Bulls are trying to re-establishtheir control over the market, trying to recover from their weekend losses. Despitehaving been around for nearly a decade, cryptocurrencies have not captured aplace in India. Bitcoin, Ethereum,Ripple, and Litecoin are hovering in the top four places.

The market cap of Bitcoin iscurrently at $169 billion. The bullstook the price away from the intraday low at $10,610 to the resistance point at$11,000. It takes a sustainable move toensure recovery at $11,500, which should be further coupled with the 4-hourBollinger band. In the recent 24 hours,BTC has been down by 9%.

Ethereum has acurrent market capitalization of $31.70 billion. It was an aggressive sell-off with a loss ofmore than 7% on an everyday basis. Theprice recovered from $286 in the intraday low. The price is down below the critical resistance at $300. This means that the bears are trending behindthe wheel.

It was afunctional recovery for XRP Ripple, and it was one of the best performingtokens on Monday. It has a market capitalization of $17.7 billion, and itgained more than 5% ever since the beginning of the day and is down 2% on aneveryday basis. The XRP/USD has beentrading at $0.4118 during peak trading hours.

Litecoinrecovered from the low at $120.89 and was trading at $124.30. It has a market capitalization of $7.7billion, which gained more than 2% since the beginning of Monday and has lostmore than 5% in the past 24 hours. Thishas been a sustainable move which crossed $130, and it is required to improvethe overall technical picture.

There is anoverall optimism in the adoption of Bitcoin. This optimism is sustained despiteBitcoin slumping and undoing the epic rally of the year. This has amplified the recent trend whereweekend moves were oversized.

When it comesto cryptocurrency apps, customers are not interested in downloading them on totheir app. Even in advanced countrieslike the US, several people are using their mobile apps to trade. It istherefore clear that the adoption of crypto is not happening at a break-neckpace.

Meanwhile, inthe broader efforts to deal with money laundering, the Dutch ministers requiredthat cryptocurrencies should be regulated to deal with money laundering in thecountry. Despite all, the price drama inthe cryptocurrency space, about 60% of Bitcoin has not moved in a year fromwhere they are.