The reality is that we may not really call this a recovery but a weakening of the bears in the aftermath of losses seen by the coin market on Thursday following the warnings issued by the World Bank.
The warning had the impact of causing the market to shed as much as $13 billion.
On Friday, the market started seeing some stability in terms of price movement as the bearish momentum slowed.
Bitcoin is currently trading at $6,297 up 0.09 percent. The coin traded as low as $6,201 about 8 hours ago and has mostly traded sideways in the past few hours.
Despite the relative stability in price, Bitcoin is still down on the weekly chart by 4.3 percent.
A Trading View analysis stated that ,
“Price is now approaching the all important support zone , that has been the only thing keeping it above 5.5k for absolute months. Price has been making consecutive lower highs since May, with no sign of easing at all. This is concerning, because the most recent lower high is dangerously close to the support zone breakout. If the horizontal support zone is broken, Bitcoin will stay in a downtrend for a very long time.”
The second most capitalized cryptocurrency is down 1.25 percent presently trading at $197.22 according to data from Coinmarketcap. The year has mostly been a bearish one for ETH which has shed more value more rapidly than any of the other top coins.
The weekly chart shows a sharp drop yesterday coinciding with the general dip in coin prices. The chart shows that the coin is 13 percent lower on a 7-day period.
Prior to the recent loss, Ethereum had traded around the $230 range a couple of weeks after its yearly losses seemed about slowing.
Ripple XRP Chart
Ripple (XRP) made news in the past week. At a point, it seemed as if the coin was leading a general market recovery following announcements of new developments on the platform.
This however did not shield the XRP from the market downturn. It is worthy of note however that the impact on Ripple was not as severe as with most altcoins. Its recover is also quicker.
XRP is trading at $0.42 up 5.2 percent in the past 24 hours. Among the top coins XRP is the highest gainer.
Another gainer is Litecoin which made gains of 1.12 percent trading at $53. Bitcoin Cash, EOS and Stellar are all down, just as Monero and Cardano. These making the roundup of the top 10 coins.
Chart credit: Coinmarketcap