Crypto Top 10s (Oct 11th): Bitcoin price dives $300 in overnight flash fall; Top 10 follows suit; Ethereum back to $200

Here’s a look at the performance of the Top 10 cryptocurrencies – by 24h trading volume – on the CryptoCompare charts, as well as winners and losers across the board.

Headlines

Flash sell-off drops market cap below $200bn overnight

Bitcoin back down to around $6,200 as 10 minutes wipes almost 8% from value

 Ethereum and others suffer severe falls nearer 10%, XRP and BCH hit hardest

Other alts all suffer around 8% losses

Tether and TrueUSD react strangely to market moves

 

Updated at 8.40am (UK GMT+1) October 11th, 2018..

The Top 10, as of 6.45am (GMT+1) October 11th, 2018 looked like this…

Overview

Well, as was almost inevitable if you think about it, not long after we report on the fact that the market for Bitcoin is extremely calm at the moment you wake up in the morning to find $300 (3.5%) wiped off the price in a frantic half-hour of trading at around 2am this morning – and that all of the other coins in the Top 10 have followed suit, with some suffering much worse drops of 10%+. 

According to TradingView, the sudden movement in the market has sliced around 7.5% of the value of the cryptocurrency market as a whole – taking it down around $16bn from roughly $209bn to $193bn. That’s still around $10bn higher than the total cap’s 2018 low of mid-September – but places it on a par with pre-bull run levels the market was at in mid-November 2017. 

As Altcoins have suffered worse that the main crypto in the fall, Bitcoin’s share of that market cap, known as its ‘dominance’, has lifted slightly in the last day – by a couple of percent, to around 56.5%. Its 2018 high of around 60% coincided with the year low for the value of crypto around a month ago. 

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At the time of writing, Bitcoin (BTC) stands at $6,266 having seen a sharp fall in price due to a flash sell off at around 2am GMT.

The fall took place within about half an hour of frantic trading compared to the fairly placid nature of the market of late, and bought the price down below its consistent support above $6,5o0 – which had sustained the price for the past 20 days – down to around $6,200. That is the price level that has consistently offered support for BTC of late, proving its significance in June, July, August and September.

Any sign of that support evaporating will probably be the first marker for an even bigger fall to test the psychologically essential $6,000 level that has been widely perceived as 2018’s Bitcoin bottom.

These kind of flash drop offs in price have become relatively normal in the low volume market of late 2018 – this is just one of the more severe examples of a trend that has seen movements in the price of Bitcoin come in pronounced movements over small timeframes.

Generally, though, we’ve seen a big drop-off in the 30-day BTC volatility, especially over recent weeks – usually an indication of low volumes combined with price stability. It’s been a notable trend throughout 2018, which we explored in more detail here and here.

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In other news among the Top 10 cryptos, Ethereum (ETH) took the same nosedive as Bitcoin, and is currently struggling to fight off further falls at around the $200 mark.

At the time of writing, it has sunk below $200 and appears to be finding the same support that propped it up in mid/late September around the $195 mark. Earlier in that month, it had been as low as $167, however.

The biggest falls in the Top 10 however, have been experience by XRP and Bitcoin Cash, which have both dropped by more than 10% over 24hrs.

While XRP has become increasingly decoupled from the fate of Bitcoin in the last few weeks, it could not resist the pull of the wider market last night and now finds itself retreating back towards the $0.40 mark, around a third down from the $0.60 range it had risen to in the last month.

Bitcoin Cash could not be saved from a similar fate, despite the consistent efforts of Roger Ver to drum up interest in the Bitcoin fork, a crypto that has seen well over 2/3rds of its value evaporate since May.

While the proposed Bitmain IPO provided a boost – with that massive concern being one of the major supporters and holders of BCH – lingering issues with the financial status of that company, have failed to sustain the rally.

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EOS, Litecoin, Ethereum Classic, NEO and ZCash were all in a similar area in terms of falls, significant but less than the two worse.

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Outside Top 10:

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

It’s a bad sign when two so-called stablecoins turn up on the Top 10 list of gains – and when, in fact, there are only seven. Even with that being the case, a 1.32% raise in the value of TrueUSD (TUSD) against other cryptocurrencies is probably worthy of a Spock-like raised eyebrow.

Two factors appear to be at play here. TUSD’s boost in value seems to be aligned with a massive boost in trading volume just as Bitcoin’s price plummeted. This seems to indicate that it was the go to option for those looking to move out of their crypto as the prices fell. The vast majority of that business, according to CryptoCompare’s stats was done via Binance. Secondly, after BTC, the second most popular pair with TrueUSD appears to be Tether (USDT) – which has suffered its own problems of late, and is currently operating with a Premium of $94 in pairs against Bitcoin. Indeed, in the period immediately after Bitcoin fell, its value also briefly plummeted – briefly being worth as little as $0.97, perhaps as people who’d sold Bitcoin in Tethers tried to offload them in turn.

At the moment, the so called Tether Premium means that it is around 1.5% more expensive to buy Bitcoin with Tethers than it is to buy it with actual US dollars. Thus, it would appear that, for those operating on exchanges where there is no US dollar pair option, they are looking to get rid of their Tether and opting for an alternative Stablecoin, in the form of TrueUSD – ironically causing the latter to become, well, a little unstable.

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Here are the Top 10 losers.

You’ll note both Bitcoin Cash and XRP managed to make the CoinMarketCap loser’s list for today.