After severe slump, cryptocurrency market commences recovery

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After almost two weeks of a severe slump in the cryptocurrency markets where values dropped to all-time lows for 2018, there appeared to have been a slight recovery on Monday evening and Tuesday morning as a rally in the price of legacy Bitcoin (BTC) also lifted all major cryptocurrencies. The price for the largest cryptocurrency by market cap rose to around $7,350, a rise of 8% over the lows of Sunday where the coin had even touched the $6,400 mark.

Bitcoin Cash also posted a strong recovery rising by as much as 8%, too, for a price of around $690 and it appeared to be well on its way to exceed the $700 mark if the rally persists.

Other larger cryptocurrencies by market cap also saw a substantial increase in their prices, with Ethereum jumping to $395 with the psychologically significant $400 in sight. Analysts are stating that this could mean a substantial rally in the Ethereum price if the $400 level is breached. Ripple was also up to around $0.51 having breached the psychologically significant $0.50c mark, and there were indications that a further spike could be in the offing if volumes persist. Litecoin was also up by around 6% and was trading at around $122 at press time, indicating that there was support at the $122 level. Dash also recovered well over the $300 mark and was trading at $320 at press time, although volumes were quite low.

Recovery was also seen among cryptocurrencies with smaller caps. The chief movers here were Stellar and NEO with double digit increases at one point, although these fell back eventually. Stellar registered an impressive 15% increase at one point to around $0.24, but then fell back to trade at $0.235 at press time. Ethereum Classic was up to almost $15; while NEO also rose 10% to $53 before falling slightly to around $51 at press time. However, volumes seem to be well supported here also. Other up and coming currencies like TRON and VERGE also saw a substantial increase in their price when traded against Bitcoin with the latter registering a double-digit increase, whilst the former clawed back some of the past day’s losses.