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The Crypto markets showed the green signal on Sunday, while a new wave of buyers re-emerged after a crash at the start of the weekend. Among the majors, Ethereum emerged as the top performer with the technical charts showing the potential for a higher rise in the short term.
Returns Momentum
Cryptocurrency market capitalization peaked at $ 136.5 billion on Sunday, the highest in over three weeks. At the time of writing, the market was worth about $ 133.3 billion. Despite being around 80 billion dollars at the beginning of November, the market has recovered $ 33 billion from the downtrend at the beginning of this month.
Daily business volumes returned above $ 20 billion after falling to around $ 16 billion on Saturday.
All major businesses posted solid gains, with Ethereum up 13% to $ 126.72. Ether is back within $ 2 billion of XRP for second place in the charts of the encrypted market.
XRP, the so-called "bankruptcy cryptocurrency", rose 3% to $ 0.3648.
On Sunday, EOS also achieved an excellent result, climbing 7.3% to $ 2.75. Bitcoin liquidity rose 3.8% to $ 194.75 and Litecoin grew 5.9% to $ 32.70.
Bitcoin rose over $ 4,000 overnight, but has since consolidated around $ 3,982, after gaining 2.3%. Bitcoin's share of the overall market has declined in recent weeks from a 55% peak to the current 52.4% level.
Statement of Crypto Bottom?
A prominent voice within the blockchain community declared the end of the cryptic crisis in a tweet that has since received almost 1,300 "likes".
The co-founder of Ethereum Joseph Lubin made the proclamation On Friday, where he compared the fund to an "epic dose of fear, uncertainty and doubt on the part of our friends in the properties of the fifth and the crypto-fifth", it is likely to refer to the latecomers.
Lubin also clarified some confusion about ConsenSys, a blockchain company he founded in 2014. After a rapid period of expansion, ConsenSys recently fired 60% of its workforce in an effort to reduce costs. As reported by CCN, many of the mainstream media have compared layoffs to a scenario that is falling from the sky and that will eventually end with its end and similar blockchain projects.
However, Lubin reiterated on Twitter that the company is still going strong and has a very bright future.
"We have been on the verge of receiving an epic amount of conjecture and preventive paranoia – full of overwhelming rhetoric on situations where journalists and bloggers have no real data," he tweeted.
He added: "The sky is not falling in. From my point of view, the future looks very bright, I'm thrilled with the scalability solutions available now."
However, the same can not be said for the dozens of blockchain companies that have already failed and the hundreds more that they have not managed to live up to their ICO advertising campaign. Nevertheless, 2019 promises to be an exciting year for encryption, which will continue to see legitimate companies evolve beyond the cryptic mania of 2017.
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.
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