Analysis

Nearly All Major Cryptocurrencies in the Red as Market Takes A Stumble

September 25: the past 24 hours has not been a pretty sight for those closely following the cryptocurrency market. Although the last week’s gains have not been entirely erased, the market as a whole has decreased by a significant amount so far this week.

In fact, the total cryptocurrency market capitalization is – at the time of writing – at around $207 billion. Although this is still comfortably north of the 200 billion dollar barrier that the cryptocurrency market capitalization rose above last week, it nonetheless constitutes a drop of more than $10 billion in mere days.

The following market visualization from Coin360 highlights the losses across the board witnessed during the past 24 hours. Several of the major coins are colored deep-red, signifying substantial day-over-day losses.

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Nevertheless, these price decreases should be viewed against the context of last week’s significant gains for most major cryptocurrencies. We have previously covered how last week saw some impressive bull runs, such as that of XRP – which increased by more than 100%.

Bitcoin has seen some drastic losses during the day, however the premier cryptocurrency is known to generally be less volatile than other, smaller currencies, and has subsequently ”only” seen losses of a comparatively mild 3.01%.

Nevertheless, this means that Bitcoin is now trading at $6427.05, which has decreased the overall cryptocurrency market cap by a significant amount. The attached chart, from CoinDesk, shows the performance of Bitcoin over the past 24 hours.

Ethereum has taken a harder hit, and is – at the time of writing – down a whopping 9.78%, which translates to a current price of $211.96.

Nonetheless, judging by the following market visualization from CoinDesk it would appear as if the price fall of Ethereum bottomed out at around $206, and that the cryptocurrency has since recuperated somewhat.

Practically all major cryptocurrencies, however, have seen significant losses during the day. Bitcoin Cash is down 7.48% to $435.09, Stellar is down 8.75% to $0.2404, whilst EOS has decreased by 10.45% to $5.16.

Notably, Ripple has also lost a substantial 13.10% during the past 24 hours, and has decreased to a price of $0.4551. However, it should be noted that this comes following Ripple’s atmospheric gains during the past week.

Furthermore, Litecoin has lost 3.91% of its value, and is now trading at a level of $56.29. Anecdotally, Dogecoin is – at the time of writing – pegged at the exact same price that the cryptocurrency opened at 24 hours ago.

Tether is the only larger coin that is showing gains, and this is primarily due to it being a stablecoin, which does not fluctuate in the same way as the rest of the market. Tether has seen an increase of 0.32% during the past day.

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