The crypto market has started the week on a much-needed positive note and has recovered from a weekend selloff.
Traders appear to believe that the market fell into oversold territory this weekend after heavy selling pressure driven by speculation that Goldman Sachs was scrapping its crypto trading desk.
This has led to solid gains being made across the board over the last 24 hours, bringing the value of the entire market to US$199.45 billion according to Coin Market Cap.
While this is a decline of 2.5% since this time on Friday, it is an increase of 3.9% from this time yesterday.
Here is the state of play on Monday morning compared to 24 hours ago:
The Bitcoin (BTC) price is up 3.4% to US$6,523.70 per coin, increasing its market capitalisation to just under US$110.9 billion. The Bitcoin price fell as low as US$6,197 per coin over the weekend but has recovered strongly.
The Ethereum (ETH) price has climbed 3.1% to US$202.19 per token, leaving the alt coin with an improved market capitalisation of US$20.6 billion.
The Ripple (XRP) has risen 3.1% to 28.51 U.S. cents. This gain brings the XRP market capitalisation to US$11.3 billion.
The Bitcoin Cash (BCH) price has pushed 3.7% higher to US$489.61 per coin, bringing the Bitcoin offshoot’s market capitalisation to US$8.5 billion.
The EOS (EOS) price has been a big mover over the last 24 hours with a gain of 8.8% to US$5.13 per token. This solid gain has lifted the alt coin’s market capitalisation to just over US$4.6 billion.
The gains continued outside the top five. In fact, only five coins in the top 60 were in negative territory during the period.
The Stellar (XLM) price rose 0.8%, Litecoin (LTC) jumped a solid 6.3% higher, Cardano (ADA) rose 1.9%, and Monero (XMR) stormed 6.8% higher. The only coin in the top ten to slide lower was Tether (USDT) which fell 0.25% during the period.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.