Price volatility intensified in the cryptocurrency market during the last two weeks. Prices made huge sideways movements – a tug-of-war between bulls and bears has ensued. Bears have strongly capitalized on the crypto market after Google imposed an advertising-related ban on cryptocurrencies. Global regulators have also deepened their crackdown on crypto markets adding to the bear’s sentiments.
The total cryptocurrency market capitalization has hit the lowest level in the last month on Sunday before rebounding on Monday. The selloff was supported by the potential ban from Twitter on crypto-related ads, while the positive reports from G20 summit helped Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) in paring earlier losses.
Bulls have applauded Mark Carney’s statement of creating new regulatory rules for cryptocurrencies; despite its price volatility, he believes digital currencies aren’t in a position to threaten the global financial stability as the crypto markets account for less than one percent of total global economic output.
He said, “The FSB’s initial assessment is that crypto-assets do not pose risks to global financial stability at this time.”
Price Volatility: Stellar, Cardno and NEO lead the Crypto Rally
Stellar (XLM) has pared the majority of its losses it posted during the last four days. XLP price jumped almost 39% on Monday to $0.23, and its total market capitalization recovered to $4.3 billion from Sunday lows of $3.1 billion. The blockchain technology behind Stellar has been gaining the confidence of payment services companies, due to its potential to provide fast transactions at low fees.
Cardano (ADA) is the second biggest gainers among the top ten cryptocurrencies; ADA price rose more than 36% today, and its price jumped to $0.177 after finding the support around $0.13 on Sunday.
NEO (NEO) price surged close to 31% on Monday amid a broader rally in crypto markets. NEO was among the most beaten down cryptocurrencies; the NEO coin lost almost half of the value since the start of this month.
Monero (MON), which declined sharply after SEC crackdown on crypto markets, jumped dramatically by almost 21% today. MON is famous for its anonymous features and its significant use in illegal activities. Monero currently trades around $217 with the market capitalization of $3.4 billion, down more 50 percent from its all-time high of$ 470.
EOS (EOS), which is currently ranked 9th based on market capitalization, bounced back more than 32% today.
Featured Image: twitter