Crypto Markets See Mixed Signals, Mostly Trading Sideways
Tuesday, Oct. 23: crypto markets continue their sideways trend today, with total market cap slightly down over the past 24 hours, according to CoinMarketCap. The markets are seeing mixed signals as of press time, with most top coins trading sideways, up or down by less than one percent.
Market visualization from Coin360
Bitcoin (BTC) is up less than a tenth of a percent over the past 24 hours, and trading at $6,487.77 at press time. The major cryptocurrency have seen small volatility over the day, having dropped to as low as $6,454, while the intraday high reached $6,506 as of press time. In terms of a weekly view, Bitcoin has dropped by around 1.7 percent, with the current price interval fluctuating at the same levels as on Oct. 19.
Bitcoin 24 hour price chart. Source: CoinMarketCap Bitcoin Price Index
Ethereum (ETH), the second top cryptocurrency by market cap, is up 2.95 percent over the 24 hour period, trading at $206 at press time. The major altcoin has seen its highest price point over the week on Oct. 16, amounting to $210, with a weekly low of $201.
Ethereum 24 hour price chart. Source: CoinMarketCap Ethereum Price Index
Ripple (XRP), the third top cryptocurrency by market cap, has suffered slight losses over the day. The coin is down 0.52 percent over the 24 hour period. Trading at $0.453 in the beginning of the day, XRP is now trading at $0.46 at press time. The cryptocurrency is down almost 6 percent over the past week.
Ripple 24 hour price chart. Source: CoinMarketCap Ripple Price Index
Market capitalization reached a high point of $211 billion yesterday, amounting to $209 billion as of press time. Today market cap dropped to $207 billion, while yesterday’s intraday low was $208 billion. Over the week, total market cap has been relatively stable, with a high point of $212 billion.
Daily trade volume has been hovering around $10 billion over the day, following the recent spike from $9 billion on Oct. 21. CoinMarketCap has delisted some cryptocurrencies, with the total number of coins dropping from 2,112 to the current 2,056.
Total market capitalization weekly chart. Source: CoinMarketCap
VeChain (VET), the 19th top coin by market cap, has seen the biggest gains over the past 24 hours among the top 20 cryptocurrencies. The altcoin is up 6.85 percent and trading at $0.011, which is still down around 0.62 percent over the past 7 days.
Earlier today, the world’s largest crypto exchange Binance acquired investment from a subsidiary of Singapore-based government-owned investment firm Temasek Holdings. According to an official announcement, Binance exchange is launching crypto-fiat trading in Uganda tomorrow, with the first trading pairs BTC/Ugandan shillings (UGX), and ETH/UGX.
Yesterday, the CEO of crypto investment app Circle, Jeremy Allaire, urged global economies to develop coordinated regulation of cryptocurrencies, stressing that there is a need to pay special attention to the regulation of Initial Coin Offerings (ICOs), as well as crypto market manipulation and know-your-customer (KYC) policies.