Cryptocurrency Markets Mainly See Red, Bitcoin Hovers Below $6,600
Crypto markets are mainly in the red today, Ripple and Ethereum see major growth but are still unable to hold weekly gains.
Saturday, September 29: crypto markets are mainly seeing red today, with only five out of the 20 top cryptocurrencies by market cap seeing some growth by press time, according to CoinMarketCap. The daily trade volume has dropped below $16 billion, currently amounting to $15.6 billion.
Market visualization from Coin360
Bitcoin (BTC) has failed to hold $6,700 support, dropping below the $6,600 price point over the day. The top cryptocurrency is down around 1.8 percent over a 24 hour period, and is trading at around $6,539 at press time. Shortly after testing $6,700 yesterday, Bitcoin has again plunged below its weekly and monthly gains, down 2.1 and 6.5 over the past 7 days and 30 days respectively. Bitcoin’s dominance on the market is also down around 0.6 percent over the day.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
In contrast, Ethereum (ETH), the second cryptocurrency by market cap, is seeing some gains today. Ethereum is up around 1.8 percent over the past 24 hours, trading at around $231. The top altcoin has seen some fluctuation down over the day, with its intraday low amounting to $215.
Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index
Third top cryptocurrency Ripple (XRP) has seen more gains over a 24 hour period. XRP is up almost 3 percent over the day, trading at about $0.56. While the monthly growth of over 60 percent represents an increasing price trend in the long term, Ripple is slightly down over the week, seeing losses of around 2 percent. The market capitalization of Ripple is around $1.18 billion less than Ethereum’s market share, amounting to about $22.26 billion at press time.
Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index
Total market cap has been hovering around the $220 billion point over the day: at press time, total market cap is equal to around $221 billion. The number of cryptocurrencies listed on CoinMarketCap has declined, with the total amount down back below 2,000.
Total market capitalization 7-day chart. Source: CoinMarketCap
While most of top 20 cryptocurrencies have been unable to hold weekly gains, some coins have managed to hold significant momentum despite daily losses or relatively small gains. Bitcoin Cash (BCH) is seeing the largest gains over the past 7 days, up almost 12 percent over the week, which follows a major upswing earlier this week. The coin is down around 0.9 percent over a 24 hour period, and is trading at $537.
Stellar (XLM), the sixth top coin by market cap, is up around 6.9 percent over the past 7 days, also seeing modest gains over the past 24 hours. Up around 0.25 over the day, Stellar is trading at $0.254 at press time.