The cryptocurrency markets were uncharacteristically calm on Tuesday, and no top-tier coin or token moved more than 3%. However, anchored by a stable bitcoin price, the total crypto market cap managed to make a minor advance. But will this market stability continue, or is the bitcoin price consolidating before a breakout?
After entering the day at $179.3 billion, the crypto market cap touched the $180 billion threshold but could not sustain an advance across it. Eventually, the crypto market settled back down to the $179.3 billion level, although it managed to add about $28 million — an amount so small it barely registers on the charts.
Tuesday marks the ninth anniversary since Satoshi Nakamoto published the bitcoin whitepaper, and it should serve as a reminder of the trials both the technology and community have had to overcome to reach 2017’s yearlong victory lap.
The day was also characterized by sideways trading, with the bitcoin price moving just a few dollars before reaching a present value of $6,168. This was a marked change from Sunday, when the bitcoin price surged to an all-time high of $6,345 on Bitfinex, the largest bitcoin exchange. This stability is reminiscent of an event that occurred two weeks ago when the bitcoin price consolidated before surging past $6,000 for the first time.
Will bitcoin see a similar breakout this week? It’s impossible to tell. However, Max Keiser predicts that the bitcoin price will reach $10,000 within the near future, and that milestone would likely be hastened if China eases restrictions on cryptocurrency trading, as some industry observers have speculated that it might.
The ethereum price, like that of bitcoin, made virtually no movement on Tuesday. It entered the day at $309, and that is where it currently sits. Investors should take it as a positive sign that ethereum did not settle back down to $300 — as it has tended to do in October — but the ethereum price will need to see some momentum to finally break free of that threshold’s orbit.
With bitcoin as a market bellwether, top-tier altcoins made little movement leading into Tuesday. Three top 10 altcoins — ripple, NEO, and bitconnect — fluctuated less than 1%, while bitcoin cash’s 2.55% decline constituted the most dramatic shift at the top of the charts. The NEM price tapered by just over 1%, and litecoin, dash, and monero each saw declines of about 2%.
Coins and tokens outside of the top 10 saw a bit more action, and double-digit gains from komodo, vertcoin, tron, and the basic attention token offset the minor declines exhibited by top-tier cryptocurrencies and enabled the crypto market cap to post a net increase.
Last modified: May 21, 2020 9:09 AM