Market Wrap: As Bitcoin Steadies, Oil's Turmoil Continues

Both bitcoin and oil were relatively calm Monday, but that when it comes to volatility over the past couple of months, it's crude, the backbone of global industrialization, that's seeing wilder swings as of late.

Despite a small rally of around $250 on Sunday, the world's largest cryptocurrency by market capitalization still spent much of the weekend in the mid-$9,000s.

The wait-and-see approach for traders to get over $10,000 bitcoin hump continues.

In the meantime, traders have pointed to increased excitement in the oil markets over the past two months.

Oil is climbing 1% with a barrel of crude at $35 as of press time.

While bitcoin has gyrated from as high as $10,081 to as low at $3,866 since March, oil's price has been more rocky.

Oil has been much more volatile than bitcoin since April, with the spot price for crude as high as $48.56 and as low as $0.04 since March.

David Russell, vice president of market intelligence at TradeStation Group, a brokerage firm, says bitcoin's fundamental aspects are very distinct from the crude markets.

In 2020, the bitcoin rollercoaster has had nothing on oil.

The second largest cryptocurrency by market capitalization, ether, gained less than a percent in 24 hours as of 20:00 UTC.Cryptocurrency winners on the day include neo up 7.5%, qtum in the green 3.2% and decred up 2%. Losers on the day include ethereum classic in the red 3%, tron down 2.6% and monero slipping 2.4%. All price changes were as of 20:00 UTC Monday.