Crypto Markets See Mixed Signals After Recent Downturn
Sunday, Nov. 8: crypto markets are seeing mixed signals after a recent downturn, with the top 20 cryptocurrencies mostly in the green, as data from Coin360 shows. Bitcoin (BTC) faces minor losses, while Stellar (XLM) is the only major coin to grow steadily throughout the weekend.
Market visualization from Coin360
Similar to most of the major currencies, Bitcoin (BTC) is seeing mixed signals with its price fluctuating around $6,400 as of press time. During this week, the top cryptocurrency had its main peak on Wednesday, Nov. 7, trading over $6,500 at the time, and then mildly declining by the end of the week.
Bitcoin 7-day price chart. Source: CoinMarketCap Bitcoin Price Index
The second largest currency, Ethereum (ETH), is in the green after several days of decline throughout the week, trading at around $212 at press time. On Tuesday, Nov. 6, Ripple (XRP) briefly overtook Ethereum by market capitalization, repeating a pattern that has occurred several times this year. However, the next day, Nov. 7, the coin regained its position.
Ethereum 7-day price chart. Source: CoinMarketCap Ethereum Price Index
Ripple (XRP) is hovering around zero percent change on the day with its price at $0.50 as of press time. After a short take-off in the beginning of the week with the peak at Nov. 6, when XRP was trading at $0.55, the coin is back to the moving averages.
Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index
Total market capitalization of all cryptocurrencies is around $213 billion at the press time, surpassing $214 billion throughout the weekend and then going slightly backwards, but still above the $207-210 billion levels it held holding in October. The daily trading volumes on Nov. 11 have reached $11.7 billion as of press time.
Weekly total market capitalization chart. Source: CoinMarketCap
Stellar (XLM) is one of the top 20 currencies that gained the most in price — up 5 percent as of press time trading at $0.26 — while Cardano (ADA) has gained more than 2 percent on the day. Monero (XMR), in its turn, is in the red, seeing the most visible loss — down 2.5 percent on the day to press time— among the leading currencies.
The weekend is marked by ongoing legal battles with unregistered crypto-related companies in several countries.
In the U.S., the Colorado State Securities Commissioner issued a cease and desist order to four Initial Coin Offerings (ICOs) for allegedly offering unregistered securities. Meanwhile, Germany’s financial regulator ordered the partial cessation of activities by a U.K.-based crypto-related firm that offers cross-border trading on its platform. And in South Korea, crypto trading platform Zeniex has been forced to close amid the recent government crackdown on unregistered crypto exchanges.
Chinese mining giant Bitmain has also initiated litigation in U.S., suing an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April.