The cryptocurrency market is in the green for the second day following a week of heavy losses. Bitcoin was up more than 5% in the Asian session to trade at $8600. It has since lost momentum but remains on an upward trajectory. At 14.00 UTC the cryptocurrency was trading at $8,570 according to CoinMarketCap.
Altcoins have also been clawing back on lost ground since Monday. Overall the market has gained over 6% this week. Market capitalisation now stands at $331 billion.
Qtum is the Biggest Gainer
Qtum is leading the pack with more than 36% gains over the last 24 hours. The digital asset is now trading at $20.89 with a market capitalisation of $1.5 billion.
The coin had gone up 56% in the Asian trading session. On a weekly basis, the altcoin has climbed more than 15% to recover last week’s losses.
Qtum has now outperformed bitcoin by more than 50% although it is yet to go back to its high of $100 in January.
QTUM/USDT and QTUM/BNB trading pairs were recently added on Binance. Over $722 million worth has been transacted in the last 24 hours. Trading of Qtum is most vigorous in South Korea mainly on Bithumb and Upbit. The altcoin is now ranked 18th according to CoinMarketCap.
Other outstanding performers in Monday’s trading include EOS at 17% , Ethereum Classic at 18% and Cardano at 12%. Ripple made gains of 4.63% to trade at $0.70. NEM, Gas and DragonChain averaged 10% on Tuesday’s trading. Stellar gained more than 9%.
Bitcoin still dominates the market at 43.9% but its main rivals Ripple, Ethereum, Bitcoin Cash and Litecoin are fast gaining on it. Altcoins like Litecoin and Ripple have been providing clearer use cases and helping to drive up the values.
Ethereum Posts a Dismal Performance
Ethereum has been performing dismally in the last 24 hours and has already lost some ground.
This altcoin has particularly been hit hard by the hard regulatory scrutiny over the last two weeks.
It has lost more than 25% of its value ever since SEC starting cracking down. It is now trading at $539 a unit and its market cap has since dropped to just under $53 billion.
ICO scams being launched on the platform may be denting its image but more regulation could actually do some good.
Major events at the end of this month involving Ethereum and other cryptocurrencies are however expected to generate some level of excitement in the market.
All factors considered, Ethereum remains one of the most sought after cryptocurrencies due to its utility in ICOs. Its suitability for ICOs and Ethereum Dapps will see its value continue to rise in the long term despite its recent overreaction to negative events.
The recent market correction also brings the cryptocurrency within the reach of more people.
Dark Shadow of Regulation
Impending regulation continue to cast a shadow on the market after a spectacular performance in 2017.
Subpoenas by SEC and penalties imposed by Japanese regulatory authorities have further served to dampen the mood for investment.
News about the massive Mt.Gox bitcoin dump which might have occasioned the early February crash have also been sinking in.
Overall the market has lost 30% of its value in the past seven days.
Recent bans on cryptocurrency advertisements by internet giants Google and Facebook have added more damage. Reports surfaced on Monday that Twitter would follow suit in two weeks time although this little effect on the market. Twitter is yet to confirm the reports.