Major digital currency prices were mostly unchanged Monday to begin the week.
Bitcoin, the largest digital currency, which accounts for around 52% of the total share of digital currencies, remained stable, trading on either side of $6,500. In early Monday trading, bitcoin BTCUSD, +0.39% fetched $6,570.30, up 0.1% since Sunday’s level at 5 p.m. Eastern Time on the Kraken cryptocurrency exchange.
With the fourth-quarter under way, bitcoin bulls turned the calendar with renewed optimism based on seasonality patterns, but one technical expert says there is no quick-fix to pull cryptocurrencies out of their current bear markets.
“Given the technical damage that has developed in 2018, we expect most cryptocurrencies will likely require months of repair before a new bullish trend can develop,” wrote Rob Sluymer, technical analyst at Fundstrat Global Advisors, in a recent note to clients. “This is consistent with post-bear-market behavior that has developed in other asset classes following bear markets.”
Sluymer added that the first step in the right direction for bitcoin is the September high above $7,400, which is still 13% away from current levels.
After a frantic week, altcoins slow out of the blocks
Altcoins, a catchall term for digital coins other than bitcoin, have begun the week on a quiet note, bucking recent trends that saw some coins trade in ranges of more than 30% over the past seven days. Bitcoin Cash BCHUSD, +2.56% is the best performing altcoin, trading at $534.30, up 2.1%, Ether ETHUSD, +0.49% was up 0.1% at $228.72, XRP XRPUSD, +1.26% was up 1.9% at 58 cents and Litecoin LTCUSD, +1.25% is trading at $60.91, up 1.1%.
Futures are underperforming spot markets in early Monday trading. The Cboe October contract XBTV8, -0.92% was down 1.1% at $6,565 and the CME Group October contract, BTCV8, -1.27% which is now the front contract was down 1.7% at $6,560.
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