The crypto market has been largely stagnant over the past few weeks, with Bitcoin consistently trading above $6,500 as Ethereum held out above the $230 mark. However, in the past two days, the market has dropped with major support levels being breached and the market losing over $20 billion. Bitcoin dropped by over $300 to trade below $6,400 for the first time since September 20. Ethereum didn’t fare any better and traded below $200 for the first time since mid-September. The recovery has begun for most of the cryptos, but Bitcoin is still in the red at a time when its traded volume has been one of the biggest concerns.
The Unpredictable Market
Bitcoin was trading at $6,271 at press time, having dropped 0.32 percent in the past 24 hours according to data from Coin Market Cap. The crypto hit a low of $6,236 on October 12 before bouncing back to close the day at $6,274. The slight recovery was nowhere near the drop it had seen, shedding $312 from its price of $6,586 a day earlier. The drop was largely unexplained and many experts predicted that it was the sudden entrance of bears into the market. The downward movement is yet to be reversed and with the low volume being experienced in the crypto market, it may not be as easy as it would have been in the past.
Ethereum was not spared either in the bloodbath and it shed $37 to trade at $188 on October 12 from its price of $225 the previous day. The most valuable altcoin is currently trading at $198, up 0.64 percent in the past 24 hours. Its volume also dropped from the $2.1 billion registered the previous day to $1.4 billion, as did its market cap which dropped by $3 billion.
In the top ten, Ripple’s XRP and Cardano’s ADA were the biggest losers at 2.44 and 2.19 percent respectively. XRP in particular has dropped 26 percent in the past one week alone and was trading at $0.416 at press time. Having at one time eclipsed Ethereum to be the most valuable altcoin, it has now fallen $4 billion behind.
Litecoin, which crypto exchange Gemini recently announced it would list, traded at $53 at press time with a slight 0.04 percent increase. This is way below expectations, with many traders having anticipated the price of Litecoin to shoot up at the announcement of the listing.
The biggest gainer was Digitex Futures which appreciated by 45 percent to trade at $0.13, Tourist Token and Namecoin at 44 percent and Modum and ShowHand at 37 percent. Digitex Futures is especially impressive as it has skyrocketed by 194 percent over the past two weeks to make it into the top 100.
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