Bitcoin News — Ethereum Price

Crypto Markets Continue to See Low Volatility, With Scant Few Coins Budging in Price

Posted by Marie Huillet on

Crypto markets are calm, with most major coins seeing only minor ups and downs, as commentators weigh in on markedly low Bitcoin volatility levels.

Thursday, Oct. 18: Crypto markets are seeing continued stability, with few of the major cryptocurrencies budging in price, as Coin360 data shows.

Market visualization by Coin360

Market visualization by Coin360

Meanwhile, Tether (USDT) has seen marked movement for a “stablecoin.” Having slipped from its U.S. dollar peg to trade well below its historical price range last week, the asset has today seen around 0.7 percent growth as it stakes an attempted recovery.

Bitcoin (BTC) is trading at $6,545 at press time, seeing negligible price change on the day according to CoinMarketCap. Despite a short-lived spike Oct. 17, which correlated with Tether’s price drop, Bitcoin has retracted back to just a price point just slightly higher than at the start of its weekly chart.

In a longer view, the top coin is seeing notably low volatility levels: earlier this month, Bitcoin achieved a 17-month low volatility rate, recording its highest level of stability since mid-2017.

Data from Bitcoinity shows a consistent decline in Bitcoin’s volatility, calculated as an averaged standard deviation from all market trades throughout 2018:

Bitcoin Price volatility

Bitcoin Price volatility, 10 Oct. 2016-10 Oct. 2018. Source: Bitcoiny

The other side to price stability has been low trading volumes: BTC volumes as of press time are around $3.75 billion, having hit as low as $3.2 billion Oct. 7, according to CoinMarketCap.

Overall on the week, the top coin is up around 4 percent: on its monthly chart, growth is around 2.6 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down 1 percent to trade just around $205, according to CoinMarketCap. Having seen an intra-week low of around $189 on Oct. 12, followed by a couple of days of sustained losses, the leading altcoin saw a brief spike Oct. 15, to trade as high as $220.

This brings Ethereum to a 2.1 percent gain on its weekly chart; monthly losses are a similarly slight 3.1 percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

After a major sweep upwards in September, Ripple (XRP) has seen a more stable price pattern through October. The asset is down just under 1 percent on the day to trade at $0.46 at press time. Nonetheless, Ripple has seen more momentum than its larger market cap counterparts: it is up a solid 13 percent on its weekly chart. The figure is higher still from a monthly perspective, with growth close to 44 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are more red than green, but all changes are capped within a 2 percent range in both directions.

Tether (USDT), as noted, has reclaimed the ground it lost during its dollar untethering, and is up 0.7 percent to trade at about $0.975 at press time. Several reasons have been proposed to explain the recent wave of negative market sentiment for Tether, including recent reports that banking complications appear to have beset both Tether and associated crypto exchange Bitfinex.

These reports were followed by Bitfinex temporarily suspending fiat wire deposits without disclosing a specific reason.

Others have proposed the apparent sell-off was tied to investors “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the U.S. dollar. During its tumble, Tether traded as low as $0.925 on Oct. 15.

Tether’s market cap is also down today, around 2.1 billion by press time, as opposed to about 2.7 billion last month.

Tether 7-day price chart

Tether 7-day price chart. Source: CoinMarketCap

Seventh largest coin Litecoin (LTC) is down the most of the top ten coins, losing 1.63 percent to trade at around $52.74 by press time. Still among the top ten, Cardano (ADA) and Monero (XMR) are both down about 1.3 and 1.1 percent on the day to press time. Stellar (XLM) is just in the green, up a fractional 0.2 percent and trading at $0.24 at press time.

In the context of the top twenty coins, the market picture is also calm, with most coins seeing minor price changes of red and green within a 2 percent range.

Tezos (XTZ) has settled after its recent growth and is down 1 percent and trading at around $1.37. Tron (TRX) is up around 1.1 percent at $0.024; NEO (NEO) just slightly less, up by 0.9 percent at $16.75.

