Cryptocurrency prices wavered on Wednesday following the biggest 24-hour devaluation in months, leaving little guarantee of a swift recovery in the near term. For Ethereum (ETH), the grind lower has been much more extreme when valued against bitcoin (BTC). While the ETH/BTC exchange rate has been in recovery throughout September, the year-to-date picture is grim. How ether performs relative to the ‘king of cryptocurrencies’ offers eye-opening insights into the broader altcoin market.
One day removed from a devastating price collapse, cryptocurrency markets were relatively unchanged on Wednesday. That trend extended into the early hours of Thursday trading, with the combined value of all coins hovering around $222 billion, according to CoinMarketCap. Markets recovered to a high of around $227.7 billion before succumbing to a fresh round of selling that shaved another $10 billion.
The price of bitcoin fell 2.6% to $8,461, dragging its market-dominance rate slightly lower. Ethereum hovered around break-even and was last spotted at $170.54. Ripple’s XRP climbed 2.2% to $0.2444. The biggest percentage gainer among the majors was Stellar (XLM). The no. 10 cryptocurrency rose 5.1% to $0.0583.
- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…
- USDCHF reversed from resistance zone - Likely to fall to support level 0.8860 USDCHF…
The US dollar is at two-year highs. Factors such as changes in the Fed's monetary…
The crypto market is experiencing a decline, with a potential further drop in value. Bitcoin…
- EURGBP reversed from support zone - Likely to rise to resistance level 0.8300 EURGBP…
- EURJPY broke resistance zone - Likely to rise to resistance level 165.00 EURJPY currency…
This website uses cookies