Cryptocurrency Ebb and Flow Continues as Bitcoin Claws Back Above $7,500
Cryptocurrency markets were back in positive territory Tuesday, as bitcoin reversed earlier losses and major altcoins led by Monero posted steady gains.
Cryptocurrency prices were mostly higher on Tuesday, as the market stabilized following a volatile start to the week. Bitcoin touched an intraday high of $7,599.74 and would later settle around $7,570. Bitcoin fell below a major support level on Monday, potentially setting the stage for a bigger short-term reversal.
All major coins within the top-25 reported growth. Privacy coin Monero was among the best performers, rising 5.4% to $167. Binance Coin and Ontology each rose more than 6%.
Among the majors, Ethereum climbed 3.1% to $606. Ripple XRP gained 3.7% to $0.675. Bitcoin cash (BCH), the world’s No. 4 digital currency, added 3% to $1,135 (all figures according to CoinMarketCap).
At the time of writing, the combined value of crypto assets was $343 billion. Trading volumes are down roughly $1 billion compared with 24 hours ago. Daily market turnover amounted to just $15.8 billion. Trading volumes are down more than 38% over the past month.
Money 20/20 Conference
The rally comes on day two of Money20/20 Europe, a leading fintech conference that recently shined the spotlight on digital currency.
Apple co-founder Steve Wozniak praised bitcoin and other digital currencies at the three-day event but warned investors not to get carried away with prices. In an interview with CNBC, Wozniak said he believes bitcoin will become the single global currency, though later clarified that the outlook is based more on his desire to see a “pure” cryptocurrency gain mass adoption.
However, digital currencies still have a long way to go before they can compete with more established payment processors. After evaluating five payment platforms, the conference organizers found cryptocurrency to be the fourth fastest. The Money20/20 Europe Payments Race pitted Team Cash, Team Card, Team Wearables, Team Crypto and Team Mobile against each other to find out the fastest payment route between Istanbul and Amsterdam. Crypto was outpaced by every team except Mobile.
Transaction speeds vary greatly across cryptocurrency, with Ripple XRP requiring as little as four seconds to process transactions. By comparison, bitcoin requires 42 minutes for confirmation, based on latest data provided by Blockchain.info.
The European leg of Money20/20 will run until Wednesday. The conference will make stops in the United States and China in October and November, respectively.
Crypto prices are usually highly receptive to industry conferences. That all changed last month after Consensus 2018 – arguably the biggest crypto summit on the planet – failed to spur a rally in market prices. In fact, cryptocurrencies declined sharply following the event.
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.