The largest losses among the top ten coins have been IOTA (MIOTA), Dash (DASH) and Ethereum Classic (ETC), all losing close to 2 percent on the day.

A notable outlier in the market is anonymity-focused altcoin Zcash (ZEC), which has seen marked momentum and is up over 5 percent on the day to trade at $121.28, dislodging spoof alt Dogecoin (DOGE) from its spot as twentieth largest coin by market cap.

Zcash’s 7-day price chart

Zcash’s 7-day price chart. Source: CoinMarketCap

DOGE, meanwhile, is down around 4.7 percent, now ranked 21st largest crypto asset, and is trading at $0.004476.

Total market capitalization of all cryptocurrencies is down to around $210.16 billion as of press time. Having reached as high as $220.2 billion Oct. 15., the market saw a correction and has traded sideways for several days.

7-day chart of the total market capitalization

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Experts have weighed in on Bitcoin’s low October volatility in particular. Prominent venture capital investor Garry Tan has argued that what he dubs the “crypto winter […] makes it safer for super-long-term oriented Yale-model institutions to enter at a price that isn’t dangerous.”

Others consider that volatility will continue to decline as a sign of market maturity, yet as a Cointelegraph analysis piece has this week outlined, the coin has a historical pattern of seeing periods of stability followed by a significant rally, as in 2013.

Read more →

Crypto Markets See Calm as Most Coins Consolidate Recent Gains

Posted by Marie Huillet on

Crypto markets are seeing some stability today, with most major coins seeing only minor ups and downs.

Tuesday, Oct. 16: Crypto markets are seeing some stability today following yesterday’s market upsing, with virtually all of the major cryptocurrencies seeing only minor price changes, both red and green, as of press time.

Tether (USDT) has meanwhile seen a recovery, having yesterday slipped from its U.S. dollar peg to trade well below its historical price range, briefly dipping as low as $0.925.

Market visualization by Coin360

Bitcoin (BTC) is trading at $6,580 at press time, down close to 1 percent on the day, according to CoinMarketCap. During a short-lived spike yesterday, which correlated with Tether’s price drop, Bitcoin traded as high as $6,673, but has since corrected to the price range it saw at the beginning of its weekly chart, despite several days of heavy losses on the crypto markets mid-week.

Overall on the week, the top coin has virtually not budged, and is 0.06 percent down as compared with Oct. 9. On the month, Bitcoin is up around 1.72 percent, again remaining relatively stable.

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is down just fractionally, by 0.3 percent, to trade just under $210, according to CoinMarketCap. Having seen an intra-week low of around $189 on Oct. 12, followed by a couple of days of sustained losses, the leading altcoin also saw a major spike yesterday, Oct. 15, to trade as high as $220.

On the week, Ethereum is around 7.5 percent in the red; monthly losses are around a milder 3.2 percent.

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is the strongest performer among the top ten coins by market cap, up 3 percent to trade at $0.454 at press time. The asset saw a spike parallel to BTC and ETH yesterday, but has seen solid performance today and is trading only slightly below yesterday’s peak at $0.567.

Having shed value during the market-wide losses Oct.11-14, Ripple is around 4.4 percent in the red on its weekly chart. Nonetheless, due to its soaring successes in September, Ripple’s monthly growth is at close to 64 percent.

Ripple 7-day price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are seeing an almost even mix of gains and losses, capped within a 2 percent range in both directions.

Tether (USDT) has reclaimed most, if not all, the ground it lost during yesterday’s tumble, and is up 1.6 percent to trade at $0.98 at press time. Although reasons for Tether’s losses yesterday are not confirmed, unconfirmed reports have recently circulated that banking complications appear to have beset both Tether and associated crypto exchange Bitfinex.

Others have proposed the market sentiment was tied to investors “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar.

Tether 7-day price chart. Source: CoinMarketCap

The market’s seventh largest coin Litecoin (LTC) is down 1.66 percent to trade at $54.25 by press time. Still among the top ten, Cardano (ADA) and Monero (XMR) are both up about 1 percent on the day to press time.

