Analysis

Cryptocurrency Markets Slightly in the Red Following Yesterday’s Wave of Green

Cryptocurrency Markets Slightly in the Red Following Yesterday’s Wave of Green

October 9th: what goes up must come down. Yesterday’s green rally virtually across all the major cryptocurrencies have today been substituted by red practically across the board, as yesterday’s price increases fall back slightly to consolidate.

The uniform losses during the past 24 hours can clearly be seen in the following market visualization from Coin360. However, although anyone judging solely by the virtually uniform wall of red could think that today has been a rough day for most cryptocurrencies, that is not the case.

The losses experienced by most major coins are, in fact, comparatively minor – especially compared to yesterday’s more substantial gains. However, although some small altcoins are showing gains over the past day, they are in the minority.

Furthermore, the total cryptocurrency market capitalization has nevertheless increased somewhat since Toshi Times’ last price analysis, and now sits at around $219 billion.

Bitcoin has fallen by 0.52% at the time of writing, which translates to a trading price of $6,588.07. The following price chart from CoinDesk clearly shows the negative market sentiment experienced by Bitcoin during the day.

Nevertheless, the price Bitcoin has most recently seemingly started increasing again, following its intraday low of $6,568. That being said, the price of Bitcoin is down substantially from its day-high of $6,654.99.

Ethereum is similarity down during the day. At the time of writing, Ethereum is trading at down 0.89% during the day, which equals $227.39. Ethereum’s price increase is, just like that experienced by Bitcoin, relatively minor.

The following market visualization shows that the price performance of Ethereum has generally been akin to that of Bitcoin during the past 24 hours, albeit slightly more volatile.

In addition to this, virtually all other cryptocurrencies are also in the red. Ripple has decreased quite substantially, showing losses of 2.99% during the day and is now trading around $0.47.

Bitcoin Cash has lost 1.82% of its price, which equates a price of $515.15. EOS is down 0.32% and trades at $5.88 at the time of writing, whilst Stellar has lost 1.26% and trades at $0.2447.

TRON and Litecoin are both also down during the day, have lost 2.32% and 0.92%, respectively, which means that they trade at $0.0258 and $58.56.

All in all, however, the losses experienced in the cryptocurrency market are all comparatively minor, and should be viewed against the backdrop of yesterday’s notable price increases.

Image Source: “Flickr”

 

Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency 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.


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