The cryptocurrency market has been acting temperamentally and unpredictably once again. On September 17, the global market cap fell from $201 billion to $192 billion, only for it to partially recover on September 18. Some traders are dubbing this a ‘flash crash’ although flash crashes usually involve harsher falls. Nevertheless, a decline like this still places most traders in an uncomfortable position. The decline clearly reminds us that we are still deep in the territory of a bear market, and unfortunately, there are no signs of it dissipating. It is notoriously hard to make a profit in a bear market, which explains why the 24hour volume for all cryptocurrencies is extremely low. The 24hour volume is currently resting at $12 billion— the lowest it has been since the bear market started is $8 billion, which was on April 8. Volume drops when day-traders choose to forfeit, give up, or take a break.
Many coins are rising despite being in a bear market
Even though the market has been struggling to hold a good price, there are several coins and tokens which are performing well at the moment. For instance, XRP is actually shooting upwards at a staggering and shocking rate. In just one day, XRP rose from $0.27 to $0.33. That is a 22% rise in under 24 hours— even in a bull market that would be impressive. This is likely due to the announcement that Ripple’s product: xRapid could be ready for launch in just a few months.
Bitcoin has also been performing reasonably well after falling on September 17. By September 18 it had already attempted to climb from its fall, taking it from $6,282 to $6,383. That is not enough to take it to its price of $6,517 on September 16, but it is a start. Since then it has been acting reasonably steady. Ether has been facing the same struggle. Like BTC, it declined heavily on September 17 and attempted to remedy the problem on September 18. Considering how ETH has constantly been falling since as far back as May 2018, it is no longer a surprise when the coin dips. Several high-profile day-traders have in fact moved on from ether as it has been performing worse than most of the top coins for the entire year.
The market is positive right now
On September 19, it would appear that the market is performing well for the most part. Of the top 100 coins and tokens by market cap, only nine of them are declining at the moment— and one of those coins is Dai, a stablecoin, so it shouldn’t be counted for this statistic. This is a positive sign for the future, and it will clearly instill some hope into the minds of trader and holders.
Kai is a cryptocurrency copywriter and professional trader. He can often be found investigating various cryptocurrencies, whitepapers, and blockchain technologies. Kai has been a professional writer for 5+ years, and has invested in 50+ different coins and tokens. He also currently studies Law and Philosophy at university.