Crypto Top 10s (August 29th, 2018): Bitcoin fall back below $7,000; mixed fortunes for Top 10, EOS shines
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 6pm (UK GMT+1) August 29th, 2018..
The Top 10, as of 4.55pm (GMT+1) August 29th, 2018 looked like this…
After a generally strong performance in the previous 24hrs, the cryptocurrency market receded in afternoon trading (UK time), leaving seven of the Top 10 cryptocurrencies lower in value than at the same point yesterday.
While one coin managed a close to 10% uplift in price, no other managed over 5%. Two coins lost 5% or more on the day’s trading.
Bitcoin’s trading volume was up compared to yesterday – as was that of each of the Top 7 cryptos – adding to the run of healthier numbers we’ve seen in recent reports. The total market cap of all cryptocurrencies now stands at just above $227bn – down $3bn from yesterday’s figure, according to CoinMarketCap.
Bitcoin’s share of that value stayed all-but the same, at 53% compared to 52.9% at a similar time yesterday. That’s down from a recent high of 54.5%, but still much higher than it’s 2018 low of 33%.
Today, the 10th placed coin registered a total volume of around $111m, down around $24m from what would have been required to make the Top 10 yesterday – but still up on the requirements we’ve seen over the last few weeks in general.
Bitcoin (BTC) has enjoyed a strong rally over the last few days – and it impressively held its own in overnight trading (UK time) to come into today holding above it’s newly breached $7,000 mark. Indeed, Bitcoin spent most of the day trading in a channel between $7,050 on the support side, with resistance at $7,120 – and it made for a fascinating day of watching order depths on both sides of the spot price appear to battle it out.
For a long time, it seemed like the bulls had the upper hand, with Twitter users reporting big, flashy, more-than-a-little-suspect buy walls being posted at $7,025 and $7,030 levels via BitMEX, seeming to indicate that market players wanted to see the price stay where it was for now – and that preparations for a bull run were in progress.
Some of the biggest bids I’ve seen in the BitMEX orderbook. Spoofed or not, impressive bids. pic.twitter.com/rbSufeYEek
— Flood [Bitmex] (@ThinkingUSD) August 29, 2018
However, when it came down to it, that support evaporated – firstly at about 3pm ($7,100), and then again around an hour later (at that $7,020 mark).
That left the time between 3pm and 5pm having seen BTC’s price down as low as $6,925 – a drop of $175 – and observers again looking at a chart that resembled last week’s aborted short squeeze. An occurrence we suspected may happen when we wrote our report on Bitcoin this morning.
Of course, last week’s very similar price movements were part of a short-term upward trend for BTC, which has seen it struggle back from it’s (albeit brief) sub-$6,000 August lows over the past couple of weeks. However, as we also reported this morning, the $7,100-mark that has seemingly defeated the bullish traders today represented the beginning of an above-the-trend-line breakout. The fact that it has comprehensively failed to breach it today, still puts BTC firmly in line with the downward trajectory it’s been on from much of the year.
As is generally the case with technical analysis, where you exactly put the lines is dealer’s choice (ours is just indicative, and in no way to be interpreted as giving trading signals), but the general trend is now becoming pretty undeniable – even if it is one of the kind of self-fulfilling prophecies that such thinking throws up.
In an otherwise nervous market, it appears to be a resistance point that has some traction while Fundamentals-based investors sit and wait to see what regulators have in store. Thus, unless the general mood of the crypto market is now enough for it to again attempt to surpass that line, we could yet see BTC re-test that support it’s been getting on and around $6,000 all year.
If you want a bad sign, CNBC’s Fast Money Twitter account was calling $8,000 for Bitcoin earlier today – which has not ‘traditionally’ been good news, it would seem.
— CNBC Futures Now (@CNBCFuturesNow) August 28, 2018
Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ripple (XRP) and Ethereum Classic (ETC) all had very similar days – relatively speaking, inasmuch as they were all robbed of much better performances by the this afternoon’s market downturn, and their tendency to somewhat match the path set by Bitcoin.
On the downside, Neo (NEO) stands out with a drop of 6.5% – taking its price back below the $20 again after a strong couple of days. Ontology (ONT) dropped by nigh-on 9% upon its re-entry to the Top 10, taking it down to $2.49.
It is another chapter in a turbulent few months for the dApp platform, that has seen it’s price move wildly from the highs of May – which saw it over $12 – down to the $1 lows of mid-August. However, the effect the high-profile launch of its mainnet had is obvious, as trading volumes significantly increased exactly in line with that event, and its price began a mini-recovery. That momentum has been slightly scuppered by today’s downward pressure, but in the light of problems with other smart-contract and dApp platforms, Ontology’s month could have been a lot worse.
Joining the Top 10
Ontology (ONT) moves into the Top 10 today, based on an increased volume of $111m
Leaving the Top 10
ZCash (ZEC) moves out of the Top 10, dropping down to 14th in the most-traded list.
Biggest Movers by %
EOS (EOS) makes the biggest, and by far the most impressive price move in the Top 10 with a 10% boost – as it continues an impressive rally that some are putting down to its plans to introduce a new referendum system.
While that could be the case, or – perhaps – problems with some competitors are beginning to reflect well upon the dApp plaform that currently has 200 startup projects looking to use it, that will bring with them a plethora of Airdrops, there’s little point in denying that it’s price has fared well in recent weeks.
Outside Top 10:
Here are Top 10 gainers in terms of price over the last 24hrs…
While today’s gains are nowhere near as impressive as yesterday’s, seeing EOS in the chart is a healthy sign for a highly traded crypto. The strange (well, to me) Second Life-like Decentraland is there, too – having been featured by the BBC (no less) in recent days.
Here are the Top 10 losers.