After a troubling time through most of September, it looks as if bitcoin has calmed down and is now moving at a steady pace. From September 29, bitcoin has stabilized around the $6,500 bracket. While this may not sound impressive regarding how low its price is, during times of crisis such as this bear market, it is often viewed as comforting to have a few moments where the top coins and tokens move at a more relaxed pace. It allows for traders to contemplate their next moves and form strategies.
Bitcoin has stabilized, but the market cap has not
Unfortunately, despite BTC’s relaxed state, the global market cap has not been struck with the same luck. While the cap is resting at a respectable rate of $223 billion (much higher than previously this year), an examination of its historical data reveals that it has been in flux recently. However, this shouldn’t be a worry for traders and investors who are not long-term holders, as nobody bets on the market cap in the same way as they do with individual coins and tokens. Looking at the market cap is important so that you can get a gauge of how the industry is performing as a whole, rather than as a direct tool to help figure out what to invest in. The market cap represents the health of the industry. These fluctuations may be harsh, but in actuality, they are reasonably normal considering how this is still a bear market.
XRP experiences a steady rise
While bitcoin has stabilized, XRP has found itself the subject of an extremely steady rise. It seems that word of its imminent release of xRapid has died down and the coin is only left with a handful of core traders who are still betting on its future. Its price movements are somewhat metered in comparison to how they were earlier in September. It would be reasonable to predict that XRP will stabilize in the same way that bitcoin has stabilized in the coming days and weeks.
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.