Crypto Top 10s (August 23rd, 2018): Bitcoin price holds after drop; Top 10 crypto prices down

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.

Headlines

BitMEX technical problems cause mayhem again

Bitcoin (BTC) holds around $6,400 despite SEC rejection of ETFs

Much of Top 10 5% or more down

ZCash rejoins Top 10 on volume, but loses 7% on the day

Biggest winners and losers

 

Updated at 4pm (UK GMT+1) August 22nd, 2018..

The Top 10, as of 1.15pm (UTC+1) August 22nd, 2018 looked like this…

 

Overview

The last 24hrs has seen more interesting action in the cryptocurrency markets, including a correction of the short squeeze we saw on the Bitcoin markets yesterday – again fuelled by problems with the now-notorious BitMEX exchange.

This time around, a DDoS attack on the site coincided with a large crypto sell-off that saw many of the long positions taken by those hopeful of a resurgence in the coin’s value fall to exactly the same fate as the shorters had the previous night (UK time). 

Bitcoin and the rest of the Top 10 saw lower trading volumes in the last 24hrs compared to the previous day, with none of the coins on the chart managing to increase their totals. The total market cap of all cryptocurrencies is by around $8bn today compared to yesterday, now sitting at $208bn, according to CoinMarketCap.

All of the Top 10 most-traded cryptos have seen their prices suffer over the last 24hrs, with 7% representing the largest loss, though nine of the 10 registered ended up close to 5%, or more, in the red.

Today, the 10th placed coin registered a total volume of around $68m, that is down just $1m on what would have been required to make the chart yesterday.

Bitcoin accounts for just over 53% of that current total at the time of writing, exactly the same proportion as yesterday – compared to a recent high of 54.5% and a low around 33% in early 2018.

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 Bitcoin (BTC) had another colourful day, as we explained, characterised by a sharp drop early yesterday evening (UK time) that took its price back down to just above the $6,400 mark from the $6,700 level it had been at since the early Wednesday spike.

You can see the dip, there, followed again at about 9pm (GMT+1) and then a gradual recovery up to where it stands now in the mid-$6,400s. While that may sound disappointing, in the light of the SEC’s rejection of nine (count ’em) Exchange Traded Funds proposals (the reason for the second dip, it would seem) the fact that it has not re-tested the $6,000 support area that has propped up BTC in the worse moments of the 2018 can only really be considered a victory.

Here’s how Bitcoin’s price looks right now…

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The c.5% falls seen by Ethereum (ETH), Litecoin (ONT) and Ontology (ONT) were in a similar vein to that seen by Bitcoin, and took them all back towards the year-lows they have hit at various points in August. Even worse performing were Bitcoin Cash (BCH), EOS (EOS), Ripple (XRP) and Ethereum Classic (ETC), which all fell around 6% and closer to year-low points

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Joining the Top 10

ZCash (ZEC) moved into the Top 10 yesterday.

Leaving the Top 10

Dash (DASH) moved out of the Top 10, and back down to the number 12 spot in terms of trading volume on the back of around $60m of business. It’s price also dropped over 2%, taking it back precariously close to its year-low of $133 – and leaving it firmly in the zone at least on of its influential Masternode owners believe means real trouble for the company going forward.

Here’s how its price looks right now.

Biggest Movers by %

Within Top 10:

As well as moving into the Top 10, ZCash (ZEC) also made the biggest move downwards, losing over 7% of its value. It now sits, like many of the altcoins in the Top 10, very close to its year low for 2018.

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Outside Top 10:

Here are Top 10 gainers in terms of price over the last 24hrs…

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Here are the Top 10 losers.