Joe Crypto: Are We At The Bottom Yet?
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Last week we started off with a nightmare, only to end the week on a massive high when the whole frown turned upside down on Wednesday. So let’s assume the same thing is going to happen again and today was simply the race to the bottom the market needs for the same chaotic bounce-back.
That’s about the only analysis we can stomach. Just about every other option is too depressing. The cryptocurrency market is just a sea of red today. Six of the top 100 coins had increased in value over the past 24 hours at 3pm EST and even they made a pittance.
MonaCoin Made Slight Progress
To put this into perspective, the star performer today is MonaCoin, with a 4.5% increase. That’s as good as it got. That was the winningest move on the cryptocurrency exchange today. So even if you won, you didn’t win big.
Other coins that ended in the green included IOST, with an epic 0.46% increase, Aurora with its 1.14% boost and the mysterious DentaCoin that managed a 1.12% increase in the coin price. You get the idea, this was not a great day.
XRP Crashes Back To Earth
UPDATE: 11pm UTC: XRP is taking off again after Coinbase announced it would accept new self-service token listings. In other news, people never learn.
XRP’s slow descent to Earth looks in danger of turning into a crash landing after the coin lost 14.1% of its value. Since the sudden spike on the September 21st, XRP has steadily lost most of its headline gains from the past week. Easy come, easy go, we guess.
The whole thing was likely started with a throwaway comment about xRapid deployment. Now more details are emerging, but the enthusiasm has waned and XRP is sliding back to where it started. The market cap of $17.9 billion, compared to $30.63 billion on September 21st, tells its own story.
0x has shed a lot of its newfound value over the past 24 hours, too, taking a 14.26% hit It’s another tale of a coin that dared to fly too close to the sun this week. The coin got a healthy boost after the company launched the 2.0 version of its smart contract enabled blockchain that can handle all kinds of transactions. Now that excitement has died down and it is at the front of my report for all the wrong reasons.
One Step Forward, Two Steps Back
Ethereum took a 10.93% loss over the last 24 hours as a small run of good luck turned into a familiar losing feeling today. Vitalik Buterin probably shouldn’t take it too personally, it has happened to almost everybody.
Cardano ADA is down 10.86% and Stellar is 10.24% down, with a market cap of $4.48 billion. TRON took a 9.01% loss, Bytecoin is down 10.82% after flaring up yesterday and it’s a similar story for STEEM, which has lost 14.09% of its value today. The goodwill from the changes to the SteemIt blogging platform clearly didn’t last too long.
Tomorrow Has To Get Better
Bitcoin’s main attraction may be that it doesn’t seem the take quite the same impact as the smaller coins at times like this. Calling Bitcoin stable is a step too far, but with a 3.75% loss today it is starting to look insulated from the highs and lows of the market. That can all change tomorrow, of course.
As for the cryptocurrency market, we’re giving it the benefit of the doubt. We’re going to say this is bottoming out in advance of a hard charge. Because, honestly, the alternatives are just too depressing…
The author is not currently invested in any cryptocurrency.
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