September 24th was the witness of a major loss in Crypto capitalization. Almost $35 billion were lost in approximately half an hour out of the significant crypto capitalization of $257 billion. Soon after the incident, the new support was acquired by these currencies however, their duration of stay is questionable. The daily trades are keenly observed.
Traders are concerned with their investments and are meandering the digital currencies market on 20th October. There are more than 2000 cryptocurrencies in the market which holds the total capitalization of $220 billion, the average daily trading volume traded via trading platforms is $50 billion. BTC holding the substantial 66% amounting $144 billion stakes in the market is moving between $7900 and 8090 from the last 24 hours. These prices are 4.7% down as per weeks status.
As per the status from Sunday, the fall in Etherum is observed up to 5.4% and its swaping is going for $173. Next comes the Ripple with a trading value of $0.29, although the movement is upwards as observed in the past 7 days. 4th position is maintained by tether. The volume of USTD (tether) possesses a major volume of about $3.8 billion due to its popularity in global trades economy.
In context to the valuation at press time, BCH (bitcoin cash) holds the 5th position with a market capitalisation of $3.8 billion. The international trading volume of BCH is reaching a billion with current prices at $215. The prices are low about 0.44% in comparison to the past 7 days. A loss of 4.7% is seen in the asset. The trading volume varies for BTC at 20%, and tether along with BCH at 55%.
The trading volume of ETH is about 11.6% and KRW at 1%. The pairing list of BCH has a new entrant as USDH suiting at 7th position. The fluctuations in the crypto market had lowered the value of BCH, although it still stands at a suitable level of $ 195-205.
By the end of September, some major movements are observed by the traders in crypto prices and certainly, some enormous shifts are observed in the crypto trading. One of the twitter bots, Whale Alert who tracks the coins in single transactions has moved some million or billion dollars through ETH, BTC, XRP, BNB, USTD, XLM and EOS.
A regular movement of millions of tether is observed in leading exchanges and major wallets. Along with this, on 17th October, a massive transaction of 9,999 BTC was seen. Another tracker known as Whalecalls depicts the enormous change in trading volumes of Okcoin and also shows that it is liquidating regularly. Liquidation of massive wealth is seen for Bitmex and Bitfinex.
The BTC Prices are Going To Be Hit By Upcoming Market Trends
For quite a long time people are trying to find out the reason behind the pattern of BTC movement. The speculators have analysed that the bearish movement of BTC has been caused due to upcoming fluctuations in the crypto market.
A significant drop was seen in the prices of BTC a the time of Bakkt’s launch that happened on 24th September. According to Mati Greenspan, a senior analyst at Etoro, said that the launch of Bakkt may go underwhelming. Although it was considered the act of buying the rumour sell the news.
As explained by the CEO of Bitbull Capital, the reasons behind the price drops remain the fundamental and technical factors. These factors include the tame launch of Bakkt, consolidation’s range breakdown, and a sudden drop in the rate of network hash. Another explanation was given by Indexica’s CEO on 13th October, he said, “ the reason remains the maturity of BTC in conventional capital markets”.