Monday, Nov. 12: crypto markets are seeing a wave of stability, with most major assets seeing low-level fluctuations both red and green, with just a few exceptions, as data from Coin360 shows.
Market visualization. Source: Coin360
Bitcoin (BTC) is up around 0.85 percent, trading around $6,354 at press time. After a period of protracted stability, the top coin saw a recent spate of downwards momentum and has been trading beneath $6,400 for the past several days. After an intra-week low of $6,307 yesterday, Nov. 11, Bitcoin has stemmed its losses and pushed back above the $6,350 mark.
On the week, the top cryptocurrency is just a little down from the start of its weekly chart, in the red by a slight 0.4 percent. On the month, Bitcoin is up around one percent.
Bitcoin 7-day price chart. Source: CryptoNewspeople Bitcoin Price Index
The market’s leading altcoin Ethereum (ETH) has also seen a fractional gain, up around three quarters of a percent to trade at $210 at press time. Correlating with Bitcoin, the altcoin saw an intra-week peak at around $220 Nov. 7, declining in the following days to trade as low as $207 Nov. 11 before recovering ground today.
On the week, the asset is just under one percent in the green, but monthly growth is a healthy 8.5 percent.
Ethereum 7-day price chart. Source: CryptoNewspeople Ethereum Price Index
Ripple (XRP) has outstripped all of the top ten coins on CoinMarketCap, sealing almost six percent growth to trade at around $0.53 at press time. While still below its weekly peak at over $0.55 Nov. 6, Ripple saw a strong surge during the hours before press time, having traded sideways at a lower price point around $0.51 in recent days.
On the week, Ripple’s growth is now a solid 5.2 percent, with monthly gains at 25.6 percent.
Ripple 7-day price chart. Source: CryptoNewspeople Ripple Price Index
Most of the remaining top ten coins on CoinMarketCap are in the green, seeing growth capped below a two percent range, with the exception of anonymity-oriented altcoin Monero (XMR), which has seen solid a 3.35 percent gain to trade at around $107.03.
Mati Greenspan, an eToro senior analyst, has today pointed out on Twitter that despite “all this drama in BCH [Bitcoin Cash] and still Google searches aren’t even coming close to BTC [Bitcoin]. Tell me again, which is the real Bitcoin?”
Greenspan provided a screenshot of Google Trend analytics for the past 30 days, which show that Bitcoin — sometimes dubbed Bitcoin Core — continues to significantly outflank Bitcoin Cash in terms of Internet searches.
Comparison of Bitcoin (BTC) and Bitcoin Cash (BCH) Google searches over the past 30 days. Source: Google Trends
The top twenty coins by market cap are seeing more mixed red and green, with the 15th highest-ranked crypto NEM (XEM) a significant outlier, up 16.3 percent to trade at about $0.108 at press time. NEM saw a sudden, steep uptick during earlier trading hours to peak at $0.114, before correcting just slightly downwards ahead of press time.
NEM 24-hour price chart. Source: CoinMarketCap
Tezos (XTZ) and privacy-focused altcoin ZCash (ZEC), ranked 18th and 19th largest by market cap, are each down just a little over 2 percent on the day, trading at about $1.29 and $127.44 respectively.
Total market capitalization of all cryptocurrencies is around $212.9 billion as of press time, down from an intra-week high of around $220.7 billion Nov. 7.
7-day chart of the total market capitalization of all cryptocurrencies: Souce: CoinMarketCap
Meanwhile in China, a new blockchain alliance has been formed by the Guangzhou City Blockchain Industry Association, the Hong Kong Blockchain Industry Association, and the Macau University Innovation Center to collaborate on four new finance-oriented blockchain platforms.