By Joeri Cant
Monday, Sept. 30 — Bitcoin (BTC), together with most altcoins, has been trading relatively flat in the last 72 hours, but the overall crypto market seems to be ready to turn around.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin has not yet been able to recover from last Tuesday’s double-digit losses, but the coin is showing signs that a recovery phase might be on the horizon.
While billionaire technology investor Mark Cuban said that he would be happier owning bananas than Bitcoin, the most popular cryptocurrency has been trading around the $8,000 price mark for most of the day. Since hitting an intraday low of $7,835, BTC has been slowly crawling upwards to its current price point of $8,258, up by 2.62% in the last 24 hours.
Cuban claims that Bitcoin is too complicated for the average person, and that the world’s best-known cryptocurrency is actually really like gold:
“I say it’s like gold. Gold is a religion: people who are really into gold — they’ll tell you that there’s a bad depression and things go to hell in a handbasket, if you own gold then you’ll be okay. No, you won’t! You carry around a gold bar — someone’s gonna hit your ass, knock you out and steal your gold bar and it’s gonna happen again and again and again. I’d rather have bananas, I can eat bananas. Crypto… Not so much.”
Bitcoin seven-day price chart. Source: Coin360
Ether (ETH) has been showing an impressive gain of nearly 5% on the day. The altcoin hit its intraday low in sync with BTC and has since found its way to $177 per coin at publishing time.
Ether seven-day price chart. Source: Coin360
Ripple’s XRP is showing a gain of almost 7% over the past 24 hours and is trading at about $0.256 at press time. Following Monday's trend in the cryptocurrency markets, XRP might be on its way to recover from its weekly loss of 12%.
XRP’s seven-day price chart. Source: Coin360
Altcoins showing much-needed recovery
Altcoins have been reeling since Tuesday’s double-digit losses, but seemingly entered another consolidation phase over the past three days. However, Monday's prices are showing green candlesticks across the board.
According to data from Coin360, the top 20 coins are all reporting gains, with Tron (TRX) taking the lead with an increase of more than 7% on the day. Bitcoin SV (BSV) is also showing gains of about 6% at publishing time.
The overall cryptocurrency market cap increased from $212 billion to $215 billion, with Bitcoin making up 68.4% of the total.