Cryptocurrencies Continue Movement in a Narrow Range

Bitcoin made a dramatic recovery on Monday, rallying to approach the $7,000 threshold on multiple occasions, after suffering a decline over the weekend. The data also shows that other cryptocurrencies continue to experience minor losses. Bitcoin ended the run at $6,974 on the day, which represented just over a one percent decline. The world's leading cryptocurrency did temporarily reach the $7000 threshold a few times on the day and at one point was as high as $7,127. The tally for the week has the coin at a 14 percent loss but this is still good enough to realize a 5 percent gain for the month. Ethereum also experienced a turbulent day and closed at $403 despite appearing at some points on Monday to be headed for a much higher trade value during the early morning hours. Ethereum is the top altcoin and has shown a decrease of 11.42 percent which equates to just over $50. The majority of this loss in value took place in July, a month that saw the coin experience as steep value decline. The coin finished July down by 13.7 percent and has basically traded sideways so far in August. One industry listing shows that the top ten coins are experiencing small fluctuations with most trading at around a 3 percent range. The exception to this is IOTA, which fell to $.85 which represents a fall of 6.5 percent. Both Cardano and Litecoin are fairly stable but trading slightly in the red at $.13 and $.73 respectively. Many crypto experts are taking a close look at the market which suddenly seems unwilling to move substantially in either direction. Ran Neuner of CNBC expects to see a huge rally by the market following Friday's announcement by the International Exchange that it will soon be creating a digital asset ecosystem that is powered by Microsoft Cloud technology. ICE, which is the parent company for the New York Stock Exchange, also plans to offer physically delivered contracts for Bitcoin futures beginning in November. The second largest stock exchange in Germany, the Stuttgart Börse, is working toward the development of a platform to provide Initial Coin Offerings to go along with a multilateral trading venue for cryptocurrencies. These indicators that the crypto market will soon benefit from further institutionalization has experts excited about the favorable conditions for growth that the market will see soon.