Cryptocurrency market recovers after week of uncertainty in China

After a week of heavy crashes and big setbacks in the price of the main cryptoactive market, this Monday the day opens and stays with numbers in green in almost all cryptocurrencies listed in CoinMarketCap.

Bitcoin is again on track to recover its position above $ 4,000, standing at $ 3,982 by the time it is written, with trading volumes of $ 1,826,190,000 over the past 24 hours.

Bitcoin price chart from July 2017 to today. Source: CoinMarketCap

These transactions are recorded mainly in the exchange houses Bitfinex, with a 12.31%; the Japanese bitFlyer, with 5.13%; and South Korea's Bithumb, with 4.68%. However, if one looks at the graphs offered by CryptoCompare, it can be seen that the largest volume of transactions is being made between the bitcoin / yen pairs, with 51.33%, whereas the Chinese yuan changes only register a 6 , 37%, which accounts for the migration of Chinese traders' operations to Japan.

Among the cryptocurrencies of the top 10 that revalued reached in the last hours, stand out Ethereum, with a 12.84% that positions it in 288.11 dollars; Litecoin, with 10.62%, valued at 54.69 dollars; NEM increases by 16.63% to $0.243018; IOTA grows by 17.57% to $ 0.589; and Ethereum Classic, which reaches 11.57 dollars with a growth of 14.20%. Outside the top 10, mention should be made of the Siacoin case, which grew by 24.31%, valued at $ 0.0051.

This price increase appears to be a response to the low price most crypto-activists came in last week after a series of news items such as a ban on Crypto-Active Initial Coin Offer in China and the cease-and-desist of exchanges in that country - some of which, such as OkCoin, Huobi and BTCC, of which the largest volumes of transactions operated in the world - were made public in the network, which generated a climate of uncertainty in the market that produced massive nerve sales.

However, it seems that the trend begins to reverse and the money changers take advantage of the low prices to make their purchases. Especially in China, who, fearing the definitive closure of the exchange houses, made such an amount of ethers purchases in the exchange house ViaBTC that momentarily took the price of this criptomoneda to 6000 yuan or 914 dollars, although it decreased to 457 dollars about an hour later.

The huge movements between bitcoin and yuan are also beginning to be reflected in private exchange portals such as LocalBitcoins, where the volume of exchanges experienced a strong jump in the last week.

Exchanges of the bitcoin-yuan pair through LocalBitcoin. Source: coin.dance

Beyond China, these sudden movements in the cryptoactive market have normalized in the ecosystem. Already in the past, events such as regulations, money exchange closures, or any unforeseen heavy carvings, have motivated nerve sales among those who still shyly invest in this new technology, while the poise of those already veteran in the criptocurrencies remains unmovable, taking advantage of these lows only to buy at a lower price. The truth is, if you look at the historical graph of bitcoin growth, despite some setbacks and corrections, the long-term trend has long remained bullish.
Historical graph of the price of Bitcoin. Source: CoinMarketCap