Crypto Top 10s (August 22nd, 2018): BitMEX problems and Bitcoin spike leaves traders calling foul; Top 10 up
Here’s a look at the performance of the Top 10 cryptocurrencies – by 24h trading volume – on the CryptoCompare chart, as well as winners and losers across the board.
Updated at 4pm (UK GMT+1) August 22nd, 2018..
The Top 10, as of 1.15pm (UTC+1) August 22nd, 2018 looked like this…
The last 24hrs has seen some frenzied action in the cryptocurrency markets, including a short squeeze on the Bitcoin markets that resulted in a sharp spike in its price at around 3am (GMT+1 – 10pm EST). While this pushed the price much higher in a short space of time, BTC has held much of its added value since then – with other coins in the Top 10 following similar trajectories in terms of price.
Bitcoin saw increased trading volume in the last 24hrs compared to the previous period – up to $2bn from $1.8bn. Indeed, all of the top four ranked coins saw an increase. The total market cap of all cryptocurrencies is up $6bn today compared to yesterday, now sitting at $216bn, according to CoinMarketCap.
All but one of the Top 10 most-traded cryptos have seen their prices rise over the last 24hrs. Though none managed to increase in value by 5%, five of the 10 managed an increase of 3% or more.
Today, the 10th placed coin registered a total volume of around $69m, that is up around $4m dollars on what would have been required to make the chart.
Bitcoin accounts for 53% of that current total at the time of writing, exactly the same proportion as yesterday – compared to a recent high of 54.5% and a low around 33% in early 2018.
The tension that has been building around Bitcoin (BTC) over the past week or so – since it recovered from a fairly severe drop off in value on the 14th, in fact – finally found some kind of release last night when the much-vaunted short squeeze many had been predicting materialised.
Of course, this being the cryptocurrency markets, things are never quite as straightforward as they initially appear. However, to say no-one saw the move coming, or what would generally be seen to have precipitated it, would be a lie.
Massive Bitcoin short squeeze to coincide with BitMex downtime tomorrow?
Stranger things have happened …
— Alistair Milne (@alistairmilne) August 21, 2018
And, exactly as that Tweeter predicted, the virtually the minute that the infamous, high-leverage trading site BitMEX went offline for long-anticipated server maintenance, the action kicked off. By the time its servers came back online, quite a lot of traders left holding short positions had taken a bath as the price immediately spiked.
It, of course, left some calling foul.
4k marketbuy on finex, 1 minute after @BitMEXdotcom goes down for maintenance
— lowstrife (@lowstrife) August 22, 2018
The $BTC lightning +7% breakout during Bitmex’s downtime shows why odds of SEC approving the CBOE bitcoin ETF proposal should be close to zero. Even if no manipulation (that’s debatable) this stresses the importance of Bitmex, a fully unregulated market with 40% market share.
— Alex Krüger 🇦🇷 (@Crypto_Macro) August 22, 2018
My View: the Bitmex Maintenance Pump (+7% on Bitfinex, +10% on Bitmex) did not represent a trend change but rather a coordinated move by X large market participants to profit from traders’ stops while 40% of worldwide bitcoin/USD liquidity was off grid. $BTC $XBT
— Alex Krüger 🇦🇷 (@Crypto_Macro) August 22, 2018
Can you spot the downtime and the price move on this chart from Trading View? There isn’t a prize… unless you saw it coming in advance, that is…
Since that shift, Bitcoin has stayed relatively stable at its new price-point around $6,700 – as the market continues to hold its breath over the next ETF decision, expected imminently.
Here’s how Bitcoin’s price looks right now…
Ethereum (ETH) spiked in a very similar timeframe on resumption of trading over at BitMEX, but with nowhere near the same ferocity as the hotly traded headline cryptocurrency. It ended up around 1.5% up on the day and still below that all-important $300 threshold, at $285.
The otherwise struggling Bitcoin Cash (BCH), alongside Litecoin (LTC) and Ripple (XRP) all managed a boost of around 3% – but it was EOS (EOS) that was once again the most impressive performer in the Top 10.
Joining the Top 10
Digital Cash (DASH) and Ontology (ONT) move into the Top 10 today, on the back of renewed interest. However, Ontology – despite an impressive week that has seen its mainnet launched and a new partnership with Health-related ICO Allive – is the only member of the Top 10 to drop in value over 24hrs, having given back about 4% in total on the back of a week of impressive gains.
— Ontology (@OntologyNetwork) August 21, 2018
Here’s how their prices are looking now.
Leaving the Top 10
Biggest Movers by %
Within Top 10:
After falling furthest of all yesterday, EOS (EOS) took back most of what it had lost while becoming the biggest mover in the Top 10 in making a 4%+ move.
Outside Top 10:
Here are Top 10 gainers in terms of price over the last 24hrs…
Here are the Top 10 losers.