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Bitcoin and the broader cryptocurrency market have had a family resistance on Sunday, as the bulls have failed to inspire new highs during the much lighter weekend trading cycle. The Cryptoassets are coming out of one of the worst months of history, opening the door to bargain hunters and long-term support to increase their positions.
Market update
The market capitalization of cryptocurrency, including bitcoin and the broader altcoin / token universe, has fallen by around $ 3 billion to $ 135 billion on Sunday. The asset class as a whole reached a maximum of $ 139.2 billion at the start of this weekend, slightly below last Thursday's $ 142 billion swing.
Last Thursday's highs invited a wave of sales to put pressure on the market, causing severe drops on most of the core businesses. On Friday, the cryptocurrency market reached a minimum of $ 128 billion before the weekend rally.
In terms of individual currencies, the bitcoin fell by 1.9% to $ 4,159. The main digital currency represents 53.6% of the entire market.
The XRP slipped 1.2% to $ 0.3692. XRP has quietly defended the $ 0.3600 handle since it became the second largest cryptocurrency. The so-called "flippening" occurred after Ethereum suffered a major drop last month.
The price of Ether dropped 1.4% on Sunday to $ 117.13.
Another "flippening" event occurred last week in nos. 4 and 5 points. Stellar XLM has overtaken bitcoin money in terms of market capitalization, although both continue to trade upside down. The XLM increased by 0.5% to $ 0.1617 on Sunday. BCH, meanwhile, has changed little to $ 172.49.
Bitcoin SV, the cryptocurrency taken out of the bitcoin cash fork, continues to contract inversely with the broader market. At the time of writing this article, the price of BSV had risen by 6.4% to $ 101.19.
Search for continuous direction
November was a period of considerable pain for cryptocurrency traders. The market lost almost $ 100 billion from peak to downstream in a series of panic sales and direct capitulations that tested the resolution of the most ardent supporters of the crypt. In the trial, bitcoin recorded the worst monthly decline in seven years. This closed a period of relative stability for the main digital currency, as evidenced by the sharp decline in volatility from the summer.
Although much of the selloff has been linked to events preceding and following the bitcoin cash, the limited rebound in prices suggests that investor sentiment has been severely damaged. From the price point of view, market participants have largely discounted the multitude of positive developments on adoption and on institutional fronts.
This was recently highlighted in the annual Consensus Invest conference in New York, which reminded investors that the innovation behind blockchain and cryptocurrency was still present despite the loss of mania associated with ICOs and prices. SEC president Jay Clayton was also present at the event, and despite having expressed a grim picture of the bitcoin ETFs, he gave no indication that cryptography would go away anytime soon.
December will be an interesting month for crypts. It remains to be seen whether the recent dip represents a true price fund or whether another attack on the $ 3,000 bitcoin support will continue. In both cases, investors can expect a more optimistic outlook at the start of 2019, as two major players, Intercontinental Exchange and Nasdaq, enter the bitcoin futures market. Despite the recent increase in short selling, futures markets have had a stabilizing effect on bitcoin prices.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. It holds investment positions in the currencies, but does not carry out trading activities in the short term or daily.
Featured image courtesy of Shutterstock.
