09 Oct 2018 Josphat Kariuki
Crypto Markets Take a Near-Unanimous Upturn after a Period of Stability
According to reports, Bitcoin (BTC) is realizing a relatively strong boost, growing by almost 2%, trading at $6,664, just above the $6,600 mark. This breakthrough comes after days of sour trading, with one crypto expert calling this digital asset “the ultimate stablecoin” on Friday, Oct 5th.
On the same day, an article released by Bloomberg proclaimed that Bitcoin had reached an inflection point, and would fall to a 17-months low. On the flipside, the article noted that such a trend is as a result of lower speculative involvement, leading to low trading volumes.
While some of the sources, quoted by Bloomberg, considered Bitcoin’s stability as a sign of maturity, there are others who saw the low volatility and low volume as a “capitulation.” One of the articles even went as far as saying that Bitcoin was “boring” – something rarely heard in the crypto space. Citing data from Bitstamp, the article noted that since 7th September, Bitcoin traded within a $732 range – no more than a 12% swing from top to bottom.
According to weekly charts, Bitcoin is over 1% above the green zone, realizing a monthly growth of a solid 8%. Similarly, Ethereum (ETH) is realizing a solid growth on its price every day. ETH is up almost 3%, trading at $230.
Despite trading as low as $218, the leading altcoin has also been experiencing growth, trading within a range of $220-$225. At the start of the week, Ethereum is only 0.6% in the red zone, with a strong monthly growth of almost 17%.
Ripple (XRP) has surprisingly outdone both Ethereum and Bitcoin, after an incredible growth of 3.35%, trading at $0.49 on the day. Earlier in September, this coin saw a huge price momentum and grew rapidly, briefly knocking down Ethereum from its long-standing spot, according to Coin Market Cap listings.
Ripple took a dip throughout early October, and remains at 14.5% down according to its weekly stats. However, its monthly growth is astonishing, reaching almost 70%.
Other top 10 coins, according to Coin Market Cap, are seeing a relative growth, ranging between 2% – 4%, leaving them all in the green. Cardano (ADA) is seeing a growth of about 5%, trading at $0.087. Steadily in the green zone is also EOS, which has grown at almost 4% at press time, selling at $5.92, while Litecoin (LTC) and Stellar (XLM) are both up by 2%. This unanimous growth has brought the total market capitalization close to a weekly high of $223 billion.
While crypto traders keep on predicting that Bitcoin is about to explode, Nouriel Roubini – notorious crypto critic and American economist who predicted the 2008 financial crisis – has made provocative statements on Twitter. According to Roubini, cryptocurrency is highly centralized and Bitcoin is among the unequally distributed assets on earth.