Conventional wisdom, if there is such a thing in the cryptosphere, suggests stability in the
Bitcoin (BTC) price leads to an increase in the momentum of other digital currency – basic follow-the-leader mentality. However, smaller alt coin players have recorded the largest losses in the global crypto market over the past 24-hour trading cycle.
Tokens such as
Tezos (XTZ),
Kin,
Ark,
Basic Attention Token (BAT), and
Aelf (ELF) declined by 5 to 15% against both the US dollar and Bitcoin, demonstrating high volatility.
Meanwhile, BTC recorded its 14-month low in monthly volatility, showing stability in the lower price range of US$6,500. The world’s number one cryptocurrency recorded a gain of 2.5%, as other major cryptocurrencies like
Ethereum (ETH),
B Cash (BCH),
Ripple (XRP), and
EOS recorded a few minor losses along with a few small gains.
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The market remains tense over the incoming Securities and Exchange Commission’s decision to ratify a proposed bitcoin Exchange-Traded Fun (ETF).
Total crypto market capitalization has fallen back after almost a week of gains from its 2018 low last Tuesday. With a current US$212 billion cap, markets have shed 1.8% over the past 24 hours, trade volume has remained low at US$12 billion indicating that it’s likely there’s more of this to come.
