Markets Trade Sideways, Bitcoin Touches $6,600 Earlier Today
Tuesday, Oct. 9: Crypto markets keep trading sideways, with almost all top 20 coins by market cap in the red after seeing some growth yesterday.
Market visualization from Coin360
Bitcoin (BTC) is slightly down around 0.3 percent today, trading at $6,627 at press time. During the day, the major cryptocurrency dipped two dollars below the $6,600 threshold, and the intraday high amounted to $6,669. While markets continues to fluctuate in a mostly stagnant manner, Bitcoin is holding around 2 percent of weekly gains, as well as 5 percent gains over the past 30 days. Bitcoin’s dominance has been remaining almost flat within the day.
Bitcoin 24-hours price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) has been trading around the same levels within the day, fluctuating between $226 and $231. The second cryptocurrency by market cap is down just over 1 percent over the past 24 hours, and is trading at $227 at press time, up around 3 percent over the past 7 days.
Ethereum 24-hours price chart. Source: Cointelegraph Ethereum Price Index
Ripple (XRP) has seen bigger fluctuations over the 24 hour period, down around 2 percent, and trading at $0.48 at press time. Also considerably down around 10 percent on the week, the third top cryptocurrency is still holding its monthly gains, up around 77 percent over the past 30 days.
Ripple 24-hours price chart. Source: Cointelegraph Ripple Price Index
Total market capitalization has been hovering between $218 billion and $221 billion over the day. At press time, total market cap is $219 billion, while daily trade volume has slightly dropped to $11 billion.
Total market capitalization 24-hours chart. Source: CoinMarketCap
The only cryptocurrency among the top 20 coins seeing considerable gains at press time is Tezos (XTZ), which is up around 3.7 percent. The altcoin is trading at $1.41, up about 6 percent over the past 7 days.
TRON (TRX) and its lower neighbor IOTA (MIOTA) are both down over the past 24 hours, trading at $0.025 and $0.586, respectively. The rest of the top 20 coins are down between 0.3 and 2.5 percent on the day.
Founder of financial advisory organization DeVere Group Nigel Green has recently suggested that the currently stagnant condition of crypto markets could be a “signal that the cryptocurrency market is maturing.” Indeed, the markets have seen some sort of lack of volatility recently. Bitcoin reportedly hit “an inflection point with volatility at a 17-month low.”
Crypto analyst Joseph Young tweeted that the lack of volumes on markets last week was “concerning,” noting that it is “quite evident” that the industry is experiencing “seller fatigue.” Given the two-month stability of Bitcoin’s price, the “bottom could be in,” Young concluded.
Cointelegraph recently reported on a Juniper Research study which found that crypto markets are on the verge of “implosion,” while transaction volumes are dropping.
Yesterday, crypto research firm Diar released an analysis claiming that U.S. dollar trading volumes at crypto exchange and wallet service Coinbase have hit a one-year low in the third quarter of 2018.