Analysis

Cryptocurrency Markets in the Red as Total Crypto Market Cap Slumps

October 3rd: the cryptocurrency markets have recently experienced a slight drop, as nearly all major cryptocurrency coins are in the red. Nevertheless, the drop is comparatively minor as major support levels for various cryptocurrencies still hold.

The markets have shown a clear bearish sentiment during the past 24 hours, as red losses reign across the cryptocurrency board. The attached market visualization from Coin360 clearly demonstrates this recent negative bias during the past day.

The total cryptocurrency market cap has declined to around $216 billion, meaning that it is still comfortably north of the $200 billion line, which it seemingly permanently overcame a few weeks ago. Furthermore, the total trade volume during the last 24 hours currently sits at around $15.2 billion.

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Bitcoin has performed comparatively well during the past day and is currently commanding a price of $6,545.21. This translates to a loss of 0.50% in the price of Bitcoin, which means that it is one of the coins least affected by the recent market drop.

Nevertheless, the following chart from CoinDesk shows how the price of Bitcoin has steadily declined in the past day. Although the intra-day trend is clearly negative, it should be noted that the cryptocurrency has nonetheless recuperated some of its losses during the past hours.

The reason for Bitcoin’s relatively meager losses during the day could be attributed to the comparatively low volatility of the cryptocurrency, something which Toshi Times covered a few days ago.

Ethereum, on the other hand, has experienced substantial losses during the past 24 hours. At the time of writing, Ethereum has currently lost 6.07% of its value during the day, which translates to a price of $214.77.

This represents a significant decrease in the price of Ethereum, which has experienced relatively substantial gains during the past two weeks. The attached market chart of Ethereum shows that although the cryptocurrency displayed a clear negative trend during the day, it dropped dramatically mere moments ago.

Practically all other major cryptocurrency coins are also in the red, with varying degrees of losses during the past day. Bitcoin Cash has decreased by 3.97% to $515.25, Ripple has lost 5.36% of its value – translating to a current price of $0.5289 – and Litecoin is down 4.18% to $57.66.

Stellar has seen 4.49% of its valuation wiped off, meaning the cryptocurrency is down to $0.2438, and Monero has decreased by 0.41% to $113.49. All in all, the past 24 hours have seen comparatively uniform losses by all major cryptocurrencies – it remains to be seen how the markets continue to develop in the coming hours.

Image Source: QuoteInspector.com

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