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After a lateral trading weekend, cryptocurrency markets rose on Monday, with Bitcoin up more than 5% and the overall capitalization of the encrypted market rising to over $ 110 billion. The increase in prices today has led the markets to recover most of the losses suffered last Friday.
Bitcoin exchanges 5%
At the time of writing, Bitcoin trades 5.8% at the current price of $ 3,460. Last week, Bitcoin dropped to lows of $ 3,190, and seemed to find support in the low- $ 3,200 region. Today's jump, despite a positive development, has brought Bitcoin's price back only to last Thursday's levels.
The current market peak has brought the total market capitalization to over $ 110 billion, below the weekly lows of $ 100 billion. Cryptographic markets have not yet fallen below $ 100 billion in 2018, and today's price movement shows that bulls are not yet ready to cede this level of capitalization to their bears.
Although today's move is a welcome suspension from seemingly endless price disruptions that have occurred in recent weeks, an eminent analyst believes that a further disadvantage of the market is imminent.
While talking to MarketWatch about the recent Bitcoin pricing action, Stephen Innes, the head of the Asia Pacific division in Oanda, said he saw a further disadvantage for the encrypted markets in the near future.
"Looking at the hand being dealt with, we should expect cryptography markets to operate more subtly until ultimately investors can justify and determine valuations, but also from a cross-asset game with global markets to the south, the fact that investors can not impose an intrinsic value on BTC, according to me, makes it even less attractive, "he said.
Despite having a pessimistic view in the short term, Innes recently spoke with NewsBTC and explained that he believes cryptocurrencies "will move higher" in the next decade.
"I think the cryptocurrencies will be higher in the next ten years, and it is not because of the purchase orders of the libertarian nerd cult, it will be because the blockchain technology will be embraced," he said in part.
Altcoins Rise, EOS Pumps over 20%
The positive action of Bitcoin prices has led global cryptocurrency markets to increase, with EOS being the best place today.
At the time of writing, EOS is trading at 21.9% at the current price of $ 2.37, up from the 7-day lows to $ 1.78. The jump in prices of EOS led to securing the number four by market capitalization, and is currently leading the Stellar market capitalization (XLM) of over $ 100 million.
XRP closely monitors Bitcoin prices and is currently trading more than 6% at the current price of $ 0.31. The XRP seems to have found support in the region of $ 0.28 and is currently well below the 2018 lows of about $ 0.24, which were set last August.
Ethereum is currently trading just under 6% at the current price of almost $ 92. Ethereum recently set a new 2018 low at $ 83 and closely monitors Bitcoin's pricing.
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