After a weekend of sideways trading, the cryptocurrency markets have jumped on Monday, with Bitcoin rising more than 5% and the overall crypto market capitalization rising to over $110 billion. Today’s price rise has led the markets to regain much of their losses that were incurred last Friday.
Bitcoin Trades Up 5%
At the time of writing, Bitcoin is trading up 5.8% at its current price of $3,460. Last week, Bitcoin fell to lows of $3,190, and appeared to find support in the low-$3,200 region. Today’s jump, although a welcome development, has only brought Bitcoin’s price back to last Thursday’s levels.
Today’s small market surge has brought the total market capitalization up to over $110 billion, off of its weekly lows of $100 billion. The crypto markets have not yet fallen below $100 billion throughout 2018, and today’s price movement proves that the bulls are not yet ready to surrender this market cap level to the bears.
Despite today’s move being a welcome reprieve from the seemingly endless price dives that have occurred over the past several weeks, one prominent analyst believes that further market downside is imminent.
While speaking to MarketWatch about Bitcoin’s recent price action, Stephen Innes, the head of Asia Pacific trading at Oanda, said the he sees further downside for the crypto markets in the near future.
“Looking at the hand that is dealt, we should expect crypto markets to trade lower until ultimately investors can justify and determine valuations. But even from a cross-asset play with global markets veering south the fact investors can’t pin an intrinsic value on BTC, in my view makes it even less appealing,” he said.
Despite having a pessimistic outlook in the near term, Innes recently spoke to NewsBTC and explained that he believes cryptocurrencies will “grind higher” over the next decade.
“I think cryptocurrencies will grind higher over the next ten years, and it’s not because of the buy orders from the nerdy libertarian cult, it will be because blockchain technology will be embraced,” he said in part.
Altcoins Rise, EOS Pumps Over 20%
Bitcoin’s positive price action has led the overall cryptocurrency markets to surge, with EOS being today’s best performing altcoin.
At the time of writing, EOS is trading up 21.9% at its current price of $2.37, up significantly from its 7-day lows of $1.78. EOS’s price jump has led it to secure the number four spot by market capitalization, and it is currently ahead of Stellar’s (XLM) market cap by over $100 million.
XRP is closely tracking Bitcoin’s price action and is currently trading up over 6% at its current price of $0.31. XRP appears to have found support in the $0.28 region and is currently sitting well off its 2018 lows of approximately $0.24, which were set this past August.
Ethereum is currently trading up just under 6% at its current price of nearly $92. Ethereum recently established a fresh 2018 low at $83 and is closely following Bitcoin’s price action.
Featured image from Shutterstock.