Crypto valuation dump ongoing but bitcoin steady

October 11, 2018
Chris Wheal

Little change (2.30pm) to the earlier price valuation burn-out with bitcoin extending losses slightly, down -4.7% to $6,258 according to latest Coindesk prices (though bitcoin was down more than -7% overnight).

The price slip has blunted much of the cautious optimism that had been cautiously supporting prices for some weeks. 

In total around $10bn has flowed out of the market

Bitcoin stamina exerted despite jolts

However bitcoin’s performance remains solid compared to many altcoins; ethereum is down -12% while ripple XRP is close to -15% lower.

Some of the valuation bleed may be down to fintech trading ‘bots’ which often piles on ‘sell’ pressure.

However global stock markets have also been having a rough time of it with the Dow Jones Industrial Average down more than 0.4%, the S&P 500 slipping 0.3% and the Nasdaq 0.5% lower today (but after sinking 3.3% yesterday), not helped by grim CPI reading forecasts. 

Any thoughts of crypto ‘safe haven’ status have been firmly squashed today

No crypto exemption from flash fall

This marks something of a departure: until recently cryptos had appeared relatively resilient to the gusts and squalls of the broader stock market.

Some of the sell-off had also been attributed to bitcoin ‘whales’ (big holders of crypto) but so-called bitcoin ‘whales’ are a highly diverse crowd and so offer some resilience to ‘herd’ behaviour (see latest analysis from Chainalysis).

Here’s a round up of the moves of the top 10 cryptocurrencies by market cap at 2.30pm, London time.

  1. Bitcoin -4.7% at $6,258
  2. Ethereum -12.0% at $198.93
  3. Ripple XRP -14.3% at $0.40
  4. Bitcoin cash -12.6% at $446
  5. Eos -10.6% at $5.25
  6. Stellar lumens -12.9% at $0.21
  7. Litecoin -10.19% at $51.92
  8. Tether -0.06% at $0.99
  9. Cardano -11.6% at $0.07
  10. Monero -7.72% at $103.60
Post written by Chris Wheal
Chris Wheal is editor of OpenLedger's news and features service. An award-wining business journalists himself, he runs a team of freelance journalists from across the UK and north America.

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