Analysis

Cryptocurrency Market in the Red as Total Market Cap Nears $100 Billion

The cryptocurrency markets are seeing mainly red as the total cryptocurrency market capitalization inches closer to $100 billion. This comes as the current bearish trend seems as if it will continue, at least for the moment being.

Nevertheless, there are some glimmers of gains, as a few coins are in the green despite the current market losses. However, it remains to be seen how the cryptocurrency market as a whole will continue to develop as it continues to dip down towards the psychologically important $100 billion barrier.

The attached market visualization from Coin360 clearly shows how the majority of coins are currently in the red. Some notable outliers that are currently showing gains are Litecoin, EOS, and the US stablecoin Tether.

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The price of Bitcoin falls

At the time of writing, Bitcoin is trading down over the past 24 hours. More specifically, the premier cryptocurrency is down 1.74% over the last day, which translates into a price of $3,193.79.

If one examines the following price chart from CoinDesk, it becomes evident that Bitcoin has traded slightly down during the past day after experiencing a surge around mid-day trading.

Furthermore, examining this price trends shows that Bitcoin’s intraday decline has been relatively minor. Nevertheless, it continues the overall bearish trend currently witnessed in the cryptocurrency market.

The price of Ethereum also slides

Ethereum is a similar story. The cryptocurrency is also down over the last 24 hour period, by around one percent. Moreover, it is currently trading at a level of $82.10. As is the case with Bitcoin, this can be seen as an effect caused by the broader market trend.

The attached price chart, similarly from CoinDesk, shows Ethereum’s intraday performance. This is akin to that of Bitcoin, with a brief surge during mid-day trading, and a subsequent price slide.

Some cryptocurrencies with gains

 The rest of the market has, in general, also been caught up in the wave of red experienced by both Bitcoin and Ethereum. Some are, however, defying the trend.

Litecoin is currently showing intraday gains of 1.61%, which equals to a current price of $23.40. Also in the green is EOS, which is currently defending gains of 0.59%, which translates to a trading price of $1.85.

Ripple, on the other hand, is one of the coins in the red. At the time of writing, Ripple has lost 1.49% over the past day, and trades at $0.2827. Stellar is showing significant gains, as it has lost 5.35% and is now trading at $0.092.

Image Source: “Flickr”

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