Bitcoin’s Double-Digit Gain Leads the Crypto Market Higher on Monday
After a volatile weekend, cryptocurrencies were back in positive territory Monday, as bitcoin and bitcoin cash led a $40 billion rally in the broader market.
Bitcoins Lead Early-Week Rally
Bitcoin was among the biggest gainers on Monday, as the world’s largest crypto asset jumped more than 11% to a high of $9,703. It was last seen trading at $9,657 for a market cap of $163.3 billion.
At $6.1 billion, bitcoin’s trade volume accounted for roughly 42% of the total market. In terms of market cap, bitcoin’s dominance index was at 41.8%.
Bitcoin cash also put up huge gains on Monday, adding more than 15% to $1,141. More than $505 million worth of BCH changed hands in the last 24 hours. Bitcoin’s alternative has seen its support grow on comments from Tyler and Cameron Winklevoss. The billionaire investors told a conference hosted by CBOE that they were considering BCH for their Gemini exchange.
At the time of writing, each of the top-100 cryptocurrencies were trading in positive territory, a marked reversal from just a few days ago when virtually all coins were in the red. Other double-digit gainers on Monday included NEO, Cardano, Monero, Dash and Tron.
Below is a look at the top-24 (courtesy of CoinMarketCap):
The crypto market’s total value touched a high of $393.2 billion on Monday, according to CoinMarketCap. At press time, the sum of all coins was valued at $391.3 billion. That represents a 24-hour gain of roughly $40 billion, or 11%.
Regulation Fears Weigh
Although Monday’s rally lacked fundamental drivers, it signaled a return from oversold levels for many digital assets. Fear, uncertainty and doubt triggered a landslide in the cryptocurrency market last week as traders assessed new regulatory guidelines handed down by South Korea, Japan and the United States. However, these measures were the furthest thing from the ‘shake-down’ many traders fear.
For example, South Korea merely banned government officials from trading cryptocurrency, while Japan levied so-called Punishment Notices on half-a-dozen exchanges over their “internal control systems.” Finally, the U.S. Securities and Exchange Commission (SEC) told crypto platforms they needed to register with the agency if they intend to offer access to security tokens.
The SEC’s statement last Wednesday triggered a huge slide in bitcoin, a coin that had only recently traded near $12,000.
The buying and selling of crypto assets remains legal in all three countries.
Markets are also stabilizing from an attempted hack on Binance last week. Although the company has denied being hacked, it has acknowledged that it was a victim of a large-scale phishing attempt. Binance has since offered a $250,000 bounty on the hackers.
“A $250,000 USD equivalent bounty to anyone who supplies information that leads to the legal arrest of the hackers involved in the attempted hacking incident on Binance on March 7th, 2018,” the company said in an article published on Sunday.
Binance is the world’s second-largest crypto exchange by total volume. On Monday, it processed roughly $1.1 billion worth of daily transactions.
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.
Featured image courtesy of Shutterstock.