Bitcoin and altcoins showed signs of recovery on Monday after a weekend that prices dropped significantly. The coin added more than $500 trading at $7,722 after losing the same value in days. Taking a cue from Bitcoin, all the altcoins showed marked increase in value with Coin 360 reporting that the top altcoins gained between one and seven percent.
Bitcoin which tumbled over the weekend has seen marked recovery after its prices dropped to lows last seen on July 17. The coin fell below the $7000 mark effectively eying the $6,800 support, but the reversal kicked in having the coin falter slightly above the $7000 mark for hours before gaining traction. With the latest development, the weekly losses of Bitcoin now are at 14 percent while the monthly gains are over 8 percent.
Ethereum is up by one to two percent and currently trades at $408 having lost $50 when compared to its value last week. This amounts to 11.35 percent weekly loss while the monthly loss is 11.66 percent.
The Coinmarketcap chart shows that the top 15 coins all made gains of at least one percent an indication that the Bitcoin reversal spilled over to the major altcoins. IOTA (MIOTA) made the strongest gains among the altcoin with 7.21 percent increment trading at $0.9.
Cardano (ADA) was the second among the top ten altcoins to make gains having increment of 3.63 percent trading at $0.13 at the time of the report.
Ethereum Classic is among the top 20 coins that have shown marked appreciation with an increase of 7.17 percent trading at $17.44. The news that the US based exchange and wallet service provider, Coinbase has scheduled listing the coin by Tuesday is clearly responsible for the rally which kicked off August 3.
The total market capitalization of the coin market is up by $5 billion from the low of $252.3 billion seen over the weekend and currently stands at $254 although the gain is yet to erase the loss of $50 billion as the coin market at the peak of July rally had capitalization of $303 billion.
The major news for the week was that Intercontinental Exchange (ICE), the company that operates some of the leading global exchanges such as New York stock Exchange (NYSE) plans to launch a Microsoft cloud based ecosystem for digital assets.
The news was an indication that the spectrum would have a sort of legitimacy from the cover provided by federally regulated institutions and the news was expectedly bullish. Nonetheless, there is no indication that the effect was pronounced on the market as seen by the weekend dip in prices of coins.