This article provides an overview of how Bitcoin (BTC), Ethereum (ETH), XRP, Binance Coin (BNB), EOS, and Chainlink (LINK) have been doing over the past 24-hour period, as well as a recap of interesting recent news that might have affected their prices (or might do so in the future).
To give you a rough idea of how well the crypto markets are doing today, 15 out of the top 20 cryptoassets (by market cap) are currently in the red (against the dollar).
All market data used in this article was taken around 08:15 UTC on 16 October 2019 from CryptoCompare, which also generated the price charts shown in this article.
Around 16:00 UTC on October 15, the Bitcoin price started going below the $8,200 level, and although BTC briefly spiked above $8,200 at 17:20 UTC, within less than 10 minutes, it had dropped below $8,200, where it has stayed since then.
Although the BTC price is down 1.85% in the past 24-hour period, what is even worse is that the 7-day and 30-day Return on Investment (ROI) figures are -4.89% and -20.54 respectively. The good news, though, is that Bitcoin's one-year ROI is +24.81%.
Bitcoin's current market cap is around $146 billion, and its market cap dominance is 66.4%.
Yesterday (October 15), Pieter Wuille, a Bitcoin Core developer and a co-founder of Blockstream, had this to say about the Bitcoin price:
I didn't expect BTC to cross 1 USD. Then I didn't expect it to cross 10 USD. Then I didn't expect it to cross 100 USD, 1000 USD, and 10000 USD. Now I don't expect it to cross 100000 USD. Of course I'd be happy if it did, and I realize I don't have a good track record here.— Pieter Wuille (@pwuille) October 15, 2019
But I don't see why people believe that success must imply a higher exchange rate. A lot depends on how it ends up being used, and what kind of "internal economy" appears.— Pieter Wuille (@pwuille) October 15, 2019
Furthermore, expecting it to go up, and promoting Bitcoin with that expectation attracts the wrong people.
Around 15 minutes after the Bitcoin price went below 8,200 on October 15, the Ethereum (ETH) price dropped below the $180 level for the first time since October 9, and it has hovered around that level since then.
At press time, ETH is trading at $178.72, down 2.41% in the past 24-hour period. Ethereum's 7-day and 30-day ROI figures are -7.06% and -9.19% respectively.
On October 15, Coin Metrics, a provider of cryptoasset market and network data, published Issue 21 of its "State of the Network" report. This report says that during the past 3-day period, "Ethereum significantly outperformed Bitcoin, perhaps because of an emerging recognition that demand for Ethereum's block space represented by fees is growing (and momentarily eclipsed Bitcoin's daily fees)."
Although the XRP price is down 0.52% in the past 24-hour period, it is worth pointing out that it is up 2.91% and 10.85% in the past 7-day and 30-day periods.
Over on Twitter, one popular crypto trader had this to say about Ripple's upcoming Swell conference (held November 7–8 in Singapore) and the effect it could have on the XRP price:
The trade of the year is coming once again on $XRP.— Galaxy (@galaxyBTC) October 13, 2019
Long 2 weeks before Swell, and short when the event is over.
Price increase before event (USD)
Price decrease after event (USD)
Time to see what this year brings. pic.twitter.com/bW9qKUGv8Y
Binance Coin (BNB)
At press time, BNB is trading at $18.17, down 1.78% in the past 24-hour period.
On October 15, Binance and Swiss firm Amun AG jointly announced the launch of the BNB Exchange-Traded Product (ETP) on the regulated segment of the SIX Swiss Exchange. Binance's blog post said that trading of the Amun BNB (ABNB) ETP would start on the same day.
On October 15, around 16:10 UTC, the EOS price dropped to $2.837, below the $3.00 level for the first time since October 7.
At 05:40 UTC on October 16, the Chainlink price fell below $2.30 since October 8. Although the past week has not been a good one for the Chainlink price, its 30-day ROI is still an impressive +45.64% and its one-year ROI is an incredible +537.15%.
Featured Image Credit: Photo via Pixabay.com