Cryptocurrency markets are showing signs of recovery with mild gains, while Bitcoin is looking to gain traction above the $8,500 price mark.
Sunday, Nov. 17 — Crypto markets are showing mild signs of recovery, while Bitcoin (BTC) stumbles above the $8,500 price mark.
Cryptocurrency market daily overview. Source: Coin360
For the better part of the day, the world’s largest cryptocurrency has been trading within a tight range between $8,500 and $8,600, while slowly finding its way towards the $8,700 price mark in recent hours. Bitcoin is currently trading at a price of $8,515, showing limited gains of .32% on the day.
Bitcoin daily price chart. Source: Coin360
Slow bleed to $8,200 possible?
On Friday, Bitcoin attempted to break the $9,000 price level, but was swiftly rejected and brought back to lower levels below $8,600, where it remained throughout the entire weekend.
Cointelegraph contributor Michaël van de Poppe remains positive about the return of overall bullish sentiment, but would like to “see a tick up to like $8,800 to confirm a slight trend reversal (like scenario),” adding:
“If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously.”
Ether (ETH), meanwhile, is currently sitting close to $183 per coin. The number one altcoin continues to trade in perfect sync with BTC, showing upward price behavior leading to its current trading position, up .73% on the day.
Ether 7-day price chart. Source: Coin360
XRP, the third-largest coin by market capitalization, has consistently lost ground in the past few days. However, it is joining the trend of minor recovery with gains of .45% at press time. XRP currently sits at $0.261 per coin.
XRP 7-day price chart. Source: Coin360
Top 20 is showing mostly green candlesticks
Most of the top 20 coins are showing green candlesticks, with Maker (MKR) taking the absolute lead, showing a gain of more than 7% on the day. Cardano (ADA) follows in second place, growing more than 4% on the day to trade at $0.046 per coin.
Most of the other top 20 coins are showing moderate gains up to 2% on the day, with the exception of Chainlink (LINK), which is down almost 3%.
The overall cryptocurrency market cap currently sits at $237.8 billion, with Bitcoin making up 65.65% of the total.