Crypto markets flashed the green signal on Sunday, as a fresh wave of buyers resurfaced following an early weekend slump. Among the majors, Ethereum emerged as the top performer with the technical charts showing potential for bigger upside in the short term.
The cryptocurrency market capitalization peaked at $136.5 billion on Sunday, the highest in over three weeks. At the time of writing, the market was worth roughly $133.3 billion. Despite being roughly $80 billion shy of early November levels, the market has recovered $33 billion from the bear-market low observed earlier this month.
Daily trade volumes are back above $20 billion after falling to around $16 billion on Saturday.
All major assets booked solid gains, with Ethereum surging 13% to $126.72. Ether is back within $2 billion of XRP for second spot in the crypto market rankings.
XRP, the so-called “banker’s cryptocurrency,” rose 3% to $0.3648.
EOS was also a top performer on Sunday, climbing 7.3% to $2.75. Bitcoin cash rose 3.8% to $194.75 and Litecoin traded 5.9% higher at $32.70.
Bitcoin climbed above $4,000 overnight but has since consolidated around $3,982, having gained 2.3%. Bitcoin’s share of the overall market has declined in recent weeks from a high of 55% to the current level of 52.4%.
Declaring Crypto Bottom?
A prominent voice within the blockchain community has declared the end of the crypto downturn in a tweet that has since received nearly 1,300 likes.
Ethereum co-founder Joseph Lubin made the proclamation on Friday, where he likened the bottom to an “epic amount of fear, uncertainty, and doubt from our friends in the 5th and crypto-5th estates,” likely referencing late adopters.
Lubin also cleared up some confusion regarding ConsenSys, a blockchain company he founded back in 2014. Following a rapid period of expansion, ConsenSys recently laid off 60% of its workforce in an effort to reduce costs. As CCN reports, many in the mainstream media likened the layoffs to a sky-is-falling scenario that would ultimately end in the demise of it and similar blockchain projects.
However, Lubin reiterated on Twitter that the company is still going strong and has a very bright future ahead.
“We have been on the receiving end of an epic amount of conjecture and preemptive paranoia — filled with damning rhetoric about situations journalists and bloggers don’t have real data for,” he tweeted.
He added: “The sky is not falling. From my perspective, the future looks very bright. I remain excited about scalability solutions that are available now.”
However, the same cannot be said for the dozens of blockchain companies that have already gone bust and the hundreds more that have failed to live up to their ICO hype. Nevertheless, 2019 is shaping up to be an exciting year for crypto – one that will continue to see legitimate companies evolve beyond the crypto mania of 2017.
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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