Crypto Markets See Modest Growth Across the Board

  • Cryptocurrencies are today posting modest gains market-wide, with all of the large-market cap coins seeing green.

    Thursday, Oct. 4: cryptocurrencies are today posting modest gains market-wide. All of the top twenty coins by market cap are tipping into green, as data from Coin360 shows.

    Market visualization

    Market visualization by Coin360

    Bitcoin (BTC) is up by 1.2 percent on the day, trading around $6,573 as of press time. Following a bullish high of $6,783 at the start of its weekly chart, the top coin saw two subsequent price corrections (Sept. 29 and Oct. 3), yesterday briefly dipping below the $6,500 threshold.

    On its weekly chart, Bitcoin is now 1.5 percent in the red. Monthly losses are pushing a stark 10.6 percent.

    Bitcoin 7-day price chart

    Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index

    Ethereum (ETH) is seeing fractionally more growth, up 2.3 percent on the day to trade at $223 at press time. After a steep price hit Sept. 29 to trade as low as $215, the leading altcoin recovered to push above $235 Sept. 30, before a period of depressed price performance in the days through Oct. 3.

    Ethereum’s market cap is around $22.87 billion, sustaining a slight margin ahead of Ripple (XRP), which today has a market cap of $21.3 billion.

    On the week, Ethereum’s losses are now at 2.25 percent; on the month, the altcoin is down around 21.5 percent.

    Ethereum 7-day price chart

    Ethereum 7-day price chart. Source: Cointelegraph Ethereum Price Index

    Ripple (XRP) is up 1.3 percent to trade at $0.53. Earlier today, Cointelegraph reported that the Ripple-powered consumer payments app “MoneyTap” went live for Japanese users Oct. 3. The new product has been developed together with SBI Holdings, and is initially available for account holders at three major Japanese banks.

    Ripple saw unprecedented growth in September, when it briefly outflanked Ethereum to claim the second spot ranking on CoinMarketCap listings. Today, however, Ripple’s weekly chart is almost one percent in the red. On the month, Ripple remains up an impressive 62.6 percent.

    Ripple 7-day price chart

    Ripple 7-day price chart. Source: Cointelegraph Ripple Price Index

    The remaining top ten coins listed on CoinMarketCap are all in the green, capped within a 2.5 percent range. EOS (EOS) is up 1.8 percent to trade at $5.69, while Litecoin (LTC) is up 1.3 percent at $58.53. Other top ten coins are all seeing growth of under one percent.

    In the context of the top twenty, 24-hour growth is more robust, with NEM (XEM) up a strong 4.5 percent on the day. Notwithstanding a dip yesterday, the token has seen strong price performance on its weekly chart.

    NEM’s 7-day price chart

    NEM’s 7-day price chart. Source: CoinMarketCap

    Following a couple of days of sustained losses, Tezos (XTZ) is today up 1.4 percent to trade at $1.32. Tron (TRX) is seeing above-average growth, up 2.68 percent at $0.022.

    Total market capitalization of all cryptocurrencies is around $218.7 billion as of press time, after seeing an intra-week low yesterday at $214.1 billion.

    7-day chart of the total market capitalization of all cryptocurrencies

    7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

    As investors enjoy a welcome flush of green market-wide, there has similarly been bullish news for the blockchain industry. Technology research firm ReportLinker has suggested that blockchain technology in the U.S. manufacturing sector will grow significantly over the next five years, set to hit over $500 million by 2025.

    According to this week’s Diar report, “traditional” venture capital (VC) investment in blockchain and crypto firms has almost tripled in the first three quarters of 2018, with blockchain and crypto-related firms sealing almost $3.9 billion in VC capital.

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