Joe Crypto: The Market Calls The Shots
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We can try and make sense of yesterday’s absolutely brutal market correction, where the bottom fell out of crypto and dragged most of the market with it for a few heart-wrenching hours.
The New York Stock Exchange had its worst day for eight months, rising interest rates in the US drew the ire of the President and there are other factors that simply combined to produce a perfect storm. This was the market’s occasional reminder that, even with the best preparation, we are along for the ride. We do not call the shots.
The total market cap fell from $217.81 billion at 3:30Pm yesterday to $200.14 billion at its lowest point today, although it had fought back to $201.78 billion by 3:30PM today. Double digit losses across the board were par for the course, it was an ocean of red and there were just a few coins that managed to defy the odds and fight against the tide.
0x Coinbase Pro Listing Pays Off
0x’s 5.40% boost in the last 24 hours to 3PM EST is nothing short of heroic considering the market. On another day, the news of its Coinbase Pro listing might have brought the casuals in and sent the coin price rocketing.
Today was perhaps the wrong day for this kind of news, but it still helped 0x (ZRX) beat the gravitational pull of a falling market and hit a new market cap of $430.84 million.The token has steadily increased over the past month as well, ignoring the radical peaks and troughs, so it is one to watch when the market turns.
QASH Makes Progress and Profit
QASH was a surprise entry in the win column today and it recorded a 3.57% increase in the last 24 hours. QASH launched its Liquid exchange recently and it is making serious inroads in Japan in particular.
The Liquid exchange links up existing exchanges and allows them to share their liquidity and provide a reserve for each other. The parent company QUOINE has merged with the Quionex crypto exchange it founded in 2014 in the last month and these managerial shuffle have boosted its fortunes on the market of late. The end goal of a fintech company, cryptocurrency exchange and a portfolio of financial products and services on the blockchain really hasn’t changed.
Others to put in a strong showing include the Dai, a relative minnow, which recorded a 1.20% boost today. That one we can easily explain, it’s a stablecoin and they suddenly look like a good idea when the sky is falling in.
New Portal Proves Potent For PIVX
PIVX was another coin that beat the odds. The tech behind it is MIT-licensed, open source blockchain that aims for near instant and totally secure transactions. The company has been busy of late and launched a new community portal on October 5th that has helped bolster the price on the crypto markets.
PIVX only recorded a 1.13% rise in the last 24 hours, but that’s a victory in itself on a day like this. A new market cap of $67.74 million is scant reward for its efforts, but it is making progress technically and could be worth watching.
Bitcoin Weathers Storm Well
Pretty much everybody else lost today and the only question that remained was how badly. Out of the big three, Bitcoin weathered the storm much better than Ethereum and XRP, which racked up 10.59% and 12.53% losses respectively.
Bitcoin’s recovery to record a 4.76% loss bears out the theory that it is going to be a safe port in the storm for those that don’t want to go into stablecoins or pull money out the market.
Apart from that there isn’t too much we can learn from the last 24 hours, apart from a healthy dose of humility. Days like this, they are reminders that we are just along for the ride.
The author is not invested in any digital currency.