Market Mostly Trades Sideways as Bitcoin Price Holds Above $10,300

Monday, Sept. 9 — Cryptocurrency markets are largely trading sideways with most changes among the top-20 coins not exceeding 1% on the day.

Market visualization. Source: Coin360

Bitcoin (BTC) has been trading sideways for the better part of the day and seems to be holding above the $10,300 price mark. The coin saw a low of $10,080 earlier before moving to an intraday high of around $10,400, and is currently trading at $10,354, showing a small loss of 0.41% on the day.

In a crypto price analysis for Cointelegraph earlier today, Rakesh Upadhyay stated that the Bitcoin price could stay relatively stable as traders are setting themselves up ahead of the launch of Bakkt’s long-anticipated Bitcoin futures platform. 

Bitcoin’s 24-hour price chart. Source: Coin360

As Cointelegraph reported on Sept. 9, United States Securities and Exchange Commission Chairman Jay Clayton said that, although significant steps have been taken to address regulatory concerns vis-a-vis a Bitcoin exchange-traded fund, there is still work to be done.

The number one altcoin, Ether (ETH), is not doing any better than Bitcoin today as it is showing little to no price movement. The coin is currently trading at $182.52, up 0.83% on the day.

Ether 24-hour price chart. Source: Coin360

Ripple’s XRP token has continued to trade within a range this week and is currently showing a loss of around 0.82% on the day. At press time, the world’s third-most popular coin is trading at $0.259, which is around the exact same price as seven days ago.

XRP 7-day price chart. Source: Coin360

Other coins in the top-20 fared slightly worse, with Bitcoin SV (BSV) dropping 4.5% and Tezos (XTZ) dropping 5.52%, while EOS (EOS) is the only top-20 coin that is generating gains above 5%.

The total market capitalization of the cryptocurrency market sits at $266.4 billion at press time, with Bitcoin’s dominance of total market cap dropping below 70% to 69.8% of the total.