Crypto Market Keeps Its Balance After Recent Sell-Off, Bitcoin Above $6,300
Sunday, October 14: crypto markets keep their balance after the recent sell-off this week, with most of the 20 top coins by market cap slightly in the green. Fluctuations on the markets in both directions have for the most part been no more than 1 percent, as data from Coin360 shows.
Market visualization from Coin360
Bitcoin (BTC) has seen slight growth over the past 24 hours, having strengthened to above the $6,300 threshold. At press time, the major cryptocurrency is trading at $6,331, slightly down from its intraday high around $6,360, while recovering from its intraday low around $6,277. On the week, Bitcoin is down almost 4 percent from around $6,580.
Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index
Ethereum (ETH) has also seen a slight rebound, up around half a percent over the past 24 hours to press time. The second cryptocurrency by market cap has been hovering just above the $200 price point in the second half of the day, and is trading at $202 at press time. In terms of weekly dynamics, Ethereum is down about 11 percent to press time.
Ethereum 24-hour price chart. Source: Cointelegraph Ethereum Price Index
Total market capitalization of all cryptocurrencies is hovering around the $200 billion threshold, appearing to stabilize after the crypto markets’ recent decline. At press time, total market cap amounts to $202.8 billion, slightly down from $204 billion earlier today.
Total market capitalization 24-hour chart. Source: CoinMarketCap
Bitcoin dominance — or the percentage of the total crypto market cap that is Bitcoin’s — has been steadily near 54 percent today. At press time, Bitcoin dominance is at 54.1 percent.
Among the top 20 cryptocurrencies by market cap, TRON (TRX), the eleventh largest, has seen the most notable change over the past 24 hours to press time, up a solid 3.66 percent.
TRON continues to see gains today following a recent cryptic announcement from its CEO of a partnership with an unnamed “industry giant” that is valued at “tens of billions of dollars.” Following the tweet an unconfirmed report was released claiming that TRON has partnered with China’s Internet giant Baidu.
Crypto analyst Joseph Young commented on Twitter today expressing concern about Bitcoin’s trading volumes, claiming they are “approaching yearly low once again” and adding “Decent short-term recovery earlier today (October 14) but low volume is really concerning.”
Young has also participated in an ongoing Twitter battle recently between the crypto community and American economist Nouriel Roubini, who has been posting particularly audacious anti-crypto Tweets — most recently calling the whole idea of crypto “fascist at core.”
The crypto commentator today retorted a recent Tweet from Roubini about Bitcoin transaction fees that claimed “the cost per transaction of bitcoin is literally $60.” Young clarified for Roubini that “cost per transaction” is in fact different from “transaction fee.”
Roubini — a New York University professor also known as “Dr. Doom” for reportedly predicting the 2008 financial crisis — recently testified in a U.S. Senate hearing on cryptocurrency.