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The cryptocurrencies have levitated from Sunday's annual lows, with Litecoin and bitcoin SV becoming the biggest winners after a retreat at the start of the weekend. Another jolt in the top-20 suggests that 2019 will be a crucial year for altcoins and tokens, which have struggled to remain relevant in the face of an increase in bitcoin domination and a decline in interest among retail investors.
Bitcoin Recovers
The main digital currency recorded a modest rally of relief on Sunday after setting a new annual minimum the previous morning. BTC is currently valued at $ 3266, after gaining 2% on the day. The price peaked just above $ 3,305 earlier in the session.
Trading in BTC on virtual currency exchanges has decreased dramatically over the weekend; On Sunday, total daily revenue reached $ 3.8 billion, according to CoinMarketCap. Spot trading as a percentage of the overall market activity rose to more than 80% with BTC / USDT, ETH / USD and BTC / KRW the most dominant pairs.
With a market capitalization of nearly $ 57 billion, bitcoin exerts a strong gravitational pull on altcoin and token. Bitcoin's share of total market capitalization, now at 55%, has steadily increased during the last phase of the bear market.
Lead radius of Bitcoin SV
In terms of better individual performance, the bitcoin SV launched a gain of 18% on Sunday, as protocol advocates remained committed to long-term market dominance. Craig Steven Wright, one of the most important supporters of the SV, claims to be there for the long distance on the wake of the fork last month. Nonetheless the overwhelming support for bitcoin cash ABC, the primary implementation of fork BCH.
Wright does not seem to want to attack the protocol in competition, but instead focuses on brand and business development to attract new users.
In its short history, SV has demonstrated the ability to move inversely with the wider market. This allowed him to quickly scale the market capitalization rankings, but also to decline just as quickly. On Sunday, the coin was worth $ 77.50 for a total value of about $ 1.4 billion.
Skyrockets waves
Coins of the waves briefly broke the top-20, adding a series of gains since the end of November that separated the digital currency from its peers. At the time of writing this article, Waves slipped to 22nd place with a value of $ 2.47 and a market capitalization of $ 247.4 million. Surprisingly, cryptocurrency has gained almost 160% since 25 November. In the same segment, the broader cryptocurrency market fell by 13%.
As a token customization platform, Waves manages its own decentralized exchange where the new tokens can be exchanged with the main cryptocurrencies like bitcoin and Litecoin. At the last check, the decentralized exchange had 69 cryptographic lists and over 20,000 custom tokens.
CCN recorded a 50% increase in the Waves currency last week following an update of the mobile wallet that allows users to buy cryptocurrency with credit cards. This may have contributed to the increase in the volume of trade in the Waves currency.
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.
