The market has dipped in the past 24 hours after soaring for the skies on the 29th, but don’t panic just yet as this looks like the normal ebb and flow of a recovering market, and we’re already starting to see an upward curve in market cap and trading volume.
Straight lines heading for the sky would be fantastic. But then investing would be easy and everybody would be at it. This erratic, nervous line will undoubtedly give us sleepless nights, but peaks and troughs are part of the game. Even if this is the big bull, it will stop for a breather sometimes.
A Nervous Dip Precedes A Rally
So, even though the last 48 hours has seen a market cap drop from its highest point for two weeks, from almost $233.2 billion on August 29th to $220.47 billion at its lowest point yesterday, there’s no reason to panic just yet. Earlier today the market rallied back to $226.33 billion and a daily trading volume of $12.86 billion.
If we exclude bitcoin, there’s almost no change in the graph. From a peak of $110.66 billion and a 24-hour trading volume of $9.1 billion on the 29th it hit a trough of $102.51 billion and a daily trading volume of $8.72 billion yesterday, but it’s coming back.
Market Moving In Unison
As for the others, there really aren’t any outstanding movers and shakers in the last 48 hours and the market percentage graphs are eerily flat. The market is almost working in unison and the only standout coin is Ethereum, for the wrong reasons. It continues to slide in terms of the percentage of the total Market Cap, from 12.98% on the 28th down to 12.61% today.
This is a consistent slide and it’s a source of concern. Dash is up from 0.66% to 0.7%, which is a small and yet significant jump.
Generally, this looks like a concerted recovery in progress, with the usual slings and arrows that go with the market. So, don’t get too lost in the hour-by-hour reports right now as we’re looking at a volatile cryptocurrency market in a state of flux.
What’s it going to do next? We’ll have to wait and see!
The author is not invested in any digital currency.