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Monday, March 11, 2019

Bitcoin Enters Sixth Day of Stability as Analysts Predict Mixed Mood in Asian Markets




Monday, March 11: Bitcoin (BTC) led a broadly stable start to trading in cryptocurrency markets today, with the largest cryptocurrency barely moving over the weekend.



Market visualization from Coin360

Data from Coin360 and CoinMarketCap confirmed the continuing stability for Bitcoin and many major altcoins on Monday, with BTC/USD down around 0.15 percent to trade around $3,900.

The area just below the $4,000 price point has proven attractive for Bitcoin for the past five days, ever since it entered from trading closer to $3,700.

As reported, cracking $4,000 has proven too difficult a test in recent times, with an earlier brief spell above those levels resulting in a climbdown which took Bitcoin nearer to $3,500.



Bitcoin 7-day price chart. Source: CoinMarketCap

In what remains common practice, most altcoins that make up the top twenty cryptocurrencies by market cap repeated Bitcoin’s stability.

Ethereum (ETH), the largest altcoin, lost around 1 percent in the 24 hours to press time, still trading around $135, which it has done since March 5.

Ripple (XRP), Litecoin (LTC) and EOS (EOS) — the assets comprising the top five cryptocurrencies — produced similar behavior.

The top twenty exhibited only one exception to the trend in the form of Stellar’s Lumens token (XLM), which made daily gains in excess of 12 percent on the back of a partnership with solarisBank.

Stellar continues to stake its presence in the cryptocurrency consumer industry, late last year sealing a $125 million deal with wallet provider Blockchain, which will see its users receive an airdrop of XLM.




Stellar 7-day price chart. Source: CoinMarketCap

Further down CoinMarketCap’s table, Tezos (XTZ) also put in a strong performance, rising around 11 percent.

In traditional markets, analysts reported a mixed mood in Asia, after slowdown worries continued to impact on both United States and Chinese sentiment amid the trade talks.

As CNBC summarized, the Shanghai composite was nonetheless up just under 2 percent Monday, while the Shenzhen composite managed just under 4 percent.

In Hong Kong, the Hang Seng also traded up, approaching 1 percent on the day. Japan’s Nikkei 225 finished its trading session up 0.5 percent.

U.S. markets were yet to open the week’s trading at press time.



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