The cryptocurrency markets experienced a labored recovery on Monday after the deep bitcoin price sell-off that occurred over the weekend.
Monero (XMR) has seen a huge rebound in the past 24 hours, up nearly 15% to $128.86. Monero saw a steep sell-off with the news out of the United States that the Secret Service recommended a crackdown on privacy cryptocurrencies , as CCN.com reported on June 22.
The coin has also appeared recently in the news for its use in crypto-jacking malware. Lastly, speculation has swirled that Bitmain has dumped larch amounts of XMR coins as retaliation for the project’s efforts to disable ASIC miners from using the blockchain.
The beatings from all the poor news for monero in particular recently could have thus led to an oversold position, especially during the general market down-trend. Thus the steep ramp-up makes a bit more sense compared to other coins.
Bitcoin (BTC) dropped to as low as $5,800 yesterday but has since shot back up to $6,200, an almost 6.40% increase over 24 hours. With that quick rise, bitcoin is maintaining a clear support around $6,000, with very little movement below or above that line. It has traded sideways around the $6,000 range for over two weeks.
Following the trend of previous market corrections, other coins and tokens have generally followed the same pattern as the bitcoin price. In early June, however, ripple (XRP) stood out as a token maintaining its price while bitcoin, ethereum, and bitcoin cash saw sell offs. Later this month, however, the bearish trend did catch up to ripple.
Today, the recovery is nearly across the board. The top ten coins and tokens by marketcap are seeing strong gains, in addition to nearly all of the top 100 coins.
Ethereum (ETH) has jumped 6.91% to $469.57 over the past 24 hours.
The $30 million Bithumb hack was partly of the decline across the market last week, as CCN.com reported. However, in light of other previous, large-scale hacks, the price drops were not as steep and Bithumb has already promised to reimburse customer funds. The bitcoin price remained within its $6,000 trading range.
Despite the Bithumb hack, the steep price drops last week and into the weekend across the entire crypto market is contrary to the good news and sentiment overall. More and more large corporations are showing interest in blockchain technology and cryptocurrencies, as regulations become clearer. Additionally, a law firm also reported that Tether did in fact have the funds to match the amount of USDT that the company has produced.
The question is whether the market recovery will continue or prices will remain within their monthly ranges.
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Last modified: March 4, 2021 5:09 PM