The cryptocurrency market shows signs of a recovery today, with the price of Bitcoin rising again, this time by 1.25% to come closer to the $6,500 level. However, not every major cryptocurrency is a winner today – especially not Ethereum (ETH).
The second largest cryptocurrency by market cap, Ethereum, has been struggling to reach the $300 level which, according to analysts, is crucial for its short-term performance. Today, ETH dropped by more than 2% and is now stable at a price of $290.
Right now, it seems like Ethereum cannot re-attempt the yesterday’s move towards the $310 price – and is right now recording an 8% weekly loss and 37% monthly loss accordingly. Since crashing the $300 level on August 13th, Ethereum continues to trade at a price point which is quite unusual and which we haven’t seen since November 2017.
Meanwhile, Bitcoin is pushing the $6,500 level and seems to be only one of the very few cryptocurrencies that are rising today, along with Stellar (XLM), both recording sub-1% gains. Monero (XMR) surged by 4% and is now trading at $99.55, and Tezos (XTZ) has risen by 10%, now trading at $1.53 as the biggest winner this Monday.
No one knows what this week will bring to the crypto market. It is safe to say that Bitcoin has stabilized at $6,500 and Ethereum must follow BTC’s path and stabilize around $300 before new short-term rallies.
The market currently remains volatile and analysts believe this could continue – mostly because of the news of another Bitcoin ETF being expected to get approved by February 2019.
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