Here’s a look at the performance of the Top 10 cryptocurrencies – by 24h trading volume – on the CryptoCompare chart, as well as winners and losers across the board.
Updated at 4pm (UK GMT+1) August 16th, 2018..
The Top 10, as of 2pm (UK GMT+1) August 16th, 2018 looked like this…
Based on volumes that, with one exception, were slightly down from those we reported yesterday, the last 24hrs has seen generally positive performance in the Top 10, continuing the consolidation seen after heavy losses over the weekend and Monday. Seven of the ten most-traded coins added to their value, but only one gained more than 5%+ boost – though that outlier gained in excess of 15%.
One coin re-enters the most-traded list in 10th position, on the back of a volume of just over $70m in total, more than $3m less than it would have required to feature on the chart yesterday.
The total market cap of all cryptocurrencies is currently almost $206bn, according to Coinmarketcap, up around $2bn from the same point yesterday – with Bitcoin accounting for nearly 53.2% of that total, slightly less than yesterday.
Unusually, Bitcoin (BTC) underperformed the rest of the Top 10 today in losing 0.2% – an amount that is little more than a mild hum in the noise generated by volatile crypto markets. Holding yesterday’s position around the $6,300 support it established during Wednesday, amounts to a minor victory in market conditions that have seen its price fluctuate over the last 24hrs.
Yesterday we reported on conditions that appeared to indicate a ‘short squeeze’ on traders essentially betting on the price of Bitcoin continuing to fall, and for a while a hike in price to around the $6,600 mark looked like it could kick off the cascade of Stop Losses some expected, however the moved petered out as quickly as it began, and since that point BTC retreated to its previous price point, bringing us to where we are now.
Here’s the last 24hrs of trading on BitFinex, courtesy of Trading View.
You can see the rapid move upwards at around 5pm last night (UK Time – GMT+1, so around Midday EST), which pushed the price as high as $6,650, held at $6,550 for a few hours before demand died away and it dropped back to its previous support. Overnight and early hours trading (UK Time) took it above $6,400 before the US coming online led to another retreat.
Here’s how Bitcoin’s price looks right now…
While Ethereum Classic‘s addition to Coinbase today is pumping it’s price well beyond the rest of the Top 10, perhaps the biggest sigh of relief will be coming from those with a stake in Ethereum (ETH) – which has been suffering its very own crisis of confidence over the past few days, that has seen it mauled in the markets, branded a “shitcoin” by BitMEX’s Arthur Hayes, and ridiculed by the EOS innovator Daniel Lamier.
In the face of those headwinds, 2.5% in the green is no mean feat.
As you can see from the Trading View chart, at points yesterday ETH even managed to get back above $300 as the aborted bull run appeared to be kicking off. When that failed to manifest it retreated back to it’s low of $280 before rising steadily over the ensuing 12 hours. It met resistance, however, as it looked to pass $300 again and recent trading has seen it retreat again. It’s certainly not as bad as it could have been, but the next weeks will be closely watched for both micro and macro factors that could hint which way it will move next.
As other Top 10 cryptocurrencies effectively moved sideways following similar 24hr charts, only ZCash (ZEC) managed to get above a 2% boost. Ironically, the privacy crypto has been receiving praise from the influential Ethereum creator Vitalik Buterin recently, which must have helped a little.
And here’s how the Top 10 looks at the moment, according to CryptoCompare…
Joining the Top 10
Tronix (TRX) moves back into the Top 10 after a rough seven days. The last couple have seen it continue with its barage of news, including word of a partnership with Line, availability via Bitcoin Superstore, and further news on its relationship with BitTorrent now that they share management.
— Justin Sun (@justinsuntron) August 16, 2018
With all that to report, hodlers would have perhaps hoped for more of a price boost – while that’s not really materialised, it has seen enough trading interest in the last 24hrs to push back into the main list. What’s more, after losing 24% of its value in 24hrs at one point this week, consolidation a fair chunk above the year low it bottomed out at then is not to be sniffed at.
Leaving the Top 10
Digital Cash (DASH) drops out of the Top 10 today, into the number 12 postition in terms of trading volume.
Here’s how it looks right now…
Within Top 10:
Ethereum Classic (ETC) is well outperforming the rest of the Top 10 today, driven – as its price has largely been over the past week – by its upcoming listing on Coinbase, which we reported on this morning.
As you can see, the majority of that price hike came around midnight UK Time, right about exactly when this tweet came out…
Starting at 5pm PT tomorrow, Coinbase Consumer customers will be able to buy, sell, store and use Ethereum Classic (ETC) on https://t.co/pl8Hu0qDiW and through the mobile app. pic.twitter.com/Qd7KgYpE0y
— Coinbase (@coinbase) August 15, 2018
Around the same time tonight (5pm PST – 1am UK), trading will start officially on Coinbase. Get the popcorn ready.
Here’s how it looks right now, according to CryptoCompare…
Outside Top 10:
Here are Top 10 gainers in terms of price over the last 24hrs…
While we can’t seem to account direct cause and effect to Populous’ success today, at least four of the seven coins that have jumped 10%+ in the last 24hrs have good news to reprot.
VeChain has a listing on Kucoin going for it, news which has bought it back towards even for the week after a rough ride.
KuCoin opens withdrawal services of VET at 14:00 (UTC+8) on August 17, 2018. https://t.co/GSpM1ownDz
— VeChain Foundation (@vechainofficial) August 16, 2018
dApp platform Lisk is winning on the back of the proposed roll-out of it Core 1.0 update to its mainnet, due before the end of the month. With that will come “a new API design, a new P2P communication layer, and additional features such as an entirely new data field that provides you with the option to include a custom message with your transaction” for developers to play around with.
#Lisk Core 1.0 is going to Mainnet! The migration will take place when we reach block height 6,901,027 at the end of round 68327.
We expect this block height to arrive on Wednesday, August 29, no sooner than 11:00 AM CEST. For info, read below. https://t.co/WqFiDeF0QJ
— Lisk (@LiskHQ) August 15, 2018
And we all know about Ethereum Classic’s good news, right?
Here are the Top 10 losers.