After the end of the morning session in the Asian trading markets, right now, cryptocurrencies are seemingly continuing to stagnate, falling back down below the $220bn capitalisation level for the umpteenth time over the last 4 weeks. For the major players in cryptocurrency world, things haven’t moved much during that time.
The Top 10
For example, things are as you were for Bitcoin, as it sits in virtually the same place as at the beginning of trading at $6,600. The same can be said for Ethereum, which has dropped a fraction on yesterday’s price, to a value in the region of $226.
Altcoins (alternatives to Bitcoin) all finished the day’s trading down slightly, with markets across the board experiencing similar levels of lethargy. However, no one in the top 10 seems to have it as bad as Stellar – the blockchain based network – with XLM dropping a full 2% to $0.242. This is around double the losses made by the others in the top 10, who have seen the slight gains made in previous days, wiped out.
The Top 11-20
As we move out of the top 10, those in that sit in the next group (11-20), the pattern is a familiar one, with all currencies, bar one or two, losing between 1%-2% of their value. The only currency bucking the trend of the many is Tezos, with XTZ gaining around 4% by the end of the trading session. These gains are even more notable, due to the fact that out of the top 25, they’re the only ones showing a profit on the day. You have to go all the way down to number 26 and 0x, which gained 6% on the day.
Further Down the Order
As you would expect, further down into the less well known altcoins, there were some standout performers on the day’s trading. For example, Nebulas and Noah Coin both leapt up by around 17%, with Eternal Token surging by an impressive 26%. Also in this group of winners are Dentacoin and Elastos, who experienced gains in excess of 10% on the day.
On the flip side of the altcoin picture, Bytecoin had an horrendous day, dropping by a full 20% after it Binance delisted the currency. Populous, Decred and CyberMiles also experienced mild losses, after having made gains the day before.
Many of the surges being experienced in cryptocurrencies in recent months have been said to be down to fear of missing out (FOMO), with those new to trading in new currencies not wanting to miss the boat, so to speak.
Market Stagnation or Natural Lull?
There is much debate in the markets right now about whether the sluggish performance of many of the main cryptocurrencies is just a natural lull or an indication that the crypto bubble is about to pop. Those glass half empty analysts will point towards the fact that this is the longest slow period of 2018 so far, whereas those looking at the current status quo with a more positive outlook, will tell you that the total capitalisation value of the crypto market is still worth more than $220bn and isn’t in danger of collapse any time soon.
Who’s right and who’s wrong? It would seem that we’ll only know in the fullness of time. Our overriding feeling is that whilst nothing in this world is guaranteed, you shouldn’t write off crypto just yet, as the naysayers have proven wrong before.