Bitcoin’s dominance reached 56.1% after finding stability in the low range of $6,300, demonstrating decent volume at around $3.9 billion. This may prompt some positive changes in the cryptocurrency market especially with the recent positive news that have rocked the industry. Additionally, these may lead to more stability in the markets.
The total cryptocurrency market cap has remained around $195 billion in the last 24 hours, thus no major moves have been experienced. Additionally, digital currencies like Ethereum and XRP have continued to experience losses, with coins like ADA loosing 94% of the value in the recent bearish markets. Further, coins like VeChain and Nem have lost up to 6% of their value on the day. In the top twenty only Tezos is showing any real gains, up about 4% at the time of writing. The best performing digital currency is Emercoin which has surged 55%, along with Waves which has gained 21% in the last 24 hours.
Nonetheless, bitcoin’s dominance increased to 56.1% after making slight moves upwards, but the coin’s price still remains range bound between the $6,000 and $6,400 levels. However, a general lack of confidence and continuous negative news in the industry has continued to drive the prices lower, which might prompt further bears. The effects have already been witnessed, after bitcoin (BTC) lost over $1,000 on Sept 5, and Ethereum (ETH), the second largest cryptocurrency, fell to its lowest level over 12 months.
However, all hope is not yet lost after the recent positive announcements made in the market. One of these includes the statement made by Valdis Dombrovskis, the vice president of the European Commission that cryptocurrencies will co-exist with the financial system. Additionally, Nasdaq has plans to release a crypto analytics tool for investors.
Do you think these positive developments will have any impact on the market?
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