Crypto Top 10s (August 24th, 2018): Bitcoin price steady; crypto-asset market cap up; GAS flies

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.

Headlines

Market largely becalmed after turbulent week

Bitcoin (BTC) gains, but less than 1.5%

Top 10 all gain similarly small amounts

Neo (NEO) gets volume and price boost

Neo’s companion crypto, Gas (GAS), leaps in value over 24hrs

Updated at 4pm (UK GMT+1) August 22nd, 2018..

The Top 10, as of 1.15pm (UTC+1) August 22nd, 2018 looked like this…

Overview

The last 24hrs has amounted to a period of calm consolidation on the cryptoasset markets, with all of the Top 10 able to sit at a higher price than yesterday, but none able to break out to more than a 4% rise. After a week of interesting price action, as bears and bulls appeared to battle it out – and not always by what could be consider the Marquis of Queensbury’s rules – over Bitcoin, it would almost appear as if the market was taking something of a breather as the weekend approaches. 

Bitcoin and the rest of the Top 10 saw lower trading volumes in the last 24hrs compared to the previous day, with none of the coins on the chart managing to increase their totals. The total market cap of all cryptocurrencies is up by around $3bn today compared to yesterday, now sitting at $211bn, according to CoinMarketCap.

Bitcoin accounts for just over 53% of that current total market capitalisation 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.

Today, the 10th placed coin registered a total volume of around $70m, that $2m more than would have been required to make the chart yesterday.

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 Bitcoin (BTC) modest gain in value hides an interesting amount of price movement in a relatively short time yesterday evening (UK Time – GMT+1). The chart below show a fair amount of volatility in the time between 8pm and midnight where BTC’s price managed to oscillate between around $6,360 and $6,560, before largely settling down around the $6,500 market. It has steadily risen during UK trading today, currently sitting around $6,550.

The leaves Bitcoin around $100 up from where it sat on Monday at this time, a modest movement that belies a very active and eventful week on the markets.

Here is how CryptoCompare is reporting its price right now.

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While to characterise the performance of Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), EOS (EOS), Ripple (XRP) and the rest as healthy over the last week may be pushing the limits of optimism a little, in terms of the markets reaction to what has been another troubling week news-wise, in terms of some damaging narratives for certain cryptos and the wider macro aspects of the SEC continuing to shy away from approving Exchange Traded Funds based on Bitcoin, let alone any of these less stable offering, that they have generally held firm and not revisited the year lows of last week has to be seen as a positive sign,

The truth, though, is that there position is precarious – and while the market has travelled sideways over the last five days or so, whether it will continue to is very much up for grabs.

Here is how the Top 10 is looking at the moment.

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Joining the Top 10

Neo (NEO) moves into today’s Top 10 on the back of a trading volume of $70m. Its Twitter stream and accompanying news channels show a very active community of developers, with a growing range of tools at their disposal, there’s and this week saw news that decentralized exchange, WandX, was ready to bring the Neo implementation of its previously Ethereum-only dApp out to play.

Dash (DASH) also moves back in, based on better trading volumes but negligible price movement. That’s not bad, considering some of the stories circulating around its community.

Leaving the Top 10

QTUM (QTUM) moves out of the Top 10 today, dropping to 14th on the 24hr volume list.

Also ZCash (ZEC) drops down today.

Biggest Movers by %

Within Top 10:

Neo (NEO) was the biggest mover in the Top 10, registering a close-to 4% boost on the day. This puts it, at $17.50, nearly $4 higher in value than it was only 10 days ago when it hit its year low, around $13.70.

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Outside Top 10:

Here are Top 10 gainers in terms of price over the last 24hrs…

Interestingly, we can see Gas (GAS) getting a big boost at the top of the gainer’s chart today. Gas is effectively the fuel that runs the Neo network of smart contracts – effectively NEO, which cannot be subdivided, buys you a stake in the network, whereas Gas is what makes it tick, and is how rewards are paid.

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Here are the Top 10 losers.

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