The biggest and oldest cryptocurrency, Bitcoin, took a sudden swing above USD10000 past week, dragging the rest of the market along for the ride and recording gains all across the board. After range trading above USD10000 for the better part of August, $BTC took a violent swing downward, dipping into the lower USD9000 prices, remaining below USD10000 for a couple of days. While it seemed poised to break out above USD11000 in what some were calling the definite confirmation of the bull market being back, it has lost momentum over the weekend and the markets are waiting for the top currency to decide which way it is about to turn.
With the downwards movement temporarily paused, the markets recovered, even though the volatility of the market remains high. At the moment of writing, the top currency by market capitalization is trading at USD10057 per $BTC and is holding a USD180bn market capitalization, continuing to slip down towards the USD10000 price tag and affecting the rest of the market.
Over the past 24 hours $BTC records a 2.34% loss while its high market dominance fell to 69.6% showing that the top cryptocurrencies haven't managed to fully recover from the damage $BTC's last violent move did, but the pause in the volatility of price movement $BTC has been experiencing over the last couple of days has given top currencies time to make up for some of their losses.
The best performing coin among the top ten currencies was Bitcoin Cash, $BCH, which records a 1.3% loss, outperforming both $BTC and the rest of the top currencies as it continues its good performance from past months.
The worst performing coin over the past 24 hours was Monero, $XMR, losing 5.2% of value and continuing its battle to remain on the last place of top ten cryptocurrencies by market capitalization, as the top currency has fallen off the list only to make a comeback several times over the past months.
In the traditional markets, major stock indices have opened the week to an ambiguous note but continue into it to record gains - the S&P 500 records a 0,96% gain on September 10th, the Dow Jones Industrial Average has gained 0,28% while FTSE 100 Index is recording a 0.44% gain. The SSE Composite Index, on the other hand, is struggling while other indices record gains, making a 0,36% loss.
The recent performance of traditional markets is of small wonder, considering the recent statements from the U.S. president, Donald Trump, who announced more trade tariffs will soon be introduced by the U.S., as well as the increase of global tensions due to the breakdown of the nuclear armament agreement between Russia and the United States. With the additional turmoil in the UK over the Brexit negotiations and its new prime minister, Boris Johnson, losing the majority of MP support, the uncertainty in the global markets doesn't seem to be dropping.
With cryptocurrencies historically performing best in times of market uncertainty, and with the several events such as Bakkt's futures platform going live, September has all the makings of an exciting month for cryptocurrencies.
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The personal views and opinions expressed in this article are not investment advice. The author is not a financial adviser and you alone assume the sole responsibility of evaluating the merits and risks associated with the use of any and all information or views expressed in the article above.