Market Mostly Trades Sideways as Bitcoin Price Hovers Around $9,100
Thursday Oct. 31 — Cryptocurrency markets are largely trading sideways with most changes among the top-20 coins not exceeding 1% on the day.
Cryptocurrency market daily overview. Source: Coin360
Bitcoin (BTC) has been trading sideways for the better part of the day and continues to circle around the $9,100 price mark. The coin bounced off a local low of $8,960 earlier today before moving to its current trading price at $9,149, showing a small loss of 0.74% on the day.
BTC daily price chart. Source: Coin360
Bitcoin is fighting hard to hold on to its current trading levels, but traders apparently are starting to wonder whether or not last week’s so-called “Xi pump” to $10,540 was a fluke driven by Chinese President Xi Jinping’s call for China to accelerate the development of blockchain technology.
Bitcoin analyst and guest contributor at Forbes and CNBC, Jacob Canfield, just took to Twitter to point out that the “order books on Coinbase glitched out to be non existent” and that Bitcoin exchange Deribit suffered a BTC flash crash to $7,700. “Investigating what happened, but it is still unclear,” he tweeted.
Ether (ETH), meanwhile, is currently sitting at $182.5 per coin. The number one altcoin saw a small dip in sync with BTC and is showing a loss of around 0.75% at publishing time.
Cointelegraph contributor Rakesh Upadhyay recently said that Ether is facing strong resistance at $196.483. If the Ether’s price dips below the 20-day EMA, it may remain range-bound between $161.056 and $196.483 for the next few days. If Ether can pick up momentum above $196.483, it will likely move up to $235.70.
Ether seven-day price chart. Source: Coin360
XRP has been trading relatively flat for the better part of the day. The third-largest coin by market capitalization is currently trading at $0.295 per coin, down 0.47% at press time. The recent news that the daily XRP transactions are going through the roof, nearing an all-time high of 1.70 million, has had little to no effect on the price of XRP.
XRP seven-day price chart. Source: Coin360
Top-20 coins show mixed signals
The top 20 coins are showing both green and red candlesticks, with Bitcoin SV (BSV) and NEO taking the title of worst top-20 performers of the day, with losses of more than 6% on the day.
Cosmos (ATOM) on the other hand is showing an impressive gain of over 5% in the last 24 hours, followed closely by Chainlink (Link), which is recording 4.6% gains on the day.
The overall cryptocurrency market cap currently sits at $245.2 billion, with Bitcoin making up 67.5% of the total.