For two straight days, the cryptocurrency market has continued to demonstrate signs of short-term recovery. Although volumes remain low, the price appears to be stabilizing and volatility has dropped over the last few days. The MVIS CryptoCompare top 100 index rose 3.33% in the last 24 hours to 4,689.14.
Top 10
Nine of the top 10 coins by 24 hour volume have posted losses ranging from 2.7 to 7.5%, and have been closely following the price trend of Bitcoin over the past week. The exception is ETC which had a gain of 11.18% and is currently sitting at $28.84.
The BCH price dropped 5.56% in the last 24 hours to $1,251, with a daily volume of $45M in the BCH/USD markets. EOS and TRX both posted negative 24 hour changes of 2.78% and 7.46% respectively. NEO and DASH both posted losses of 4.5%.
BTC
This week, JPMorgan, one of the largest banks in the world with a $380 billion market valuation, released a report entitled “JPMorgan Perspectives: Decrypting Cryptocurrencies, Technology, Applications, and Challenges”. It took a positive and balanced stance on Bitcoin and other cryptocurrencies saying they will have an important role in diversifying one’s global bond and equity portfolio.
At the time of writing, the Bitcoin price is sitting at $8,491 representing a loss of 3.3% in the last 24 hours. More than $990M worth of BTC were exchanged in the BTC/USD market representing a 24% share of daily volume. The BTC/JPY pair represents a 50% share.
ETH
MyEtherWallet co-founder Taylor Monahan, unexpectedly announced last Friday the launch of her own cryptocurrency wallet platform, MyCrypto.com, following the split from MyEtherWallet. MyCrypto is currently a forked version of MyEtherWallet, but its team assured that they will soon launch an enhanced version of the website, along with desktop and mobile applications.
The Ethereum price has dropped 4.13 % over the past 24 hours and is currently sitting at $830, with over $290M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 26.6% market share of the daily trading volume.
XRP
UAE Exchange, a remittance firm based in Abu Dhabi, has inked a new partnership with Ripple. The remittance company will use the RippleNet product for cross-border transactions, with the aim of reducing the cost and frictions associated with such transactions.
The Ripple price has dropped 5.71% over the past 24 hours and is currently sitting at $0.9995, with over $160M worth of Ripple exchanged in the past 24 hours on the XRP/USD pair which has a 27% market share of the daily trading volume. The dominant pair – XRP/KRW – accounts for 45% of global volume.
LTC
The Litecoin price has dropped 0.5% over the past 24 hours and is currently sitting at $154, with over $90M worth of LTC exchanged in the past 24 hours on the LTC/USD pair which has a 27.6% market share of the daily trading volume.