In the context of the top twenty coins, the picture is also mixed, with most coins seeing minor price change capped within a 2 percent range, though with a couple of notable exceptions.

Tezos (XTZ) has soared 13 percent on the day and is trading at $1.44 at press time.

Tezos’ 7-day price chart. Source: CoinMarketCap

Dogecoin (DOGE) and Binance Coin (BNB) have both seen above-average price changes on the day, both down about 3 percent at press time.

Total market capitalization of all cryptocurrencies is down to around $211.1 billion as of press time — having reached as high as $220.2 billion briefly yesterday, Oct. 15.

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today investor and crypto bull Mike Novogratz tweaked his price forecast for Bitcoin, predicting the top crypto would in fact not break $10,000 in 2018. He suggested instead that during “Q1 [or] Q2 [2019] if the institutions start coming in, we’ll put in new highs.”

In other crypto news, stablecoins continue to make headlines this week, with blockchain trust company Paxos announcing it has already issued around $50 million worth of its recently-launched U.S.dollar-backed stablecoin, PAX.

Notably, with regards to better-known thought controversial stablecoin Tether, stablecoin issuance at this scale has drawn both speculation and criticism in regards to its possible impact on Bitcoin (BTC)’s price performance.

As reported yesterday, the now second largest crypto exchange by market cap OKEx announced it would be listing four stablecoins at once – PAX, TrueUSD (TUSD), USD Coin (USDC), and Gemini Dollar (GUSD) – the same day as U.S.-based crypto payment processor BitPay announced it had started to accept two stablecoins for merchant settlement, GUSD and USDC.

Following OKEx’s move, another major crypto exchange, Huobi, announced their listing of the same four USD-backed stablecoins today.

Read more →

Tether Tanks as Traders ‘Lose Trust,’ Other Cryptos See Price Boost

Posted by Marie Huillet on

Tether has dropped over two percent before its historical trading range, as the wider crypto market sees a solid boost.

Monday, Oct. 15: Crypto markets are seeing solid growth, with virtually all of the major cryptocurrencies seeing green as of press time. An outlier in the space is “stablecoin” Tether (USDT), which has today lost its U.S. dollar peg and is trading well below its historical trading range as of press time.

Market visualization

Market visualization by Coin360

Tether is currently trading at around $0.96, down about 3.05 percent on the day, according to CoinMarketCap.

Although reasons for the USDT price plunge are not confirmed, there have been reports of an alleged loss of market trust leading to a possible sell-off: yesterday, a Bloomberg article suggested that investors are “losing faith” because of the ongoing lack of transparency surrounding Tether’s claims to be backed one-to-one by the US dollar.

In the past, critics have accused Tether of operating a fractional reserve and covering over its alleged reserve deficit in complicity with associated exchange Bitfinex, with rumors mounting when Tether allegedly dissolved its relationship with a third-party auditor this January.

At the end of this June, an unofficial audit of Tether confirmed that the stablecoin had the appropriate amount of dollar holdings as compared to its token issuance.

As reported Oct. 8, Bitfinex has also been prompted to officially respond to online rumors that claimed the exchange was “insolvent” and possibly facing banking issues.

The exchange’s rebuttal was partly prompted by reports that its banking partner, Puerto Rico’s Noble Bank International, is now seeking a buyer and had lost both Bitfinex and affiliated firm Tether as clients. In response, Bitfinex stated that all Noble-related allegations “have no impact” on its operations, survivability, or solvency.  

Several days later, Bitfinex temporarily suspended all fiat wire deposits for the euro, U.S. dollar, japanese yen, and pound sterling. As part of its original statement Oct. 8, the exchange had indicated that “complications continue to exist” for Bitfinex “in the domain of fiat transactions,” but had said this is something prevalent among “most” crypto-related organizations.

On Oct. 15, Bitfinex released another statement noting that a new fiat deposit system will be available by Tuesday, Oct. 16.

Crypto twitter has been rife with responses to Tether’s market performance. One humorous tweet reposted an alleged Binance “announcement” about the fake delisting of Tether:

Fake

The accompanying tweet states that Binance “is VERY politically correct,” and would “never write ‘Tether big scam’ (it doesn't even make grammatical sense). This is just as bad as the ‘Vitalik is dead’ scam last year.”

