Crypto Markets Keep Trading Sideways, Remaining Relatively Stable Over the Past 10 Days
Crypto markets have continued trading sideways today, remaining relatively stable over the last 10 days.
Most of top 20 cryptocurrencies by market cap have seen insignificant fluctuations over the past 24 hours, with many slightly in the green.
Market visualization from Coin360
Bitcoin (BTC) is slightly up by 0.24 percent over the past 24 hours, trading at $6,490.90 at press time. The major cryptocurrency has seen little volatility over the day, with its price surging to as high as $6,521, following a plunge to $6,456. Bitcoin has been trading sideways for around 10 days, following solid growth that took place on Oct. 15.
Bitcoin seven day price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) is up 1.87 percent, trading around $204 as of press time. Like Bitcoin, the second cryptocurrency by market cap has been relatively stable over the past 10 days, hovering between $200–$210.
Ethereum seven day price chart. Source: Cointelegraph Ethereum Price Index
The third top cryptocurrency, Ripple (XRP), has seen the most growth among top 20 crypto markets over the 24 hour period. The coin is up around 3.3 percent and trading at $0.47 as of press time. XRP is down around 3.14 percent over the past seven days.
Ripple seven day price chart. Source: Cointelegraph Ripple Price Index
Total market capitalization saw a slight influx in the beginning of the day, but is still hovering around $210 billion, marking another 10 day norm. Daily trade volume keeps hovering around $10 billion. The total number of all cryptocurrencies listed on CoinMarketCap is 2,062 as of press time.
Total market capitalization seven day chart. Source: CoinMarketCap
While most of top 20 coins have seen relatively low fluctuations over the past 24 hours, Dash (DASH) and ZCash (ZEC) are up almost 3 percent on the day. Dash is up 2.86 percent, and trading around $157 at press time, while still down around 2.02 percent over the past 7 days. ZCash is up 2.83 percent on the day, also seeing growth of around 6.8 percent over the week.
Earlier today, Japan’s Financial Services Agency (FSA) granted self-regulatory status for local crypto-related companies by certifying the Japanese Virtual Currency Exchange Association (JVCEA) to conduct regulatory oversight in the field.
The crypto and blockchain industries have recently seen more adoption from institutional players, with the Nasdaq revealing a new blockchain patent yesterday, Oct. 23. The patent application by the world’s second largest stock exchange refers to “an information computer system […] provided for securely releasing time-sensitive information to recipients via a blockchain.”