Cryptocurrency market sees the glass half-empty; Bitcoin and major altcoins rangebound after Sunday sell-off

Fibo Quantum

  • The market ignores positive fundamentals and focuses on bad news.
  • All digital coins are nursing losses on a day-over-day basis.

Cryptocurrency market is a mixed picture with Bitcoin and all major altcoins struggling to recover after a deep collapse on Sunday. The total capitalization of all digital assets in circulation ha settled marginally above $120B, down from $124B the day before.

It seems that the market has a hard time fighting the bearish trend. Negative news like Constantinople delay and Cryptopia theft spoiled the sentiments and killed the nascent recovery as traders chose to ignore positive developments.

Thus, the previous week brought us some good news. US citizens now can shop for Bitcoins in Coinstar kiosks, which makes the cryptocurrency more accessible and helps to attention to digital money.

Also, cryptocurrency trading platforms reported positive growth of users and transactions volume despite the bearish sentiments on the market.

Meanwhile, Grayscale Investments launched another single-asset cryptocurrency trust. The new product allows institutional players investing safely in Stellar (XML)-based assets.

Market Movers

Bitcoin is changing hands at $3,340, down 3.6% in recent 24 hours. A sustainable move below $3,600 handle darkness the short-term picture and signals the continuation of the bearish trend.

Ripple’s XRP is hovering around $0.3200 handle, down 2.8% on a day-over-day basis. The second largest coin with a market value of $13.2B moves in sync with Bitcoin.

Ethereum has barely changed since the beginning of Monday and lost over 4% of its value since this time on Sunday. The third largest digital asset is under pressure, trading marginally above $118.00.

DASH and Bitcoin Cash are the worst performers on a day-over-day basis. With coins have lost over 5%.

IOTA is trying to stage a recovery. The coin has gained 2.5% since the beginning of Monday trading in Asia, though it is still down 3.5% when compared to this time on Sunday.