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Cryptocurrency markets are characterized by stagnancy despite the latest industry news

According to the data provided on October 6, cryptocoin markets keep their stability even after the news published this week. The latter ones include institutional investments and SEC’s update on the Bitcoin ETF decisions anticipated by many. Twitter comments of Ran Neuner, CNBC’s CryptoTrader, about this news say that any movement of brokerage firm TD […]

By - July 7, 2018
Cryptocurrency Markets Industry

According to the data provided on October 6, cryptocoin markets keep their stability even after the news published this week. The latter ones include institutional investments and SEC’s update on the Bitcoin ETF decisions anticipated by many.

Twitter comments of Ran Neuner, CNBC’s CryptoTrader, about this news say that any movement of brokerage firm TD Ameritrade and Ivy League U.S. university Yale to crypto is only speculation and investment news. Probably, they have not moved the trading as modern markets are more focused on “adoption and mass real world usage.”

If to analyze a Bitcoin Price Index, the digital currency has been rather stable within a month hovering only between $6,300 and $6,600.

According to Coin360 data, every currency apart from Ripple has changed a little over 24 hours.

Market visualization from Coin360

Market visualization from Coin360

The average price of BitCoin was around $6,600 on most of the days never going over $6,643 and falling under $6,566. The current price of BTC is $6,597 and there was no great price fluctuation within previous 24 hours, growing only by 0.2%.

If to look at the BTC year price index, the currency has not lost its basic cost of $6,500 since mid June. At the same time, there were three huge price leaps of BitCoin during this period too When it used to beat $7,000 level.

The second largest crypto coin Ethereum has grown only a bit, by 0.39% within 24 hours and its current cost is $224. If to look at the year price chart of ETH, it is gaining pace after the minimum price of $175 set up on September 12.

The 3rd largest coin Ripple has been moving down the scale rather dramatically during the day. It has dropped by 7% during 24 hours and lost about 15% during the week.

BitCoin keeps its leading positions surging around 80% within one day on September 21 and leaving Ethereum far behind – only at the second place. Ripple can boast holding over 60% of its gains within a 30-day period.

The current total market capitalization is $217.8 billion that has recently reached $220 billion. He current daily trade volume is $11.4 billion, but on September 28 it has jumped high up to $17 Billion.

Total market capitalization 7-day chart. Source CoinMarketCap

The biggest loss was experienced by two coins – Binance Coin (BNB) and NEM (XEM). The current price for Binance Coin is $10.44 that is 1.8% lower, while NEM costs $0.103 having lost 2.35%. However, at the beginning of this week NEW has experienced a huge growth and it makes its current position 8% up over the week

If to analyze the top 20 coins for the highest growth within last 24 hours, the most impressive gain was achieved by Tron (TRX) – the current price of $0.023 has grown by 2.46%.

There are two other significant news in the crypto industry added recently: the Winklevoss twins’ Gemini exchange has received insurance on custodied digital assets and a deadline was set by the U.S. Security and Exchange Commission (SEC) to review suggested changes of some app rules regarding BTC exchange-traded funds.

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