Crypto Today: Recovery mode intact, Ripple outperforms
Bitcoin, the biggest and most traded cryptocurrency, extends rebound from multi-week lows of $ 9,231 into a third straight session, although remains confined within a tight trading range, with the upside capped by the $ 12000 mark.
The crypto market eroded $ 200 billion of its value earlier this week, as the cryptocurrencies crashed across the board amid mounting fears of the regulatory clampdown in China and South Korea. Bitcoin lost 50% of its value from the record peaks of near $ 20000 levels.
However, the bulls managed to fight back control over the last few trading sessions, as industry experts believe the regulations are good for the crypto markets in the long-run while adding that the virtual currencies are here to stay.
According to Spencer Bogart, a partner and head of research at Blockchain Capital, many of the smaller digital currencies seem overpriced these days, which is "not a sign of a discerning market," Bitcoin has demonstrated its ability to survive upheaval. "There's a legion of people out there right now that see this as a great buying opportunity."
Meanwhile, the further recovery appears restricted amid fresh headlines on the cryptocurrencies regulation from China and the US. The Chinese central bank (PBOC) has asked the Chinese payment institutions stop providing services for the trading of virtual currencies.
US SEC: Bitcoin funds raise 'investor protection issues' - RTRS
Bitcoin was trading up 1% around $11,183, with other cryptocurrencies also showing similar trading patterns. Ethereum is up +2.88%, Ripple rallies 15% while Bitcoin cash trades modestly flat on the day, according to the CoinMarketCap data. Meanwhile, the cryptocurrency market cap is on a steady rise, now at $ 568.65 billion versus $ 544 billion seen yesterday.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
