Crypto Top 10s (Oct 12th): Bitcoin price steadies after drop, Ethereum stuck under $200, XRP makes better recovery

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

Crypto markets move sideways after Thursday’s falls

Bitcoin retains support at $6,200 through jitters over BitFinex’ status

 Ethereum can’t retake $200 level, XRP lifts 7% against generally flat market

Monero moves into Top 10

Top 10 winners and losers over 24hrs

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

The Top 10, as of 7.45am (GMT+1) October 11th, 2018 looked like this…

Overview

After a sharp fall early yesterday, which saw $300 (3.5%) wiped off the price of Bitcoin in a frantic half-hour of trading – and similar, if not worse falls across the rest of the Top 10 cryptocurrencies, the markets generally consolidated at their new, lower, levels yesterday. 

According to TradingView, the last 24hrs has seen a recovery across the whole market cap for crypto from that fall. Yesterday, the total value for crypto sank as low as $188bn at points, little more than $5bn above the market’s low for the year. Today sees the market’s worth standing at $194bn, at the time of writing, placing it on a par with pre-bull run levels from mid-November 2017. 

Bitcoin currently accounts for around $108bn of that total market cap, leaving its share of that market cap, known as ‘dominance’, at around 56%, down from over 57% at yesterday. Its 2018 high of around 60% coincided with the year low for the value of crypto around a month ago. 

Trading View puts the total volume of crypto exchanged yesterday at around the $15bn-mark, that’s up around 50% on previous days, which had seen year-low levels of volume and reduced price volatility.

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At the time of writing, Bitcoin (BTC) stands at $6,271 up around 0.4% on its price 24hrs ago.

Yesterday, we talked of the $6,200 price level for Bitcoin and how prices around that region had consistently provided support for BTC during the second half of the year.

Yesterday proved the worth of that level again, as market sell-off retested support there on no-less than four occasions – getting down as low $6,173 for one 5-minute candle in the early hours of this morning (GMT), but never consistently managing to stay below that waterline.

Indeed, the early hours of this morning, since that low, have seen a concerted uplift from the market taking it back to pretty much where it was at this time yesterday.

The first of those dips below $6,200, at around 2pm yesterday, seems to have coincided with the breaking of more bad news at regarding the BitFinex exchange, one of the highest volume trading venues in the crypto space. We’ve covered the problems it – and its intertwined concerned, the stablecoin Tether – have been having with their banking of late in some detail – and also its nascent, and somewhat obfuscated relationship with HSBC in order to give its customers a fiat deposit and withdrawal options. Well, yesterday, that relationship appeared to collapse under the spotlight of publicity, and the consistent problems BitFinex has been having with Federal scrutiny in the US. Leaving customers with no way to deposit fiat funds with the business – and still no sign of when their long-delayed fiat withdrawals will be processed.

At the same time as BitFinex was being picked apart by newshounds, Bitcoin et al were also getting a battering in congress courtesy of ‘Dr. Doom’, aka economist Nouriel Roubini, who had clashed with Ethereum guru Vitalik Buterin on social media in the run-up to his testimony before Senators.

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In other news among the Top 10 cryptos, Ethereum (ETH) followed a similar path as Bitcoin over the day, never managing to keep its nose back above the significant $200 level in any kind of convincing manner. However, it too ended the 24hr period in pretty much the same place as it started it, price-wise.

XRP has become increasingly decoupled from the fate of Bitcoin in the last few weeks, and while it had suffered in early Thursday’s fall, it made a more impressive recovery that its fellow members of the Top 10, lifting by around 7% over 24hrs – seemingly unaffected by the problems with BitFinex, or the establishment mauling being inflicted on cryptocurrencies up on Capitol Hill.

As the chart below shows, where big intra-day falls for BTC and ETH were heavily attenuated in the case of XRP, while its early morning lift has been much more pronounced.

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 Ethereum Classic and ZCash, suffered more than most in the Top 10, with further falls of around 3%. While NEO and EOS, gained and lost by similarly small amounts respectively. Litecoin rallied in a more impressive manner after one of the heavier falls, by gaining 3%. While Monero moved into the Top 10 replacing QTUM on the back of $177m of volume over 24hrs.

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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.