Cryptocurrencies end turbulent week with slight recovery

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It was yet another turbulent and largely negative weekend for the vast majority of cryptocurrencies as further selling pressures affected prices all over the board. Legacy Bitcoin (BTC) fell to a monthly low of $7,200 before rebounding to around $8500 on Sunday evening with good support in that region. Bitcoin Cash also lost traction over the weekend with the price dropping in the low $800’s, but it also rebounded to reach the $950 level and was appearing to make a push for $1,000 before long.

One of the currencies which suffered most was Ripple which again saw its value slump to well below the $0.60 mark and at one point was trading at $0.55, but it eventually recovered and was trading at around $0.66 at press time. Its sister currency, Stellar, suffered a hugely torrid time when it dropped quite severely to around $0.16 although it then recovered to $0.22 in a matter of hours largely due to a considerable pump of value in the late hours of Sunday. Another of the smaller currencies by market cap, NEO, showed considerable downward movement when it settled at around $0.55 before rebounding to $0.65 although it is still very far off its monthly high of $140 registered in the first few days of March.

Litecoin and Dash also saw some movement when their values rose to over $150 in the former and $400 in the latter. Dash had dropped considerably in the past few days where it had even reached the $330 mark at one point but a small recovery was noted again in the late hours of Sunday. Ethereum had another torrid end of week with the price dropping well below the $500 mark and at one point there were fears that it could even descend to below $400. However, the cryptocurrency saw a considerable movement upward on Sunday and the price was touching the $550 mark during the recovery period. Ethereum Classic also recovered considerably from intra weekend lows of around $15 to rebound and touch the $0.17 mark.

Whilst there appeared to be a considerable decline to values not seen since the February 6 crash, it appears that the announcement made by Bank of England governor that cryptocurrencies would not be regulated had a positive effect on the cryptocurrency market that had even dropped below the $300 billion mark by market cap on Sunday. The G20 summit this week could also have an effect on the prices of cryptocurrencies during the week, although at this point one cannot predict if the rally has any further steam.