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Digital currencies for the most part have taken a breather Tuesday, after a frantic 48-hours that saw more than $45 billion wiped off the total value of all cryptocurrencies.
After shedding more than 10% Sunday, bitcoin, the worlds biggest digital currency, has righted the ship, holding above $6,500. However, with crypto traders licking their wounds, interest has waned. “There’s a lot of wait and see now. Since then [the selloff Sunday] volumes have receded and at this level there is a general lack of interest,” said Mati Greenspan, senior market analyst at eToro.
Greenspan added that the crypto market is in a liquidity vacuum at the moment, and is susceptible to these large moves, both up and down.
The price of a single bitcoin was last worth $6,836.51, up 1.1%, since Monday 5 p.m. Eastern Time on the Kraken crypto exchange.
Ethereum Classic spikes
The price of Ethereum Classic rose by as much as 25% Tuesday, after news Coinbase, one the biggest U.S. based digital exchanges, said it was in the process off adding the digital currency to its trading platform. In a blog post, Coinbase said it was in the engineering stage and expects it to be launched in the “next few months.”
Ethereum Classic was created in July 2015 as a result of a hard fork by Ethereum, and is the 18th largest digital currency with a market cap of $1.6 billion, according to data from CoinMarketCap.
Altcoins clawing back some losses
Coins other than bitcoin, known as altcoins, have clawed back some of their previous losses in early Tuesday trading. Ether is up 3.2% at $531.68, Bitcoin Cash is up 1% at $935.50, Litecoin has gained 1.4% at $106.50 and Ripple’s XRP coin has added 1.6% to 59 cents.
After posting hefty losses Monday, bitcoin futures have steadied. The Cboe June contract is up 0.9% at $6,815, while the CME June contract has regained 1.3%, last trading at $6,840.