Ethereum, Bitcoin Prices Stabilize After Day of Sideways Trading

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
October 20, 2017

Traders restored a bit of stability to the crypto markets on Friday following a day of sideways trading. The bitcoin price and ethereum price each declined a bit less than 1% for the day, and most major altcoins experienced similar minor declines. However, no top 10 cryptocurrency moved more than 3%, providing the market with one of its calmer day-over-day performances in recent memory.

Chart from CoinMarketCap

Altogether, the cryptocurrency market cap shed about $1.4 billion on Friday. After beginning the day at $169.8 billion, the crypto market cap made several thrusts across the $170 billion threshold. Ultimately, however, it held below that threshold and has since tapered to $168.4 billion for a 24-hour decline of 0.9%.

Chart from CoinMarketCap

Bitcoin Price Ticks Below $5,700

The bitcoin price had stormed back to $5,700 following an early week sell-off, but it was unable to hold above that mark on Friday. After spending most of the day fluctuating between $5,630 and $5,730, the bitcoin price ended up near the lower end of that range. At present, the bitcoin price is trading at a global average of $5,649, which represents a single-day decline of 0.7% and leaves bitcoin with a $94 billion market cap.

Bitcoin Price Chart from CoinMarketCap

As CCN has reported, bitcoin’s early-week decline was reversed when traders began “buying the dip”, indicating that the flagship cryptocurrency has support above the $5,000 mark. However, the markets are a bit trepidatious to carry bitcoin above the $6,000 mark, likely due to lingering concerns over the contentious SegWit2x hard fork that is scheduled for November.

Ethereum Price Tapers to $305

The ethereum price also returned a minor decline of Friday, dropping 0.8% — or $3 — to $305. Many ethereum investors had expected the activation of the Byzantium hard fork to initiate a bullish ethereum price trend, but, thus far, the reverse has been true. Since rising to $348 immediately following the hard fork, the ethereum price has declined by more than 12%. This leaves ethereum with a $29.1 billion market cap.

Ethereum Price Chart from CoinMarketCap

However, while this short-term performance may disappoint some late-comers, ethereum has managed to remain above the psychologically-important $300 threshold, leaving the second-largest cryptocurrency in a nice position for a future advance.

Altcoins Take a Breather

The altcoin markets were uncharacteristically calm on Friday, even for a day when bitcoin and ethereum made little movement. Remarkably, no top 10 cryptocurrency experienced a single-day price movement substantially greater than 3%, and three had virtually no movement at all.

Altcoin Price Chart from CoinMarketCap

In a divergence from its weeklong downward trend, the ripple price posted the best performance of any top 10 cryptocurrency. It rose 3% following the release of a quarterly report on the XRP markets in which Ripple teased the announcement of future partnerships and reaffirmed its commitment to promoting XRP as a core component of Ripple adoption.

Ripple Price Chart from CoinMarketCap

Bitcoin cash and litecoin each declined about 3%, reducing their prices to $325 and $59, respectively. The dash price dipped 1% to $291, and NEM fell 2% to drop its market cap back below $2 billion. Bitconnect, NEO, and monero rounded out the top 10 with movements of just a few pennies.

Featured image from Shutterstock.

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.