After a long bearish trend, the bounce back in the price of cryptocurrencies could prove to be the end of the declining market that persisted this whole year. Though, no one can give a concrete judgement upon what would happen.
The market capitalisation of all the cryptos combined reached this year’s lowest to $235 billion on the weekend. Bitcoin was traded at $5,826, this year’s lowest. It revived in a couple of hours and gained 3%. Ethereum too saw a downtrend, but fortunately did not reach the year’s lowest of under $370. After falling to $426, it regained marginally to $455.
Some of the altcoins are still in a loss, while the others are showing signs of recovery. The ones in the red are those coins that were hit the hardest in the previous week.
The best performing token in the listings right now is Monero. The lowest it ever traded in the last eight months was $109, on Sunday. The next day, the charts showed a 12% increase in its price. Currently, Monero has recovered from all the losses over the past week. Overall, XMR is trading at a loss of 30%, as compared to 30 days ago.
One of the hardest hit altcoins with EOS, Cardano, and Litecoin was Ontology (ONT). It hit a low of $4.30 and crawled up to $5.10 the same day. At the time of writing this post, many of the coins are still in the low; including Stellar Lumens, Iota, Neo, VeChain, Qtum, and Icon.
The total market capitalization crept back to $250 billion, the level at which it started falling again and reached a low of $235 billion.