Speculators take profit leaving cryptocurrencies nursing losses
All of the top 10 cryptocurrencies were lower on Monday, following last week’s rally that saw the overall market capitalisation of the sector jump back above $200bn.
Having started last week at a miserable $192.9bn, the market capitalisation of the entire cryptocurrency universe, rose to close out Sunday at $226.5bn – a rise of 17.4% and one the best weeks since April.
Monday’s losses, however, took the total capitalisation back down to $218.4bn as severe losses for ripple – the number-three rated coin by market cap – and stellar lumens – the number-six – undermined the market.
Ripple was coming off a massive gain in the prior week however, when it gained 103% from the close on Sunday, 16 September to Sunday, 23 September.
The gains had come as the Ripple Network rolled out news of influential clients using its xRapid and xCurrent commercial applications for cross-border transactions. US bank PNC was one of the biggest announcements of last week, said to be using the xCurrent system.
Stellar’s rally last week was slightly less impressive, but still manage a 36% weekly rise to the close of Sunday.
News over the past weeks of inclusion of support for the lumens token on an ever-growing number of trading platforms has boosted the price, while July’s sharia finance certificate helped open up the cryptocurrency to a wider market than many.
Price round up
Here’s how the top 10 were shaping up on Monday morning at 11am [London time]:
- Bitcoin -2.4% at $6,606
- Ethereum -5.8% at $232.88
- Ripple -13% at $0.52
- Bitcoin cash -8.4% at $465.72
- Eos -7.6% at $5.66
- Stellar lumens – 15.1% at $0.26
- Litecoin -9.2% at $57.73
- Tether unch at $1
- Cardano -11.3% at $0.08
- Monero -9.4% at $116.42