Market Analysis

Cryptocurrency Market update: BTC, ETH, XRP, LTC

The cryptocurrency market and the industry as a whole as a lot going on; from the regulations, creation of currencies and scams. Here’s a look at how the top coins are performing.

Bitcoin

Bitcoin’s market value has gone back up, and it seems to be forming its support around the $10,200 mark after experiencing a sharp and sudden drop yesterday, of about $500.

Bitcoin has developed a sideways trading pattern for several months now whereby the coin experiences sudden drops and later sudden increase in price. At the time of writing this, Bitcoin trades at $10,228.96 with a market cap of $183.57 billion and a 24-hour trading volume of $18.38 billion.

Cryptocurrency Market experts have tried to account for Bitcoin’s current trading behavior of losing and gaining several hundred dollars within a short time. Margin trading seems to explain the trading pattern. This tool has become increasingly popular used by traders on Binance, and BitMEX.

Ethereum

The second-largest coin in terms of market size and the most popular altcoin continues its bullish run and currently trades above the $210 mark. At the time of writing this, Ethereum trades at $219.56, which represents a 6.28% gain in the last twenty-four hours. It has a $23.67 billion market capitalization and a twenty-four-hour trading volume of $10.14 billion.

XRP

Ripple’s XRP has also been displaying a similar trading pattern as Bitcoin for the past few weeks. Recently, XRP has been among the top altcoins in terms of gains. Currently, XRP trades at $0.296585, a 0.20% gain in a day.

Litecoin

In the first two quarters of the year, Litecoin experienced massive growths up until June when it settled at the $90 mark. Currently, at position five, according to Coinmarketcap, Litecoin has had a difficult time since its halving in August. The coin fell from highs of $98 in early august to lows of $62 in mid-August after the halving took place. However, Litecoin is currently in a recovery mode trading at $75.48 at the time of writing.

The entire crypto market has a market capitalization of $271,752,236,262 and Bitcoin dominates with a 67.7% market share.

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coinmag

Daniel is an experienced writer with a keen eye on emerging technologies. He aims at educating the crypto community on the developments within the space.

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