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Crypto Markets trade Sideways!

Crypto Markets trade Sideways!

October 11, 2018 6:20 am,

Despite the major decisions and news in the crypto industry, including the investments from major financial institutions and also an update from the SEC regarding the Bitcoin ETF decisions, the crypto markets suddenly started trading sideways with almost even 20 coins by market cap in the red after seeing some growth yesterday.

Bitcoin (BTC)

The price has shown uncommon price stability over the last month, staying comfortably between $6300 and $6600. All top coins, with exception of Ripple (XRP) are also showing little change. BTC is slightly down around 0.3% percent today, trading at $6627.

The BTC dipped two dollars below $6600 threshold and the intraday high amounted to $6669.  The fluctuations in the market are quite stagnant, with a growth of 2% weekly gains and 5% in the month. Bitcoin is hovering over the same levels from the past one year, especially since mid-June, while the cryptocurrency was trading at $6500. However, the virtual currency has seen some hikes with its price breaking the $7000 point three times.

The recent downtrend in the last month actually has been reportedly accounted to SEC (Securities and Exchange Commission) delay in making a decision on ruling an awaited ETF. The prominent cryptocurrency was supposed to stage a remedial rally in the last 24 hours, having safeguarded the key 50-day moving average (MA) support earlier this week. However, the sellers made a strong response above $7,100 after the SEC exercised its right to postpone the decision on whether to approve a rule that would allow Chicago Board Options Exchange (CBOE) to offer shares of an ETF issued by VanExk SolidX Bitcoin Trust.

Ethereum (ETH)

The second cryptocurrency is slightly up, trading at $226 and $231. The leading altcoin is just recovering from the lowest point hit in this year, ie $175.  It is down just over 1% over the day and 3% from the one week.

Ripple (XRP)

The third largest currency by the market capital has seen much more dramatic price movement on the day than its fellow cons, dropping 2% and posting almost 10% losses on the week. However, the major altcoin is still significantly up over the past 30 days, surging around 80% and bypassing Ethereum to move into the second place by the capital. Ripple holds around 77% of its gains over the 30 days period now.

The total market capitalization of all currencies amounts to $218 billion, having surged to over $220 billion. The daily volume for trade is at $11 billion, after surging above $17 billion

The only other cryptocurrency among the top 20 coins seeing the gain is Tezos (XTZ), which is up around 3.7%. The altcoin is trading at $1.41, up about 6% over the week. DOGE is also slightly up by over 0.7%.