Bitcoin Hovers Near 6,600, While Most Top Coins See Little Price Volatility
Crypto markets are seeing little price movement today, with only Ripple seeing a more substantial loss of close to 3% among top coins.
Friday, Oct. 5: cryptocurrencies are seeing little volatility over the past 24 hours to press time, with the majority of losses and gains of top coins capped within a 1 percent range on the day, as data from Coin360 shows.
Market visualization by Coin360
Ripple (XRP) is the only outlier in the top ten coins, down a little over 3 percent on the day to trade at $0.52. The asset – which in September briefly outflanked Ethereum to seal the second spot ranking on CoinMarketCap listings – has had a shaky start to the month, and is currently trading almost 15 percent lower than its intra-week high at around $0.61 September 30.
On its rolling weekly chart, however, Ripple is a more modest 4.6 percent in the red. On the month, Ripple is up an impressive 57 percent.
Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index
Bitcoin (BTC) is seeing negligible price change on the day, trading around $6,580 as of press time. Since trading above $6,600 at the start of its weekly chart, the top coin has seen two subsequent price corrections (Sept. 29 and Oct. 3).
Having briefly dipped below the $6,500 threshold during the latter of these, Bitcoin has reclaimed some ground and is back pushing a slightly higher price point.
On its weekly chart, Bitcoin is just over one percent in the red. Monthly losses are also mild at 2.5 percent.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
Taking note of Bitcoin’s relative price stability recently, twitter personality and crypto trader WhalePanda tweeted today: “With everyone launching their own stablecoin Bitcoin decided to be the ultimate stablecoin.”
Ethereum (ETH) is down a marginal 0.15 percent on the day to trade at $222 at press time. After a steep plummet Sept. 29 to trade as low as $215, the leading altcoin briefly recovered to push above $235 Sept. 30. Throughout early October, Ethereum has seen renewed losses, although its lowest Oct. price point has been at around $218.
Ethereum’s market cap is around $22.8 billion, slightly widening its margin ahead of Ripple (XRP), which today has a market cap of $20.5 billion.
On the week, Ethereum is almost breaking even, up 0.6 percent; on the month, the altcoin is down around 2.8 percent.
Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index
The remaining top ten coins listed on CoinMarketCap are seeing red, almost all capped within a 1 percent range.
In the context of the top twenty coins, 24-hour price fluctuations are similarly slight, though more mixed red and green. Crypto exchange Binance’s native token Binance Coin (BNB) is the only exception, up a strong 3.14 percent to trade at $10.61 at press time.
At the start of October, Binance Labs revealed it had made a multi-million dollar investment in decentralized digital content ecosystem Contentos.
After strong growth and volatile price action earlier this week, NEM (XEM) is up just a fraction of a percent on the day: the asset is trading at $0.105 as of press time.
NEM’s 7-day price chart. Source: CoinMarketCap
Ethereum Classic (ETC) is down an above-average 1.19 percent, trading at $10.97 per coin at press time.
Total market capitalization of all cryptocurrencies is around $218.2 billion as of press time, after seeing an intra-week low Oct. 3 at around $214 billion.
7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap
Earlier today, reports emerged that the U.S. Ivy League university Yale is said to have been one of the investors that helped to raise $400 million for a major new cryptocurrency-focused fund. The fund, dubbed ‘Paradigm,’ was reportedly created by Coinbase co-founder Fred Ehrsam, former Sequoia Capital partner Matt Huang, and Charles Noyes, formerly of stalwart crypto fund Pantera Capital.
In other industry news, the U.S. Securities and Exchange Commission (SEC) has outlined a time frame for reviewing proposed rule changes related to a series of applications to list and trade various Bitcoin (BTC) exchange-traded funds (ETFs). The review period affects nine separate ETFs that have been proposed by three different applicants, and the SEC has set a deadline of Oct. 26 for parties to file statements in support or rejection of the proposals.