The unusual situation with Tether has had a pronounced effect on Bitcoin (BTC) prices on Bitfinex, which are currently at a premium. As of press time, Bitcoin is trading at $6,934 on the exchange.

In terms of its market-wide average, after several days of heavy losses on the crypto markets, Bitcoin has has seen solid growth on the day and is up around six percent to trade at $6,691 at press time, according to CoinMarketCap. This brings its weekly growth to around 1.22 percent: on the month, Bitcoin is up around 2.6 percent.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is also up a strong six percent and is trading at around $213 at press time. Following its intra-week low of $189 on Oct. 12, the altcoin has seen several days of weak price performance, circling $200 before today’s major spike.

On the week, Ethereum is almost six percent in the red; monthly losses are around a milder two percent.

Ethereum 7-day price chart

Ethereum 7-day price chart. Source: CoinMarketCap

Ripple (XRP) is up close to eight percent at press time to trade at $0.45. Having shed value during the market-wide losses Oct.11-14, Ripple today remains around seven percent in the red on its weekly chart. Nonetheless, due to its outstanding price performance in September, Ripple’s monthly gains remain at close to 61 percent.

Ripple 7-day price chart

Ripple 7-day price chart. Source: CoinMarketCap

The remaining top ten coins on CoinMarketCap are all seeing growth. Stellar (XLM) is up around 5.4 percent to trade at $0.23, EOS (EOS) is up around five percent and trading around $5.50, and Litecoin (LTC) is up three percent at about $54.93.

In the context of the top twenty coins, the picture is also green: Tron (TRX) has grown almost five percent to trade at $0.025, IOTA (MIOTA) is up 4.3 percent at $0.51, and Tezos (XTZ) is up 4.6 percent to trade at $1.28.

Dash (DASH) and Neo (NEO) are seeing milder gains, each up 2.75 and 2.79 percent to trade at around $164.83 and $16.49 respectively.

Total market capitalization of all cryptocurrencies is down to around $213.4 billion as of press time — having reached as high as $220.2 billion earlier today.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Read more →

Crypto Market Keeps Its Balance After Recent Sell-Off, Bitcoin Above $6,300

Posted by Helen Partz on

Crypto markets hold steady after the recent sell-off, most of the top 20 coins by market cap see slight growth, Bitcoin trading above $6,300.

Sunday, October 14: crypto markets keep their balance after the recent sell-off this week, with most of the 20 top coins by market cap slightly in the green. Fluctuations on the markets in both directions have for the most part been no more than 1 percent, as data from Coin360 shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) has seen slight growth over the past 24 hours, having strengthened to above the $6,300 threshold. At press time, the major cryptocurrency is trading at $6,331, slightly down from its intraday high around $6,360, while recovering from its intraday low around $6,277. On the week, Bitcoin is down almost 4 percent from around $6,580.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) has also seen a slight rebound, up around half a percent over the past 24 hours to press time. The second cryptocurrency by market cap has been hovering just above the $200 price point in the second half of the day, and is trading at $202 at press time. In terms of weekly dynamics, Ethereum is down about 11 percent to press time.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

Total market capitalization of all cryptocurrencies is hovering around the $200 billion threshold, appearing to stabilize after the crypto markets’ recent decline. At press time, total market cap amounts to $202.8 billion, slightly down from $204 billion earlier today.

Total market capitalization 24-hour chart. Source: CoinMarketCap

Bitcoin dominance — or the percentage of the total crypto market cap that is Bitcoin’s — has been steadily near 54 percent today. At press time, Bitcoin dominance is at 54.1 percent.

Among the top 20 cryptocurrencies by market cap, TRON (TRX), the eleventh largest, has seen the most notable change over the past 24 hours to press time, up a solid 3.66 percent.

