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The cryptocurrency market is showing signs of recovery from a recent recession that saw Bitcoin fall below $ 6,000 in July 2018 when sentiment positive investor returns to the sick blockchain ecosystem.
Chart of CryptoCompare
Bitcoin has increased by 0.5% in the last 24 hours.
Despite a sudden decline in the cryptocurrency values following an announcement by the US SEC that the highly anticipated decision of the Bitcoin ETF will be postponed until September, the positive predictions of the eminent analysts of Wall Street and of the co-founder of Ethereum Joseph Lubin resulted in a return to positive market action in the last week. [19659007] Bitcoin rebounds
While the momentum in the cryptocurrency market has not yet collected an inertia sufficient to reverse the current bearish trend, bitcoin prices have stabilized beyond the $ 6,000 level. A short-term recovery led by a collective rally on August 18 saw Bitcoin rise from 5,850 to $ 6,400. The rejection at the $ 6,600 level, however, indicates that recovery is much more likely to represent a strong rebound in oversold levels rather than indicative of an imminent upward rush.
Ethereum, currently in second place by market capitalization, is down 2.45% in the last 24 hours. ETH has a market capitalization of $ 29.49 billion with a 24-hour volume of $ 1.59 billion.
Chart of CryptoCompare
Ethereum fell 2.45% in the last 24 hours.
Ethereum rises above $ 300
$ 300 level at press time, once again exceeding the critical level while the token continues to trade at a price not seen since November 2017. The weekly losses on the Ethereum chart are place close to 6%, while the total movement in the last month has seen the value of Ethereum plunges by more than 35%
Joseph Lubin predicts exponential growth
Ethereum co-founder Joseph Lubin has criticized price fluctuations caused by speculators in a recent interview with Bloomberg, stating that "types of traders" are driving volatile changes in price activity. The development activity inside the blockchain space, says Lubin, has increased by two orders of magnitude since 2017, citing the increased activity in the development of core infrastructures as a key factor of adoption and exponential growth of the market.
Lubin's bullish prospect on the future of cryptography markets are reflected by the analyst firm Sanford C. Bernstein & Co, which predicts a $ 4 billion increase in the revenue of cryptocurrencies in the next year in a recent report entitled "Crypto Trading – the Next Big Thing is Here? "
the crypto-asset class and the increase in institutional demand, argues the Wall Street company, will determine "a plethora of opportunities for traditional companies" since the institutional capital continues to be attracted to the encrypted market because of the development of custody and the market. doing services in the sector.
EOS, currently in 5th place by market capitalization, is down 1.02% in the last 24 hours. EOS has a market capitalization of $ 4.62 billion with a volume of $ 757.2 million $ 24
Chart of CryptoCompare
EOS has fallen by 1.02% in the last 24 hours.
EOS pushes beyond bearish model
EOS prices showed strong bearish action during the first half of August, falling above 10% in value during a 18 August sale which saw the token fall to $ 5, 0451 at 20:00 GMT on Sunday. The positive market action saw EOS rise to $ 5.26 at the time of printing, demonstrating positive 24-hour gains of 4%.
The XRP, currently in third place by market capitalization, is down to 0.19% in the last 24 hours. The XRP has a market capitalization of $ 13.17 billion with a volume of 247.07 million dollars.
Chart of CryptoCompare
The XRP fell 0.19% in the last 24 hours.
XRP Breaks Out
XRP, currently the third cryptocurrency by market capitalization, with a 17 percent increase from August 17 driven by a series of positive announcements. The current market value of $ 0.347 represents an increase close to 40% from the minimum of $ 0.24711 recently demonstrated on August 14
The recent Ripple rally is linked to the announcement of the three-trade platform of "favorite" cryptocurrency – Bittrex, Bits, and Coin.Ph – which will be used to consolidate the xRapid ecosystem.
The IOTA, currently ranked 12th on the market, is at 2.09% in the last 24 hours. IOT has a market capitalization of $ 1.42 billion with a volume of $ 24.91 million.
Chart of CryptoCompare
The IOTA has increased by 2.09% in the last 24 hours.
IOTA acquires 10% after the launch of the product [19659008] Blockchain platform focused on the Internet of Things IOTA has shown a strong bullish action at the weekend, capturing 10% in positive movements after the launch of the new IOTA JavaScript Library and the positive coverage of the international research firm Deloitte.
Conclusion
The global market capitalization of cryptocurrency is $ 212.56B with a 24-hour volume of $ 12.14 billion . The Coinbase index is currently at 2589.92 . The bitcoin domain is currently at 52.15% .
As the cryptocurrency market continues to show strong volatility, traders are required to remain cautious and exchange only what they can afford to lose.
Aláez on Unsplash
Disclaimer: The opinions of our writers are exclusively their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate approve any projects that may be mentioned or linked in this article. Buying and exchanging cryptocurrencies should be considered a high-risk activity. Please do your due diligence before taking any action related to the contents of this article. Finally, CryptoSlate assumes no responsibility in case of loss of money by trading cryptocurrencies.
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Author
Sam Town
Samuel is a freelance journalist, digital nomad and cryptic enthusiast of Bangkok, Thailand . As an avid observer of the rapidly evolving blockchain ecosystem, he is specialized in the FinTech sector and when he does not write he explores the technological landscape of Southeast Asia.
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