The cryptocurrency industry experienced one of the most stable months in September after half a year of unexpected price volatility and into October, the trend has held steady. Ripple appreciated by 1 percent in the past 24 hours, falling short of the expected price rally at the back of positive announcements during its annual Swell conference. Bitcoin has continued finding support at the $6,500 level despite showing lackluster market activity in the first two days of October. The most notable gainer in the top 20 is NEM which appreciated by 11 percent, with most other cryptos registering little movement.
A Slow Start To The Month
The king of cryptos has continued to suffer from low volumes for the past few months, with the first two days of this month registering $4 billion worth of Bitcoin trades. In fact, Bitcoin has only seen its trade volume exceed the $4.5 billion mark only 7 times in the past 30 days. At press time, Bitcoin was trading at $6,550, having dropped by a just 0.2 percent in the last 24 hours. Just days ago, Bitcoin made a spirited rally and many thought it would break the $6,800 psychological barrier and hopefully rally towards the landmark $10,000 mark. However, the low volume registered couldn’t sustain the movement and it has since dropped to the now very familiar $6,500 range.
Perhaps the biggest disappointment has been Ripple which has failed to capitalize on the latest great news to catapult itself above its close competitor Ethereum. Ripple has been September’s best performer, registering a 140 percent increase in the four days between September 16 and 20. The astronomical rise was mostly unexplained as not much was happening in the Ripple ecosystem and many expected that the crypto, which is the third most valuable, would continue to build on it. With the company making major announcements in the first two days of the month including the first commercial use of xRapid, many expected that XRP would make a price rally. It hasn’t, and instead made a slight drop which it later corrected. Currently, XRP is trading at $0.55 with a 0.9 percent price increase over the past 24 hours.
The market has been mostly quiet in the first two days of October, with most cryptos registering a rise or a drop of less than 1 percent. In the top 10, only XRP, Bitcoin Cash and EOS registered rises, with Stellar at 1.3 percent leading the drops. Some of the major cryptos in the top 20 registered slight gains including Dash, NEO, TRON, VeChain and Ethereum Classic.
NEM registered the largest gain in the top 20 at 10.5 percent, a stark contrast to the general market movement for the day. NEM was trading at $0.107 at press time, its highest price since September 4 when it traded at $0.12. The volume also increased by over $10 million from yesterday’s to hit $27 million; it’s highest also since September 4 which indicates genuine investor interest in the crypto.
Disclaimer: This is not an investment advice. It is of paramount importance that everyone should do his or her own due diligence before investing in any product, platform, tokens etc. Cryptocentral.io does not endorse any content or product published on this page. Our aim is to simply provide all the readers with the latest information in the field of cryptocurrency / blockchain industry that might be of interest to our readers.