Crypto Market Wrap

Cryptocurrency Market Update: XRP Level With Ethereum as Ripple Swell Event Kicks Off

Martin Young | October 1, 2018 | 4:31 am
xrp
Crypto

Cryptocurrency Market Update: XRP Level With Ethereum as Ripple Swell Event Kicks Off

Martin Young | October 1, 2018 | 4:31 am

FOMO Moments

Markets are slowly climbing this Monday; XRP doing well at the expense of Ethereum.

Monday morning in crypto land has seen markets remain stable and even climb a bit following Saturday’s predicted dump. However, no major momentum can be seen yet as total capitalization hovers just over $224 billion.

Bitcoin is trading at $6,650 which is up just one percent on the day. After falling to a weekly low of $6,380 BTC starts this week just slightly lower than its level this time last Monday. Ethereum is in a similar position with a 1% gain to $233 on the day.

The majority of altcoins are in the green at the moment with XRP making the most progress in the top ten. Ripple’s token is up 3.3% on the day to trade at $0.591, it is just a few hundred thousand away from passing Ethereum’s market cap of $23.8 billion. XRP has had a monster fortnight surging over a hundred percent since mid-month. Ripple’s Swell event is about to kick off in San Francisco which is likely to drive more momentum for XRP.

Stellar is also performing well at the moment, gaining just below 3% to $0.261. The rest are up just marginally.

In the top twenty things look similar during Asian trading with very small gains of a percent or two for most altcoins. Iota and Dogecoin are the only two over 2% at the moment. The big pump of the moment is coming from Odyssey which is up 40% followed by Nebulas at 30% and ReddCoin making 20% on the day. Getting beat up are last week’s winners Electroneum and Eternal Token dropping around 12%.

Total market capitalization has only made one percent on the day and is currently at $224 billion. The big bearish pressure appears to have waned however there are not enough bulls around to signal a real recovery just yet. Crypto markets have regained all losses during the last week to trade at the same level again. There has been a noted uptrend though since the yearly lows on September 12.

FOMO Moments is a section that takes a daily look at the top 20 altcoins during the current trading session and analyses the best performing ones, looking for trends and possible fundamentals.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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