September 29: cryptocurrency market observers will know that the past days have seen a continuation of the slight gains and unclear market bias referenced in Toshi Times’ latest price analysis.
Although the cryptocurrency market seems to lack a marked market bias, the total cryptocurrency market capitalization has increased somewhat. At the time of writing, the total market cap is pegged at $221.2 billion, meaning that it continues to climb – albeit only very slightly – from the psychologically important $200 billion barrier it passed two weeks ago.
The following market visualization from Coin360 showcases the past 24 hours’ mixed performance for the major cryptocurrencies. Although Bitcoin is down somewhat, several other large cryptocurrencies such as Ethereum and Ripple have increased. All in all, the market is more or less evenly divided between losses and gains.
Specifically, Bitcoin is currently down 1.31% over the past day at the time of writing. This translates to a price of $6,573.76 and means that the price of Bitcoin has slipped somewhat during the last 24 hours, after crossing the 6,700 dollar line yesterday.
The attached market visualization from CoinDesk shows that the price of Bitcoin has declined today following two relatively notably abrupt drops in price. However, the price decline of Bitcoin has still been relatively minor, and is not out of ordinary market volatility.
It would also appear as if the price of Bitcoin is now slowly recuperating the past day’s losses, with the price trending slightly upwards for the past 12 hours.
Ethereum, on the other hand, shows a marked increase during the latest 24 hours. At the moment of writing, Ethereum is trading around levels of $231, which represents an increase of 2.12%.
The following chart illustrates Ethereum’s performance over the past day, and clearly shows that the cryptocurrency leaped from an intra-day low of $215 to its current levels.
Moreover, the rest of the cryptocurrency market is similarly a mixed bag. Ripple has leaped by 4.04% and is now trading at $0.56, but EOS is down 1.86% to levels of $5.72.
Litecoin is also in the red, seeing losses of 1.13% and has fallen to a price of $61.25. However, Stellar has increased by 1.26% to a price of $0.2567.
The majority of the remaining major cryptocurrencies have seen losses. For example, Monero has lost 1.77% and trades at $115. ADA and Dash have also both fallen – ADA by 0.85% to $0.084 and Dash by 1.21% to $188.08.
All in all, the cryptocurrency market would appear to currently lack clear directional bias – although has seen some slight gains since our last price analysis.
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.