Ethereum, Bitcoin Prices Trade Sideways as Crypto Markets Tread Water

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
October 5, 2017

The crypto markets settled down on Wednesday, dipping just slightly below their previous day levels. The ethereum and bitcoin prices set a tepid tone with daily declines of about 1% each, although a few top-tier altcoins posted more significant movements.

Chart from CoinMarketCap

The combined value of all cryptocurrencies entered the day at $144.6 billion. After progressing through most of the day on a slight incline, the markets reversed course Wednesday afternoon. At the time of writing, the total crypto market cap was $143.6 billion, representing a daily decline of less than 1%.

Chart from CoinMarketCap

Bitcoin Price Ebbs Toward $4,200

Earlier in the week, the bitcoin price appeared poised to cross the $4,500 threshold, but it has ebbed lower over the past two days. On Wednesday, the bitcoin price climbed as high as $4,352 but ultimately ended the day trading sideways. At present, the bitcoin price is $4,236, which represents a 24-hour decline of 1%. Bitcoin now has a market cap of $70.3 billion.

Bitcoin Price Chart from CoinMarketCap

As CCN has reported, bitcoin’s mid-term price trajectory most likely depends on the Japanese and South Korean markets. If current trends continue, analysts expect that the bitcoin price will end the year between $5,000 and $6,000, depending on what happens with SegWit2x.

Ethereum Price Holds Below $300

The ethereum price performed similarly to bitcoin, trading sideways between $290 and $299 for the entirety of the day. At present, the ethereum price is $294, which represents a 24-hour drop of less than $3. Ethereum maintains a market cap of $27.9 billion, and its near-term prospects will continue to evolve as regulators in major markets issue increased guidance on initial coin offerings (ICOs), which currently account for a significant amount of ether demand.

Ethereum Price Chart from CoinMarketCap

Bitcoin Cash Price Continues Its Double-Digit Decline

The majority of top-tier altcoins made little movement on Wednesday, but there are a few trends worth noting.

Altcoin Price Chart from CoinMarketCap

Most significantly, Ripple continues to place distance between itself and bitcoin cash. For most of bitcoin cash’s brief history, it boasted the third-largest market cap by a comfortable margin. However, Ripple surpassed bitcoin cash in late September and has not looked back. Following today’s 5% gain, Ripple is trading at $0.211, which translates into an $8.1 billion market cap.

Ripple Price Chart from CoinMarketCap

Bitcoin cash, on the other hand, has fallen by more than 16% over the past seven days. A week ago, bitcoin cash was trading above $449; after today’s 6% decline, the bitcoin cash price is just $375. Bitcoin cash’s market cap is now nearly $2 billion less than that of Ripple.

7-Day Bitcoin Cash Price Chart from CoinMarketcap

Fifth-ranked litecoin held steady at $52. Dash climbed 5%, raising its price to $311. NEM declined 2%, dropping its market cap below $2 billion, while NEO dipped by 1%. IOTA and Monero each move less than 1% to round out the top 10.

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.