Contact us at for Guest Posting, Adding link to an already existing Post and for your Product or Service Advertisement 

Major cryptocurrencies traded lower Monday, unable to capitalize on last week’s rebound of multimonth lows.


BTCUSD, -7.70%

 the world’s largest cryptocurrency, has fallen as much as 8% and is nearing last weeks multimonth low around $3,500. On the Kraken cryptocurrency exchange a single bitcoin

BTCUSD, -7.70%

 was fetching $3,843.10, down 7.6%, since Sunday’s level at 5 p.m. Eastern Time.

Earlier in the session the cryptocurrency traded to a session at $3,802.50.

Read: Opinion: Bitcoin is close to becoming worthless

Founder of crypto exchange undeterred

Danny Scott, the CEO and cofounder of CoinCorner, an Isle of Man-based cryptocurrency exchange, said the selloff in bitcoin is something he has witnessed many times over, therefore not of major concern. “If we look back over bitcoin’s short 10-year history, it has experienced many price fluctuations—something that is to be expected given that the industry is still very young,” he wrote.

“There have been a number of sizeable price movements over the years which have typically gone unnoticed by anyone except those within the industry. For example, in 2013 we saw the price drop 49.88% in just 14 days, which is a bigger drop than the one we have experienced over these last two weeks.”

READ  XRP Falls 12.42% In Selloff By

Read: Hunker down, crypto owners, because the worst has yet to come: Fred Wilson

Altcoin losses mount

After finishing the week on the back foot, altcoins, or coins other than bitcoin, have extended losses into Monday. Ether

ETHUSD, -8.50%

was down 9.5% at $106.89, Litecoin

LTCUSD, -10.72%

has fallen 10.9% to $30.27, XRP

XRPUSD, -5.88%

has slid 5.4% to 35 cents, and Bitcoin Cash

BCHUSD, -10.80%

is off 9.9% at $156.80.

The altcoin underperformance has dragged bitcoin’s share of the total market for all cryptocurrencies to 53.6%, up from 37.8% since the beginning of 2018, according to data from CoinMarketCap.

Bitcoin futures are trading lower on Monday. The Cboe Global Markets December contract

XBTZ8, -3.30%

is down 4.1% to $3,775 while the CME Group December contract

BTCZ8, -3.05%

 is off 3.3% to $3,800.

READ  2019 Will Be a Big Year for Stablecoins

Providing critical information for the U.S. trading day. Subscribe to MarketWatch’s free Need to Know newsletter. Sign up here.

Source link


Please enter your comment!
Please enter your name here