Monday, October 29: the markets of Crypto are seeing the first moment after a period of marked stability: virtually all the major cryptocurrencies are in red today, with some loss of visibility between 4-6% of the interval, as Coin360 data shows.
Viewing the Coin360 market
Bitcoin (BTC) is trading at $ 6,352 at the time of printing, with a loss of almost 2% on the day according to CoinMarketCap. After trading sideways during the week, the first currency saw a dramatic drop in prices, plunging from its trading range of $ 6,480 to about $ 6,350 in the pair of hours before the press date.
Earlier this month, Bitcoin had achieved a 17-month low volatility rate, recording its highest level of stability since mid-2017: the trend had continued in recent weeks, with the exception of a short-term peak October 15th.
Volatility and its lack had become a staple on crypto twitter, with important cryptic commentators who quickly underlined Bitcoin's quasi-stablecoin status. Senior market analyst Mati Greenspan from eToro he joked October 24: "Hey, stocks !!! Tell me again how Bitcoin is not a stable deposit of wealth because of the extreme volatility …"
As the market returns to its "normal" momentum, the founder of Adamant Capital, Tuur Demeester, has today joked on Twitter, "is there a way to go for a long time the volatility of Bitcoins? I would do it if I could."
During the week, cryptography is now around 2.7 percent in red: monthly losses are around 3.4 percent.
Bitcoin 7-day price chart. Source: CoinMarketCap
After seeing equally stable trading patterns, Ethereum (ETH) was also shaken today by the negative momentum, slipping rapidly to 3% of the day to trade around $ 198, according to CoinMarketCap. During the past week, the leader altcoin was also swapped to the side, showing only marginally more fluctuations than Bitcoin over the same period of time.
This leads Ethereum to a 3.8% loss on its weekly chart; monthly losses are much stiffer than 14.8 percent.
Ethereum 7-day price table. Source: CoinMarketCap
All the remaining first ten coins on CoinMarketCap are in red, except for the Tether stazecoin (USDT), which is again stable.
The most important hit-top ten is the seventh largest Litecoin coin (BCH), down 5.2 percent the day to trade around $ 49.22 per hour of the press. EOS (EOS) is down 4.2% to $ 5.17, approximately on par with Bitcoin Cash (BCH), down 4.25% to $ 419.22.
In the context of the first twenty coins, the image of the market is similarly bleak, with all the activities that see losses included in the 1-5% range. Anonymised Monero (XMR) is the least picky, losing 1.1 percent in a 24-hour period to trade around $ 101.43.
TRON (TRX) fell 4.9% to $ 0.022, IOTA (MIOTA) fell 4.23% to $ 0.456, with Ethereum Classic (ETC) losing a 4.85% loss to $ 9, 12.
The total market capitalization of all cryptocurrencies has fallen to around $ 203.6 billion since the time of printing. From its intercontinental peak to $ 211.1 billion on October 24, the market has remained around or slightly below $ 210 billion for much of the week before today's fall.
Weekly graph of the total market capitalization of all CoinMarketCap cryptocurrencies
Today, in cryptography, the main European investment company in cryptocurrency Bitstamp has been acquired by the Belgian investment company NXMH. NXMH is a subsidiary of South Korean media giant NXC Corp., which bought a 65.19 percent stake in the South Korean armored Korbit bag last year.
Meanwhile, the Japanese cryptographic exchange operator Coincheck, which suffered a record-breaking attack in the industry in January, revealed that the exchange saw a 66% decline in revenue for the third quarter of 2018.