Markets Trading Flat After Fake Breakout, Bitcoin Hovers Around $8,300
Bitcoin hovers around $8,300, as the cryptocurrency markets continue to trade sideways after BTC’s fake breakout.
Wednesday, Oct. 2 — After a fake breakout, where Bitcoin (BTC) jumped upwards from a seven-day low of $7,746 to $8,480 from Sept. 29–Oct. 1, BTC slowly retraced to its current price level.
Cryptocurrency market daily overview. Source: Coin360
One week since Bitcoin suffered from double-digit losses, the coin is back to trading sideways, at a similar price point as seven days ago. The most popular crypto coin was showing bullish price behavior over the last 48 hours, which proved to be unsustainable, most likely due to the lack of high volume.
BTC has been trading around the $8,300 price mark for most of the day. Since hitting an intraday high of $8,400, BTC has been slowly retracing to its current price point of $8,249, down 0.65% in the last 24 hours.
Bitcoin seven-day price chart. Source: Coin360
While BTC is not showing much excitement with its current price behavior, the German bank BayernLB suggested that the forthcoming Bitcoin halving effect in 2020 is yet to be factored into its current price, adding:
“If the May 2020 stock-to-flow ratio for Bitcoin is factored into the model, a vertiginous price of around USD 90,000 emerges.”
Ether (ETH) has been trading in sync with the overall cryptocurrency market and has seen a small gain of nearly 1% on the day. The number one altcoin is currently trading at $178 per coin at press time.
Ether seven-day price chart. Source: Coin360
Ripple’s XRP is trading at about $0.25 per coin and is showing little price difference over the past 24 hours. The fact that web monetization platform Coil now supports XRP payments in real time thanks to a partnership with GateHub has had no effect on its price.
XRP’s seven-day price chart. Source: Coin360
According to data from Coin360, most of the top-20 coins are trading within a 2% gain or loss, with Chainlink (LINK) being an exception with an impressive gain of 6% on the day. Conversely, Tezos (XTZ) is seeing a loss of almost 4% at press time.
The overall cryptocurrency market capitalization currently sits at $219.8 billion, with Bitcoin making up 67.55% of the total.
Total cryptocurrency market capitalization seven-day chart. Source: Coin360