Crypto Top 10s (September 4th, 2018): Bitcoin price rises above $7,300; Ethereum can’t top $300
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 6.30pm (UK GMT+1) Sept 4th, 2018..
The Top 10, as of 2.50pm (GMT+1) Sept 4th, 2018 looked like this…
Top 10 Overview
It was a day of price increases for seven of the Top 10 most-traded cryptocurrencies as the recent short term improvement in the fortunes of the cryptocurrency markets continues. Over the last 24hrs, one coin has managed to gain more than 5% in value, with a further two picking up 4% or more in price. Another managed a 3% lift. All loses were less than 1% in value.
In terms of trading volume, business was generally in line with the kind of numbers that we saw last week among the Top 10 – though slightly down on our last report from Friday. According to CoinMarketCap, the total value of all cryptocurrencies now stands at just above $240bn – up $16bn from last Friday’s figure, reflecting the improving value of the Top 10 over the last week – which sees all but two cryptos in green numbers over seven days.
Bitcoin’s share of the market’s value dropped slightly to 52.9% from 53.4% – representing a slight improvement in the fortunes of certain altcoins compared the the benchmark set by BTC.
Today, the 10th placed coin registered a total volume of around $111m, a volume that’s down around $5m from what would have been required to make the Top 10 yesterday.
Having risen in three distinct steps over the weekend to surpass $7,200, Bitcoin (BTC) has continued a steady movement upwards over the last 24hrs to surpass the $7,300 and hold above it. It represents another 1% lift that has been consistent with the generally steady increase in market capitalisation since it hit its recent low on August 11th.
Much of the market chatter over the weekend concerned a sudden rise in the amount of money betting that the price of Bitcoin would fall – so called ‘Shorts’ – after a massive spike in the amount of money hold such a position occurred just before lunchtime on Sunday. Here you can see the spike happening on BitFinex’s BTCUSDShorts market.
The sudden surge, amounting to about 11,000 BTC, worth nigh-on $80m, sent twitter abuzz. This twitter thread handily lays out the opposing theories of what it could mean.
— Chris Burniske (@cburniske) September 2, 2018
On the other hand, some seasoned observers (albeit of a certain worldview) showed little doubt that it was a sign of bullish moods to come…
To be clear, in all my years of trading bitcoin I’ve never seen a long/short ratio change this much so quickly. Just some food for thought.
— Flood [Bitmex] (@ThinkingUSD) September 2, 2018
Here’s that transition between long and short positions over the last week, courtesy of Datamish’s rendering of BitFinex-derived data.
As @ThinkingUSD’s statement infers, it can be seen in the chart below that bigger moves in the relationship between the competing sentiments have occurred in the BTC market, several in fact. It’s the sheer speed which this one happened that has taken everyone by surprise, however – and the inference that one, or a limited number of people could be responsible.
Here, we can see the last year of movement between short and long position by percentage of total value… There are certainly a couple of crossings here that eclipse the events of the weekend.
However, if we look at one of the biggest – that happened in November 2017 – the large change that we can see in that graph, though 15% wider, took place over 12 hours of trading, whereas Sunday’s took little over 3.5hrs.
Even longer periods were required for the three criss-crosses that occurred before that major shift.
Were you looking to confirm your bullish sentiments, it may be worth looking at the Long/Short relationship between October 24th and November 14th more closely. As that is the last time we saw the line cross the 50% mark with regularity in a similar way to the last week.
The current oscillations are not as frequent as they were then, but a cursory look at the dates will tell anyone that the uncertain sentiment on where BTCs price would go appeared to be a pre-cursor to 2017’s late-year bull run, which effectively kicked off on the 14th November.
The relatively benign upward movements we’ve seen in the last couple of days are allowing all those accumulated shorts – leveraged though many of them are – to hold on in there in the hope of downward price pressure bringing them back in to profit. However, should BTC continue to rise in value, in order to protect trading margins more and more are going to have to close, meaning more and more BTC being bought at the higher price point.
That, of course, only adds to the northwards price pressure, and the short position dominoes beginning to fall quicker.
Once again, the ever-bullish @ThinkingUSD offers a take… And a dare…
All shorts from the massive rise on finex are now underwater. Only 10% of the shorts opened below 7300 have closed. MEX HVN shorts are also in trouble.
Gotta love the smell of freshly trapped margin shorts. Very bullish.
— Flood [Bitmex] (@ThinkingUSD) September 4, 2018
Even as Bitcoin heads north, albeit slowly, and Litecoin (LTC). Neo (NEO), Dash (DASH) and Zcash (ZEC) carried on their recent notable recovery, Ethereum (ETH) again seems to struggle as one of only three coins to see a drop in value today – and one of only two in the red over the last week.
Trading over the last 24hrs has seen it back as low as $281, having lost support at $288 briefly on it’s way down from failing to hold $300 over the weekend. It’s fork, Ethereum Classic, suffered a similar loss – though that came after impressive gains over previous days.
Here are Top 10 gainers in terms of price over the last 24hrs…
Here are the Top 10 losers.
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