Analysis

Mixed Cryptocurrency Market Performance Despite This Week’s Flurry of Positive News

Mixed Cryptocurrency Market Performance Despite This Week’s Flurry of Positive News

October 7th: cryptocurrency industry observers will know that the last few days have seen mainly mixed performances by most major cryptocurrencies. Although some have seen losses, nearly as many have experienced gains – meaning that the market as a whole has been rather stagnant.

The following market visualization from Coin360 highlights how the cryptocurrency board is evenly divided between red and green. This comes amid reports that the cryptocurrency market is in the process of ”bottoming out”.

At the time of writing, the total cryptocurrency market capitalization sits at around $216.9 billion, which means that it is still comfortably north of the psychological $200 billion barrier – but it also means that the total cryptocurrency market cap has stayed mostly the same since Toshi Times’ last price analysis.

Bitcoin is down somewhat over the past 24 hours, trading at $6,571.65 at the time of writing – which translates to a decrease of 0.40% over the past day.

The attached price performance graph from CoinDesk shows that Bitcoin dropped sharply during the past day, only to regain much of this minor loss as the day went on, showing a positive trend for the past few hours.

Ethereum is also slightly down, and the cryptocurrency has lost 0.16% during the day, trading at $224.85 at the time of writing. Much like Bitcoin, Ethereum saw a marked drop during the day, but has since jumped sharply, now trading at higher levels. This is clearly visible in the attached chart from CoinDesk.

In more positive news, Bitcoin Cash is seeing some intraday gains, trading at $513.97 after increasing 0.84%. Furthermore, Stellar has gained 0.38% to $0.24189, and Litecoin has increased by 0.23% to $57.76.

Nevertheless, Ripple has lost 1.58%, decreasing to $0.4757, and EOS has decreased to $5.71 – which translates to a decrease of 0.14%. Overall, however, the market gains or losses are all comparatively minor.

It should be noted that this comes as Spencer Bogart from Blockchain Capital recently stated that good news currently have almost ”no effect” on the price of Bitcoin. This would seem to hold some truth, as the past week has seen notable announcements that have gone by largely without reflection in the price of cryptocurrencies.

For one, it was reported that ”Yale’s Warren Buffett”, David Swansen, had overseen investments by Yale’s behemoth endowment fund in two separate cryptocurrency funds. It remains to be seen how the markets will continue to develop next week, and whether or not the current cryptocurrency slump.

Photo by David McBee from Pexels

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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