Price Watch
Price Watch: Bitcoin, Ethereum, EOS, Ripple and IOTA Back in Green
Photo by Dani Aláez on Unsplash
The cryptocurrency market is showing signs of recovery from a recent slump that saw Bitcoin descend below $6,000 in July 2018 as positive investor sentiment returns to the ailing blockchain ecosystem.
Bitcoin, currently ranked #1 by market cap, is up 0.5% over the past 24 hours. BTC has a market cap of $110.84B with a 24 hour volume of $3.57B.
Bitcoin Price Chart
Despite a sudden drop in cryptocurrency values subsequent to an announcement from the US SEC that the highly-anticipated Bitcoin ETF decision will be delayed until September, positive predictions from prominent Wall Street analysts and Ethereum co-founder Joseph Lubin have been reflected in a return to positive market action over the last week.
Bitcoin Bounces Back
While momentum within the cryptocurrency market has not yet gathered sufficient inertia to reverse the current bearish trend, Bitcoin prices have stabilized beyond the $6,000 level. A short-term recovery driven by a collective rally on August 18 saw Bitcoin rise from 5,850 to $6,400. Rejection at the $6,600 level, however, indicates the recovery far more likely to represent a strong bounce out of oversold levels rather than indicative of an impending bull run.
Ethereum, currently ranked #2 by market cap, is down 2.45% over the past 24 hours. ETH has a market cap of $29.49B with a 24 hour volume of $1.59B.
Ethereum Price Chart
Ethereum Rises Above $300
Ethereum broke the $300 level as of press time, once again rallying beyond the critical level as the token continues to trade at a price point not seen since November 2017. Weekly losses on the Ethereum chart sit near 6 percent, while total movement over the last month has seen the value of Ethereum plummet by more than 35 percent.
Joseph Lubin Predicts Exponential Growth
Ethereum co-founder Joseph Lubin decried speculator-driven price swings in a recent interview with Bloomberg, stating that “trader types” are driving volatile changes in price activity. Developer activity within the blockchain space, states Lubin, has risen by two orders of magnitude since 2017, citing the increased activity in core infrastructure development as a key driver of adoption and exponential market growth.
Lubin’s bullish perspective on the future of crypto markets is reflected by analysis firm Sanford C. Bernstein & Co, who predict a $4 billion increase in crypto exchange revenue over the next year in a recent report entitled “Crypto Trading — the Next Big Thing is Here?”
The maturation of the crypto–asset class and an increase in institutional demand, argues the Wall Street firm, will result in a “plethora of opportunities for traditional firms” as institutional capital continues to be drawn to the crypto market due to the development of custodial and market-making services within the sector.
EOS, currently ranked #5 by market cap, is down 1.02% over the past 24 hours. EOS has a market cap of $4.62B with a 24 hour volume of $757.2M.
EOS Price Chart
EOS Pushes Beyond Bearish Pattern
EOS prices exhibited strong bearish action during the former half of August, falling over 10 percent in value during an August 18 sell-off that saw the token drop to $5.0451 by 8PM GMT on Sunday. Positive market action saw EOS rise to $5.26 at press time, demonstrating 24-hour positive gains of 4 percent.
XRP, currently ranked #3 by market cap, is down 0.19% over the past 24 hours. XRP has a market cap of $13.17B with a 24 hour volume of $367.07M.
XRP Price Chart
XRP Breaks Out
XRP, currently the third largest cryptocurrency by market cap, experiencing a 17 percent rally since August 17 driven by a series of positive announcements. The current market value of $0.347 represents a near-40 percent increase from the recently-demonstrated bottom of $0.24711 on August 14.
The recent Ripple rally is linked to the platform’s announcement of three “preferred” cryptocurrency exchanges — Bittrex, Bits, and Coin.Ph — that will be used to solidify the xRapid ecosystem.
IOTA, currently ranked #12 by market cap, is up 2.09% over the past 24 hours. IOT has a market cap of $1.42B with a 24 hour volume of $48.91M.
IOTA Price Chart
IOTA Captures 10% Subsequent to Product Launch
Internet of Things focused blockchain platform IOTA demonstrated powerful bullish action over the weekend, capturing 10 percent in positive movement subsequent to the launch of the new IOTA JavaScript Library and positive coverage from international research firm Deloitte.
Conclusion
The global cryptocurrency market cap stands at $212.56B with a 24 hour volume of $12.14B. Bitcoin dominance is currently at 52.15%.
As the cryptocurrency market continues to experience strong volatility, traders are advised to remain cautious and only trade what they can afford to lose.
Posted In: Price Watch
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