Cryptocurrencies only slightly lower despite warning of ‘implosion’
Cryptocurreny prices edged lower on Wednesday in a move that further illustrated the market’s ebbing volatility and increasing stability in recent sessions.
During the past seven days the market has largely enjoyed price movements devoid of the wild swings that typified cryptocurrency moves of the first months of the year.
Indeed, bitcoin – the largest of the cryptocurrencies by market capitalisation – has traded in an unusally narrow range – just $212 between the low point and the high point of the past week’s trade.
Narrow trading ranges persisted despite the warning – highlighted on many media channels – by Juniper Research, that market metrics point to an imminent cryptocurrency market implosion.
Juniper claims that falling transaction volumes and values, as well as irresponsible operating practices by crypto exchanges, have driven investors away and that the market is due a large downward correction – a further 47% quarter-on-quarter drop in transaction values during the third quarter.
“In short, given our concerns around both the innate valuation of Bitcoin, and of the operating practices of many exchanges, we feel that the industry is on the brink of an implosion,” the company says.
Nevertheless, the market was only modestly lower in late morning trade in Europe – a 2.7% drop for ripple XRP the biggest among the top 10.
Price round up
Here, then, is a round up of the top 10 movers by market capitalisation at 11.15am [London time]:
- Bitcoin -1.2% at $6,578
- Ethereum -1.4% at $225.77
- Ripple XRP -2.7% at $0.47
- Bitcoin cash -1.7% at $514.51
- Eos -0.3% at $5.89
- Stellar lumens -0.4% at $0.24
- Litecoin -2.2% at $57.92
- Tether -0.5% at $0.99
- Cardano -1.8% at $0.08
- Monero -1% at $113.23