- Market sentiments are still positive, but bullish momentum is waning
- Ripple and Bitcoin cash are the growth leaders.
Cryptocurrency market value has grown by $50B since previous Monday as major coins have recovered from losses caused by speculative positioning. The market momentum has been mixed during early Asian hours evidencing that the upside correction may be coming to a halt. The total value of all cryptocurrencies settled at $352B from $303B a week ago and $354 late on Sunday; with average daily volume is registered at $16.4B according to CoinMarketCap.
Bitcoin, the worlds biggest digital currency, is changing hands at $7,684, after reaching an overnight high at $7,755 level. BTC/USD is mostly unchanged since the start of the day and up nearly 1% since this time yesterday; Bitcoin’s market value is $131B.
Ethereum is trading at $615, marginally lower on the day. However, on a day-to-day basis, the second largest coin gained over 4%; ETH/USD managed to break above $600 handle, but lack of follow-through may push it back in $500.00-$600.00. range. Ethereum’s market value stands at $61.7B, the average daily trading volume is $1.8B.
Ripple spiked to $0.70 early on Monday, though the resistance proved to be too strong for the bulls. Currently, the third largest coin is trading at $0.6870 with a short-term downside bias. XRP/USD. On daily basis Ripple has gained nearly 7% to become one of the growth leaders among the major coins. XRP’s market value jumped to $27B from $25B on Sunday. XRP/JPY and XRP/KRW are the most active trading pairs with Ripple.
Bitcoin Cash spiked nearly 10% in recent 24 hours to trade at $1,183 by the time of writing. The coin is off the Asian high reached at $1,218, but the momentum remains positive.
The news that Bittrex entered the partnership with New York-based Signature Bank was one of the triggers that pushed the market higher. The deal will allow the customers of this Seattle-based cryptocurrency exchange to buy cryptocurrencies with US dollars.
XRP/USD, the hourly chart