A handful of altcoins are starting to show promising signs of recovery following last week’s crypto market crash. However, Bitcoin remains in the digital doldrums having moved very little over the weekend.
Over the past week, $120 billion has exited the crypto asset market, shrinking total market capitalization by around 10%. There does seem to be a glimmer of recovery hope for a few of the altcoins, however.
Altcoin Recovery Hopes
Crypto markets have been pretty flat since they tanked on Aug. 17. Total capitalization is hovering around the $1.1 trillion mark which is keeping it range-bound on the yearly outlook.
On-chain metrics provider Santiment noted that since the declines “several altcoins are scratching their way back.” It specifically mentioned Ripple (XRP), Litecoin (LTC), and Stellar Lumens (XLM).
XRP has recovered around 11% since its dip to $0.476 last week. The cross-border payment coin is currently trading up 2.8% on the day at $0.532 at the time of writing. Furthermore, XRP could see renewed momentum should more court decisions go their way in the battle against the SEC. However, the Ripple coin has lost 37% since that partial victory in mid-July.
Litecoin, which went through its halving process earlier this month, is up 6.25% since its crash to $62.33 last week. The asset is up 3% on the day and changing hands for $66.23 at the time of writing.
Stellar Lumens has performed the best with XLM gaining 15% since its crash to $0.111 last week. The token is currently trading at $0.128 following a 3.1% gain over the past 24 hours.
Other altcoins appearing to recover today include Tron (TRX) up 2.1% and Monero (XMR) gaining 2.3%. The rest are either trading flat or still in the red.
No Love For Bitcoin
Moreover, Santiment cautioned that the bears are still lurking and it could be too early to call an altseason.
“With market value to realized value metrics continuing to show traders are down big, don’t be surprised if the trend continues this week.”
Bitcoin has made no attempt at recovery and was trading flat on the day at $26,064. BTC hit a weekend low of $25,847 before creeping back over $26K but momentum is weak and it appears to be consolidating here.
Ethereum has made a marginal gain to reach $1,675 at the time of writing but has mirrored Bitcoin with its lack of recovery.
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Source: https://beincrypto.com/altcoins-signs-recovery-btc-doldrums/