Major cryptocurrencies traded lower Monday, unable to capitalize on last week’s rebound of multimonth lows.
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
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.
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.”
Altcoin losses mount
After finishing the week on the back foot, altcoins, or coins other than bitcoin, have extended losses into Monday. Ether
was down 9.5% at $106.89, Litecoin
has fallen 10.9% to $30.27, XRP
has slid 5.4% to 35 cents, and Bitcoin Cash
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.
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