The crypto markets showed once again why it is the most exciting after a short bullish breakout reversed its fortune in less than one hour.
In the early hours of Monday, the crypto market looked destined for another bearish performance for the day as prices continued to decline, much to the disappointment of traders who hoped for a lift at the turn of the new week.
Bitcoin prices slipped from near $3700 to just slightly above $3500 while the crypto markets generally shed $5 billion in the aftermath.
Fast forward to around 15:34 UTC, the crypto market witnessed a slight bullish breakout as numbers identical to what was lost in the early hours ($5 billion) re-entered the market.
This graph from Coin360.io shows that most of the top cryptocurrencies have profited from the new influx of cash.
Bitcoin has returned to its price before the recent market downturn with the current value placed at $3709. The cryptocurrency, at press time, has a market cap of $65 billion with a daily volume of $5.4 billion across all exchanges.
As it was expected, majority of the top 20 cryptocurrencies followed bitcoin on the price reversal as they are now seeing gains of more than 2%, except two stablecoins, Tether (USDT) and USDC who are recording slight losses of less than 1%.
Ripple XRP continues to maintain its position as the world’s second largest cryptocurrency by market cap. XRP started Monday’s trading session with a value of $0.31, but with a 5.51% gains at press time, the altcoin now trades at $0.338 with a trading volume of $606 million.
Third-place Ethereum (ETH) is among the most significant gainers in the top 10 as it sees a 9.8% surge at press time. Eth now trades at $129 from a value of $117 on Monday morning. The Ethereum blockchain is expected to undergo a Constantinople upgrade on Jan 16, and this may affect its price just as it was in the case of hardforked Bitcoin Cash.
Bitcoin Cash ABC ($132), EOS ($2), Stellar ($0.109), and Litecoin ($32) are recording gains of 5.33%, 8.04%, 4.09%, and 5.21% respectively. Tron (TRX) is the most significant gainer in the top 20 with more than 16.89% gains. TRX press time value was $0.025 with a market cap of $1.67 billion.
Total market cap: $123,774,817,185
Bitcoin market cap: $64,785,588,459
Bitcoin dominance: 52.3%