Cryptocurrency market review – Sunday’s losses somewhat stemmed

After a torrid 48 hours where the cryptocurrency markets lost around $50 billion in total market cap value, Tuesday morning saw a slight uptick in the prices of several coins. Bitcoin was up to around $6822 at press time having descended to the low $6600 mark on Monday – a good 5% recovery. However, turnover does appear to be on the low side and there are still a lot of factors affecting the general decline in price overall.

Bitcoin Cash appears to be on the road to the recovery to the $1000 level and was trading at $940 at press time on Tuesday. The currency had experienced a considerable decline from the $1100 mark it had been trading at only a couple of days ago but now appears to be experiencing an uptick to the $950 level after which it is expected to increase exponentially.

After dropping quite close to the psychologically significant $500 level, Ethereum saw a recovery and was trading at the $530 level at press time on Tuesday. As a number of ICO’s come on stream this month, Ethereum remains the currency of choice so it should only be a matter of time when the price recovers. Ethereum Classic stemmed the tide somewhat and was actually up by a considerable 8% in contrast to the other cryptocurrencies which were still showing significant losses where it was trading at $15.50.

Ripple also saw some recovery from the $0.55 mark it had reached on Monday and was up by around 4% to the $0.58 level. Litecoin also began a slight recovery and was trading at around $107 on Tuesday morning – up from the $104 it had descended to on Monday. EOS was also up by about 5% over Monday’s level of $10.50 and was trading at well over $11.30 at press time on Tuesday.

Currencies with smaller market caps had mixed fortunes with Stellar still mired in the $0.24 level, a drop of around 15% over the past 48 hours. IOTA and Cardano were stable at the $1.40 and the $0.17 level respectively whilst NEO posted a slight recovery and was up by around 2% to the $44 mark at press time. Dash remained mired in the $269-275 level with no real momentum to move forward although that could change if there is an uptick in the markets.