Crypto Market Stands Its Ground, Three of the Top 20 Coins by Market Cap See Gains
The crypto market stands its ground, with Bitcoin hovering around $6,400 and three out of 20 top cryptocurrencies by market cap in green.
Saturday, September 8: after a recent sell-off, the crypto markets is standing its ground today, with three of top 20 coins by market cap in the green and Bitcoin (BTC) hovering around $6,400 support.
Market visualization from Coin360
After facing a sharp decline on the week, Bitcoin is holding its position on the market, down around 0.7 percent over the past 24 hours and trades at around $6,394 at press time. Yesterday, the major cryptocurrency dropped to as low as $6,354.
Weekly Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) keeps trading at around $210, down over 3 percent over the 24 hour period to press time.
Weekly Ethereum price chart. Source: Cointelegraph Ethereum Price Index
Total market cap is standing its ground, currently at the $203 billion point having seen some slight fluctuations around the $204 billion point today. Total market cap had an intraday low of $202 billion and high of $205 billion.
Weekly total market capitalization chart. Source: CoinMarketCap
After seeing a top dominance rate that surged to as high as 55.5 percent on September 6, Bitcoin currently holds 55.1 percent of the crypto markets, the total number of which constitutes 1,926 at press time.
Weekly percentage of Total Market Cap (Dominance). Source: CoinMarketCap
While the most of cryptocurrencies among top 20 coins by market cap are seeing slight losses, some coins have outperformed, seeing gains of over 5 percent over the past 24 hours.
Dogecoin (DOGE), which has skyrocketed recently, is also among the leaders in terms of top 20 coins by market cap today. The digital currency is trading at $0.006 at press time, up about 5.5 percent over a 24 hour period, but at the same time almost 9 percent down over the week.
In contrast, Stellar (XLM) and Cardano (ADA) are seeing the biggest losses over the top ten crypto by market cap. The sixth top coin, XLM is down around 2 percent over the past 24 hours, trading at around $0.20. Cardano is down around 2.7 percent, trading at around $0.08 at press time.
Recently, Coinbase CEO Brian Armstrong predicted that the number of people in the crypto ecosystem will grow from the current 40 million to 1 billion in the next five years, claiming that tokens would operate together with equity as an alternative investment system.
Yesterday, Cointelegraph reported on a study by investment platform SharesPost revealing that a majority of accredited and retail investors plan to increase their crypto asset holdings over the next 12 months.