TRON continues to see gains today following a recent cryptic announcement from its CEO of a partnership with an unnamed “industry giant” that is valued at “tens of billions of dollars.” Following the tweet an unconfirmed report was released claiming that TRON has partnered with China’s Internet giant Baidu.

Crypto analyst Joseph Young commented on Twitter today expressing concern about Bitcoin’s trading volumes, claiming they are “approaching yearly low once again” and adding “Decent short-term recovery earlier today (October 14) but low volume is really concerning.”

Young has also participated in an ongoing Twitter battle recently between the crypto community and American economist Nouriel Roubini, who has been posting particularly audacious anti-crypto Tweets — most recently calling the whole idea of crypto “fascist at core.”

The crypto commentator today retorted a recent Tweet from Roubini about Bitcoin transaction fees that claimed “the cost per transaction of bitcoin is literally $60.” Young clarified for Roubini that “cost per transaction” is in fact different from “transaction fee.”

Roubini — a New York University professor also known as “Dr. Doom” for reportedly predicting the 2008 financial crisis — recently testified in a U.S. Senate hearing on cryptocurrency.

Read more →

Amidst Mixed Price Action, Half of Top Ten Cryptos See Green

Posted by Helen Partz on

Crypto markets are seeing a mix of red and green, with 10 out of top 20 coins by market cap growing by less than 2 percent each.

Saturday, Oct. 13: crypto markets are seeing mixed price movements, as half of the top 20 coins by market cap have grown on the day.

The overall market is relatively stable, with two major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) seeing changes in value of under 1 percent.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin has been fluctuating between $6,200 and $6,300 over the day. It’s intraday high was $6,323, while the intraday low was $6,259. At press time, Bitcoin is trading at $6,279, down around 0.3 percent over the past 24 hours. The dominance of Bitcoin’s market capitalization currently amounts to 53.9 percent.

Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum has fared better over the day, seeing growth of almost 1 percent, to trade at $199. The cryptocurrency has recovered slightly, following a drop to as low as $191 on Oct. 11, according to Cointelegraph Ethereum Price Index.

Ethereum 24-hour price chart

Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index

In contrast, Ripple (XRP) has taken a downturn over the past 24 hours. After experiencing significant growth yesterday, Ripple has dropped by around 2 percent on the day, and is now trading at $0.42. The third largest cryptocurrency by market cap is still up 50 percent over the past 30 days, due to a price surge on Sept. 20.

Ripple 30-days price chart

Ripple 30-days price chart. Source: Cointelegraph Ripple Price Index

The total market capitalization has been hovering around $201 billion in 24 hours to press time. Specifically, it now amounts to $201.5 billion, with an intraday high of $202.8 and a low of $200.7 billion.

Total market cap 24-hours chart

Total market cap 24-hours chart. Source: CoinMarketCap

Daily trade volume of the entire crypto market has recently dropped below $10 billion for the first time since Aug. 26, when Bitcoin was trading above $6,700, and Ethereum was above $270.

TRON (TRX), the eleventh largest cryptocurrency by market cap, is seeing some of the largest gains on the day, according to CoinMarketCap. Following a recent announcement of a partnership with a unnamed “industry giant” that is valued at “tens of billions of dollars,” TRX is up around 1.4 percent over the day, to trade at $0.023 at press time.

Earlier today, Cointelegraph wrote about an unconfirmed report that TRON has actually partnered with a Chinese Internet giant Baidu.

American economist Nouriel Roubini testified before the U.S. Congress with a speech “debunking” crypto on Oct. 11. Also known as Dr. Doom for predicting the 2008 economic crisis, Roubini has followed up with yet another anti-crypto tweet, claiming that the idea of crypto is “fascist at core” due to “paranoia & conspiracy” about centralization.

Responding to Roubini’s statement, crypto commenter WhalePanda has called the economist’s tweet “the dumbest thing you will read on the internet today.”

Crypto analyst and host of CNBC's Crypto Trader show Ran Neu-Ner has tweeted a poll, asking his audience who should debate Roubini. As of press time, the winning candidate is Ethereum’s co-founder Vitalik Buterin, with 33 percent of the audience casting their vote for him.

Read more →