Crypto Top 10s (October 5th): Market cap pulls itself up above $200bn, Bitcoin price steadies, EOS up

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

Headlines

Crypto market cap back about $200bn

Bitcoin losses exactly track those of total cap, on low volumes

Ethereum down 5% over week

XRP corrects further, EOS only Top 10 coin up over seven days

Top 10 winners and losers by price change

 

Updated at 8.20am (UK GMT+1) October 5th, 2018..

The Top 10, as of 6.05am (GMT+1) October 5th, 2018 looked like this…

Top 10 Cryptocurrencies by Traded Volume, chart by TradingView

Overview

The last 24hrs have been calm ones for the cryptocurrency markets in general, according to TradingView, the current total value of the crypto-asset market is $201bn – with that total having re-crossed the $200bn mark after dipping below it yesterday. Over the last seven days that market cap has dropped by around $5bn, but shows an overall lift of $7bn over a two-week timeframe. On September 5th, the market cap was $216bn, a figure that was never topped in the ensuing month – though the total sunk as low as $175bn on the 18th. Flicking back a year, October 5th 2017 saw the figure sitting at $128bn.

Crypto Market Cap for 2018, chart by TradingView

Bitcoin’s share of that market cap, known as its ‘dominance’, has lifted slightly over the week and now sits around 0.5% up over seven days at 56.6%. Ethereum takes the second biggest share, at around 11.3%, with XRP holding at around 10.5%.  

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 As you may expect, the performance of Bitcoin (BTC) – as the bellwether for the performance of major cryptocurrencies, and with over half of the total market cap – very much mirrors, or drives, the market as a whole. Thus, it’s no surprise that  TradingView’s analysis shows it down in value over the last week.

Indeed, jumping back seven days, to 6am on Friday 25th (GMT) BTC stood at around $6,720, at the time of writing the price is $6,580. That’s a dip of around 2% – similar to the 2%-ish that the total cap has fallen. In the crypto world, it’s about as close as a flat performance as you could perhaps wish for, but – of course – there are stories to be told within that bigger picture.

BTCUSD on BitFinex, chart by TradingView

The last few days in the life of Bitcoin have show a slight lift that has gone a long way to flattening out its price performance over the course of the week. We’ve already reported on the biggest price moves of the last seven days, which came last Friday. However, early Thursday (GMT+1) also saw a sharp move of $100 along with a significant spike in volume. These kind of moves have become common of late – indicative of the generally low amounts of trading that have been happening in crypto of general during the second half of 2018. A look at the total market cap chart above shows how trade has fallen away compared to the start of the year, and the recovery we say in late-April-early-May.

These low volumes also bring with the the kind of mini-Flash Crashes that we saw early this morning on BitFinex – where one trade appears to have dipped the price by close to $100 instantaneously. Taking the chart into higher resolution shows that all going down inside a 1m candle. 

Yesterday, the Bitcoin-centric chatter was all about the Premium on the price of Bitcoin when buying with Tether (USDT), and the potential problems that could be brewing for the perennially controversial, but dominant, stablecoin and its close partner, the BitFinex exchange.

Conspiracy theories surrounding yesterday’s downtime at the exchange yesterday turned out to be just that – theories – yet stories surrounding problems with the pair have led to markets expecting around $50 more per BTC if you want to buy with Tethers than actual dollars, that’s around a 0.7% Premium – reflecting nervousness surrounding USDT’s real value. As we pointed out in our story on the matter, though, things have been much worse – at points in 2017 that premium reached as high as 8%.

As the second most traded cryptocurrency, the confidence issues surrounding Tether  will be keenly watched. With well over $2.5bn-worth of it floating around – around 8/10ths of which changes hands on most days in its role as the second most traded coin –  any questions relating to its real value and/or its role in inflating the worth of Bitcoin and other cryptocurrencies could have a massive effect on the perceived value of a the market cap as a whole.

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It’s been an altogether tougher week for the price of Ethereum (ETH), which has fallen close to 5% in that time. Its current level still marks a 6%+ uptick on where it was a month ago.

Having hit its 2018 low of $167 within that timeframe, it’s current level around $221 needs to be kept in some perspective. Indeed, after a volatile weekend and start to this week the markets steadied and took back a decent portion of the potential losses it was facing at certain points when it was back below $220.

ETHUSD on BitFinex, chart by TradingView

In mid-September XRP was also re-visiting its year-low point around the $0.25 mark (having dipped just slightly lower in August). We’ve written a lot about what’s gone on since then, and the meteoric rise it’s experienced in the run up to this week’s Swell event and the official launch of xRapid.

XRPUSD on BitFinex, chart by TradingView

Thus it’s unsurprising that there’s been a correction this week, that has seen XRP drop around 10% over seven days and back towards the $50-mark, a point it has oscillated around on several occasions since April. The development and onboarding of new customers to xRapid and RippleNet will be closely watched in the coming months as XRP’s army of dedicated investors closely examine the real-world performance of the crypto they appear so evangelical about.

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Among the Top 10, EOS is the only coin that has managed to come out of the last week in green figures, registering a modest 0.7% gain. That represents a pick up of 10% over the month for the blockchain dApp platform, which has been in its own unique spotlight since raising $4bn in an ICO, only to show disappointing user numbers for the applications created with it thus far.

Ironically, with a yearly performance of -60%, it is one of the better performing of the Top 10 cryptos during 2018 – with only BTC and XRP losing less in value.

EOSUSD on BitFinex, chart by TradingView

It could have been even better, with EOS trading above $5.80 at points in the last 24hrs, but currently bouncing off support at $5.70 in what appears to be a fairly volatile period of trading.

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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.