Crypto Top 10s: Bitcoin price below $6,500; XRP drops 9%, back below $0.50; Top 10 struggles

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

Nine of Top 10 most traded coins lose value

Bitcoin (BTC) drops twice, ends below $6,500

XRP suffers correction, hits historic support

Stellar tracks XRP performance again, DASH moves into Top 10

Top 10 winners and losers by price change

 

Updated at 9am (UK GMT+1) Sept 25th, 2018..

The Top 10, as of 8.45am (GMT+1) Sept 25th, 2018 looked like this…

Cryptocurrency Market Top 10 by Trading View (8.45am, Sep 25th)

Overview

The last 24hrs have largely seen losses of 5% or more in the prices of the T0p 10 cryptocurrencies, giving back a chunk of recent gains. Only one of the coins on the list managed to end the 24hr period since our last report in green numbers, and even then the gain was less than 1%. Two coins lost close to 10%, with XRP dropping 9% and dipping back below the $0.50c, a large correction in price after a week of big gains that had seen it more than double in value. 

According to Trading View, the current total value of the crypto-asset market is $199bn, down $10bn over the last 24hrs, but still above the mid-September 2018 low of around $175bn. On the Trading View charts, Bitcoin currently counts for 57% of that amount, up from yesterday’s 55.5%. Its share is still well below the 2018 peak of 62%, however. 

Along with its drop in price, XRP’s share of the total market cap has receded against its closest ‘competitor’ crypto, Ethereum. It now accounts for around 9.8% of the market by Trading View’s reckoning, down from nearly 12% yesterday. In comparison, ETH’s share dropped by around 0.25% to 11.7%. Thus, any thought of a flip between the current third- and fourth-ranked cryptocurrencies by capitalisation can be put on hold for now.

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While Bitcoin (BTC) has dipped more than $200 in price since yesterday, it’s percentage drop (2.86%) has been far lower than the vast majority of the Top 10, once again marking it out as the most stable of the non-Tethered major cryptocurrencies. As has been the pattern in these relatively low-volume times on the cryptocurrency markets, though, when the drops came, they were swift.

BitFinex BTCUSD chart by Trading View

The majority of the drop can be seen in just two 15-minute candles on the chart above. The first at 1am this morning (GMT+1) and the second an hour later. The falls came after BTC had oscillated around support at $6,600 on BitFinex’s USD markets for much of the day, while in a slowly declining pattern. That support finally dissipated at around midnight and the faster decline began. The market rallied as the price dipped towards $6,400, however, pushing the price back above $6,450 where it stayed.

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While Ethereum (ETH) dropped close to 8%, it gained market share compared XRP. Having made such impressive gains in the last two weeks, it was hard to see how there wouldn’t be some sort of price correction through profit taking following a massive influx of money from far east exchanges last week, and the tease of a launch for its much vaunted xRapid system. Yesterday, we said the drop was coming, though we’d be lying if we said we expected it to come almost immediately after we published the article.

BitFinex XRPUSD 15m Chart by Trading View

Yet, there it…

The first big fall began at 9am yesterday (GMT+1), taking the price back to $0.52 – a price point that represented a 100% gain on the year low it hit back in August. The second, drop – timed in line with the decline of Bitcoin, something that won’t please those that were lauding a decoupling of XRP from the performance of the most-traded crypto last week – took it back below $0.50 to around $0.46. It now sits around $0.44.

BitFinex XRPUSD six-month chart by Trading View

Looking at a longer view of XRP’s price in 2018, we can see that where it sits now is roughly around the area that it was finding support in June/July, before it dipped to its low – and also where it settled briefly on its big rise around the 21st. Fans of Fibonacci analysis will be enjoying watching the levels of the rise to the brief peak close to $0.80 and back down over the last week, as the market seems to be paying attention to them too – we’ll leave you to have fun with your own charts on that one, though.

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Yesterday we noticed the somewhat connected fortunes of XRP and Stellar Lumens (XLM). So, with them having risen together in recent days, it was little surprise to see it move back alongside it. Sitting just outside the Top 10 in terms of trade over the previous 24hrs, it dropped 9.84% in value to sit at $0.23.

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EOS made the biggest loss among some other big losses on the chart, dropping close to 10%. ZCash (ZEC) also suffered according to Trading View’s aggregated results, suffering a 6.5% drop despite major kudos being handed to the privacy crypto by Ethereum co-creator Vitalik Buterin. Yesterday, he took time to post to a forum floating the idea of using ZCash’s ZK-SNARK technology to help solve his own crypto’s scaling problems.

However, whether or not such a move would have business benefits to the ZCash Company itself, which oversees the protocol of ZCash, is currently unclear.

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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.