Crypto Markets See Hint of Green, Top Cryptos Keep Trading Sideways
Crypto markets see a hint of green today, with most gains under one percent.
Thursday, Nov. 1: crypto markets have seen a hint of green, with many of the top 20 cryptocurrencies seeing slight growth. The slight growth in markets follows a recent sell off on Monday, when the price of Bitcoin (BTC) dropped from $6,480 to as low as $6,344. While 19 out of the top 20 cryptocurrencies by market capitalization have seen some growth today, almost all of them are still firmly in the red over the past 7 days.
Market visualization from Coin360
The major cryptocurrency Bitcoin is up almost 0.9 percent over the past 24 hours, and is trading at $6,360 as of press time. Bitcoin has seen some volatility in the middle of the day; with an intraday high of $6,547 and a low of $6,311.
Bitcoin price 24-hour chart. Source: CoinMarketCap Bitcoin Price Index
Ethereum (ETH), the second cryptocurrency by market cap, is seeing similar growth, up around 0.7 percent over the 24 hour period. Ethereum is trading $198.70 at press time.
Ethereum price 24-hour chart. Source: CoinMarketCap Ethereum Price Index
Ripple (XRP) has seen more growth today, up 1.23 percent over the past 24 hours and trading at $0.453 at press time. Following the overall trend on the market, the third top cryptocurrency by market cap saw some growth earlier in the day, increasing as high as $0.456.
Ripple price 24-hour chart. Source: CoinMarketCap Ripple Price Index
After reaching as high as $210 billion earlier today, total market capitalization has been steadily fluctuating around $205 billion at press time. Daily trade volume has slightly decreased over the day, down to $10 billion from $11 billion as of press time.
Total market capitalization 24-hours chart. Source: CoinMarketCap
Yesterday, major U.S. multinational investment bank and financial services company Morgan Stanley released a report claiming that Bitcoin and other cryptocurrencies have been a “new institutional investment class” since 2017. According to the report, institutional investors are still considering crypto despite the persisting bear market this year.
In contrast, JPMorgan CEO Jamie Dimon recently expressed his ambivalence toward Bitcoin on the eve of its 10th anniversary, claiming that while he “didn’t want to be the spokesman against Bitcoin,” he does not “really give a sh*t.”
On Oct. 31, CEO of major crypto derivatives platform BitMEX Arthur Hayes said he believes that “crypto winter” could last for as long as 18 months, “based on previous experience” of low volatility and trading volumes. Amidst Bitcoin’s record low volatility, Fundstrat’s head of research Tom Lee recently stated that he was “pleasantly surprised” by the recent stability of BTC.