reached the $5,700 level at one point. However, a rebound began late on Sunday with the price eventually settling around the $6,150 mark on weak turnover. Previous market analysis showed BTC on a consistent downward trend from $6,800 a week ago to $6,100 now.
The vast majority of trades in cryptocurrencies are being made for speculative purposes, and this has been damaging to the market in the short to medium term. It is a pity since the adoption of cryptocurrencies and blockchain technology remains the main reason behind their creation. This is being put aside with the speculative frenzy that was rampant in the latter part of last year.
Markets on the rebound
Ethereum was also considerably down to the $450 level which is a low for 2018 and appeared mired at this level with little movement before a mid-afternoon surge saw it top the $457 level. Ethereum Classic showed a considerable increase to the $15.50 level over the past 24 hours after having dropped to $13 on Sunday. Litecoin returned to sub $80 prices not seen since November and traded as low as $77 before regaining the $82 mark on Monday.
Bitcoin cash was not immune to this precipitous drop and even traded as low as $730 but recovered to the $760 level on Monday with a push towards the $800 level a distinct possibility. Ripple also declined considerably over the past 48 hours dropping to as low as $0.44 at one point on Sunday before registering a slight recovery to the 0.48 level on Monday.
EOS had dropped alarmingly to three-month lows of just above $7 before regaining the $8 mark although the slew of bad news regarding freezing of users accounts and bugs in the blockchain have taken their toll on investor confidence. Again this excellent new currency is being undermined by frenzied speculation which is certainly doing it no good in the short to medium term. Market analysis has shown that the EOS has fluctuated wildly from lows of $5 this year up to highs of $24 in April.
Currencies with smaller market caps also took a considerable beating with Stellar and NEO testing 2018 lows down to $0.19 and $31 respectively. Dash continued descending down to the mid 230’s whilst Cardano and IOTA were also down to the $0.12 and $0.98 levels before recovering to $0.13 and $1 respectively.
Other currencies such as Ontology and VeChain saw a considerable decline on Sunday dropping by as much as 15% in both cases. Market analysis shows a recovery on Monday with jumps of 23 and 7 percent respectively. Tron remained at the 0.04 mark after having dropped to the 0.035 level on Sunday. There’s a lot of talk about TRON’s Independence Day coming soon but one has to say that this is not having such a positive effect on the price at all.
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.