10 Oct 2018 Josphat Kariuki
Bitcoin’s $6600 Price Makes the Crypto Market Take A Sideways Turn
Following the sideways trend, Bitcoin (BTC) is about 0.3% down today, trading at an average rate of $6,627. The leading cryptocurrency in the market dipped about $2 below the $6,600 threshold, with the intraday high that reached the $6,669 mark.
As the market continues fluctuating in a slightly stagnant manner, BTC is holding 2% of its weekly gains, while its monthly gains range at 5%. The dominance of the leading digital coin has remained almost flat during the day.
Ethereum (ETH) has been trading at a similar pace, fluctuating between $231 and $226. The second largest crypto coin by market cap (ETH) has gone down about 1% in the last 24 hours, selling at $227 this morning. Ethereum is still up by 3% according to its weekly chart.
In the last day, the second largest altcoin Ripple (XRP) has seen major fluctuations, going down by 2% to trade at $0.48. The third top crypto coin in the market is considerably down on its weekly stats, realizing a loss of around 10% while maintaining a monthly growth of around 77%.
In the past 24 hours, the market capitalization is hovering around $218 - $221 billion. At press time, the total market capitalization was about $219 billion, with trade volumes slightly dropping to $11 billion.
Tezos (XTZ) is the only cryptocurrency among the top 20 digital coins that is seeing considerable gains, going up around 3.7% at the time of writing. Gaining over 6% in the last seven days, this altcoin is trading at $1.41. Doge (Dogecoin) is also slightly up by 0.7%, trading at $0.0056 in the last 24 hours.
MIOTA (IOTA) and its slightly higher neighbor TRON (TRX) have also gone down in the last one day, trading at $0.586 and $0.025 respectively. All the other top 20 crypto coins have gone down between 0.3% and 2.5% today.
According to the founder of Devere Group, Nigel Green, the current stagnant situation in the crypto market could be implying cryptocurrency maturity. The founder of this financial organization added that the markets are not experiencing a lot of volatility recently. Reportedly, Bitcoin hit the inflection point with volatility after 17 months of low trading.
In a tweet earlier last week, crypto analyst Joseph Young said that the lack of volumes in the market was concerning. The analyst further noted that the crypto space is experiencing seller fatigue, given the stability in bitcoin's price over the last two months.
According to a Research study done by Jupiter, the cryptocurrency industry is still on the verge of an implosion even as transaction volumes continue to drop.
Yesterday, Diar – a crypto research firm – released a report suggesting that the U.S dollar trading volumes at Coinbase (a wallet service and crypto exchange) reached a yearly low in the third quarter of this year.