Tanya Abrosimova
Independent Analyst
- Bitcoin is clinching to $5,500, the recovery momentum is still weak.
- Altcoins are in red with Ethereum Classic one of the biggest losers.
Cryptocurrency market is napping in a range with mild bearish bias after the restless week. The total value of digital assets in circulation stabilized at $182B with most of the top-20 cryptocurrencies seeing the decline of within a 1 to 5 percent range.
Bitcoin, the largest virtual coin, is changing hands at $5,500, down since the beginning of Monday and virtually unchanged on a day-on-day basis. The coin has recovered from the Asian low of $5,462, though the upside movement still lacks the momentum.
Ethereum is trading at $170 handle at the time of writing. The third largest coin with market value $17.6B has lost over 4% during Asian hours, and 3.4% - since this time on Sunday. ETH/USD attempts a recovery from Asian low of $169 amid oversold market conditions.
Ripple's XRP now takes the second place in the rating of the largest cryptocurrencies with a market value over $19B. The coin is hovering around $0.4955, losing 3.2% on Monday trading. XRP/USD has retraced from the recent high of $0.5131, though the short-term trend remains bullish.
Ethereum Classic (ETC) is one of the biggest losers of the day out of top-20 coins. This digital asset has lost 5% in recent 24 hours to trade at $7.16 by the time of writing. ETC/USD is strongly oversold, though the recovery is still nowhere to be seen.
What's going on in the cryptocurrency universe
A hard fork has taken place on Bitcoin Cash blockchain, resulting on two new coins: Bitcoin ABC and Bitcoin SV. Which one will gain dominance? The jury is still out.
Kik messenger ditches Ethereum blockchain and moves to Stellar.
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