Cryptocurrency prices edge higher as ether rally continues
Cryptocurrency prices were mixed, but edging higher on Monday, with little clear direction seen after a strong weekend that saw the total market capitalisation of all cryptocurrencies rise back above $200bn.
Last Tuesday, the market cap fell to $192.3bn – its lowest since November 2017 when the market was on its way up to an eventual record of nearly $814bn, hit in early January when most crypto prices were peaking.
Ethereum rally continues
On Monday, the top 10 cryptocurrencies by market cap were split between modest gains and small losses, but ethereum’s rally continued, making it the biggest gainer over the past seven trading sessions, rallying 10% after hitting a 14-month low last Wednesday.
Analysts noted, however, that the recent slump raised questions about the Ethereum network’s vulnerabilities and fundamentals.
“The platform might have become a victim to its own popularity among start-ups and fintech companies, eager to jump on this crypto bandwagon with their own coins and tokens,” said Tanya Abrosimova at FXStreet.
“Over 1,200 start-ups launched initial coin offerings (ICOs) and raised over $18bn through ERC20 tokens in 2018. This trend makes Ethereum’s ability to scale vital for the network sustainability and future success.”
Data compiled during the recent sell-off, however, suggested several recent ICOs were heavy sellers of their ether holdings to help cover their losses.
Price round up
Here’s a round up of the price moves of the crypto top 10 at 11am on Monday [London time]:
- Bitcoin +0.1% at $6,495
- Ethereum +1% at $220.14
- Ripple +0.9% at $0.28
- Bitcoin cash +2% at $450.98
- Eos 0.2% at $5.39
- Stellar lumens +1.9% at $0.20
- Litecoin -0.1% at $56.27
- Tether -0.1% at $1
- Monero flat at $118.31
- Cardano +1.5% at $0.07