Cryptocurrencies rebounded sharply on Sunday, as prices emerged from a massive two-day slump that knocked the market back by as much as 17%.
Majors Lead Recovery
Digital assets reached a total market capitalization of $406 billion on Sunday, having gained roughly $25 billion from Saturday levels. Prices bottomed near $366 billion over the weekend as investors awaited the fallout from South Korea’s raid of Upbit, the world’s fourth largest crypto exchange by trading volume.
Ethereum was among the biggest gainers Sunday, as prices rose more than 8% to $728. Ether bottomed near $640 on Saturday, having declined nearly $200 from last week’s swing high of around $837. At present values, the world’s second-largest cryptocurrency was capitalized at $73 billion.
Ripple’s XRP currency jumped 8.7% to $0.743. The currency has followed a similar trajectory as ether, with prices bottoming near $0.63 on Saturday following a recent swing high of around $0.93.
Bitcoin prices stabilized near $8,630, though the currency’s total share of the market fell back to 36.4%. Bitcoin’s dominance usually weakens during a crypto bull market as demand for altcoins grows.
Big moves were also recorded by EOS, which rose 8.2% to $14.90, and Stellar Lumens, which gained 11.8% to $0.378.
Ranked in terms of market cap, all but one of the top 100 cryptocurrencies recorded gains on Sunday. Zilliqa, a currency that has risen sharply in recent weeks, was the lone decliner as prices continued to pull back from record highs.
The uptrend on Sunday came even as overall trade volumes dipped below $20 billion, according to CoinMarketCap.
Consensus Cryptocurrency Conference
A high-profile blockchain summit could be a boon to cryptocurrency prices this week, giving investors more reason to be optimistic about the digital currency economy.
Consensus 2018 will be the venue for crypto startups, financial institutions, policy groups and investors on May 14-16. The annual event will feature more than 250 speakers and 4,000-plus attendees.
Industry summits usually generate significant hype for digital currencies, with Consensus being especially potent for generating price gains. For example, bitcoin prices have surged between 10% and 69% during the last three Consensus events. Gains post-Consensus are even more dramatic.
This year’s event is expected to be far bigger than the 2017 summit, which could translate into more dramatic gains for digital currency prices. Unlike previous summits, the 2018 version follows the launch of bitcoin futures and reports that Goldman Sachs and the New York Stock Exchange (NYSE) are entering the cryptocurrency market at some point this year.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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