This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), XRP, Stellar Lumen (XLM), and Cardano (ADA)—over the past 24-hour period.
After two downbeat days (September 24 and 25), on Thursday (September 26), the crypto markets look decidedly healthier, with the altcoins, which suffered the most in Tuesday's crash, leading the way by showing decent gains.
All market data was taken around 08:00 UTC on September 26 from CryptoCompare, which also generated the price charts shown in this article.
Although it is hard to say with any certainty why the Bitcoin price took a huge fall on September 24, there are many who point to the apparent/alleged drop in the Bitcoin network's hash rate on September 23 as the main culprit.
We use the word "alleged" because there is no way to actually measure hash rate and know its exact value at any point in time -- it can only be estimated, and an accurate estimate requires a larger timeframe than 24 hours. Udi Wertheimer probably provided the best single-tweet explanation for this:
Hashrate estimation in < a tweet:— Udi Wertheimer IS RIGHT (@udiWertheimer) September 25, 2019
Can’t tell how many hashes are computed by miners per second, as hashes that don’t result in finding a block aren’t known.
All we know is how often a block is found, and we can estimate from there. But this only approaches accuracy over time! https://t.co/fWMQ82Y2MG
Even if there was a temporary "crash" in hashrate, possibly due to a large mining farm temporarily going offline, according to Blockchain.com, things seem to back to normal at the moment (the hash rate was around 92 EH/s on September 25):
Although the ETH-USD went as low as $164.35 at 08:00 UTC on September 25, which was the lowest it has been since May 6, it is up by 3.77% in the past 24-hour period.
XRP-USD reached 0.2335, its lowest level since December 2018, at 18:00 on September 24. Since then, it has gone up 4.88%.
Stellar Lumen (XLM)
Out of all the top 30 cryptoassets (by market cap), XLM is the biggest gainer today, up over 16% in the past 24-hour period.
One reason for this price surge could be the announcement made late yesterday by Coinbase that XLM had finally been made available to the exchange's users in New York state:
Stellar Lumens (XLM) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XLM on https://t.co/bCG11KMQ6s or using our iOS and Android apps. https://t.co/gArFJPP6K7 pic.twitter.com/eTtVaH9JdT— Coinbase (@coinbase) September 25, 2019
ADA-USD got to $0.03648, its lowest point since December 2018, at 08:00 UTC on September 25.
However, earlier today, Charles Hoskinson, the CEO of IOHK, offered the following good news to the long-suffering Cardano fans:
Looks like the Cardano Networking Testnet is coming out today/tomorrow. I'll tweet the links when we officially announce. Thanks everyone for the hard work. Happy testing!— Charles Hoskinson (@IOHK_Charles) September 26, 2019
Featured Image Credit: Photo via Pixabay.com