Signs of Life? Altcoin Market Gets a Little Green After Recent Crash
After bitcoin and ether tipped below $6,000 USD and $300 USD respectively earlier this week, the overall altcoin market has gained some upward ground again. With most of the top cryptocurrency projects seeing modest gains over the past few days, XRP, BCH, EOS, and NEO were among the top big-cap gainers in this stretch. But as the overall crypto market cap flirts with the $215 billion USD mark, will the recovery last, or are lower bottoms nigh?
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Crypto Recovery? Altcoin Market Stops Bleeding … For Now
Going into the weekend, crypto investors breathed a sigh of relief as this week’s earlier crash was in the rearview mirror and the altcoin market had rallied modestly upward.
For market watchers, any green was good green on August 17th after BTC and ETH saw their worst prices in weeks only three days prior.
— CZ (not giving crypto away) (@cz_binance) August 18, 2018
At press time, the altcoin market has started to sag slightly once more, though traders are certainly happier with a crypto market closer to $215 billion than to $199 billion. Whether the cryptoeconomy can hold above the $200 billion mark in the short-term remains to be seen. Some, like classical chartist Peter Brandt, have their doubts.
But … but … but …. cryptos are oversold based on every traditional measure. They cannot go down any further without some adjustment. pic.twitter.com/eNV6TAKc80
— Peter Brandt (@PeterLBrandt) August 13, 2018
Being relieved with the possible reversal of a collapse is a far cry from the peak of 2017’s crypteconomy bull run. Some projects, like Ripple’s native currency XRP, have plummeted in value by around 90 percent since their all-time highs last year.
The Coinbase Effect? ETC Vs. BCH
Coinbase listing a new altcoin always makes a splash, and as of August 16th, their newest addition to Coinbase Customer was Ethereum Classic (ETC).
It was a mild splash, or rather a tale of two coins regarding ETC’s arrival on the popular U.S. trading platform as compared to Coinbase’s listing of Bitcoin Cash (BCH) last year.
— Coinbase (@coinbase) August 17, 2018
The exchange was widely seen as botching its BCH rollout, after since-resolved insider trading allegations and a BCH flash price surge to $8,500 left many with a sour taste in their mouths at the time.
Determined to avoid similar fallout, the ETC onboarding has been smooth sailing for the San Francisco crypto powerhouse. There was no ETC price explosion as was seen with BCH’s listing, as Ethereum Classic has hovered around $14 since the Coinbase Customer listing.
The stable arrival was surely as much a result of Coinbase’s increased focus as it was from the more muted bearish cryptoeconomy in 2018. Where the market goes from here will have many traders racking their brains for now.
Will the altcoin rally towards the green continue? Share your views in the comments section.
Images via Coin360, Pixabay