Altcoins Share Spoils as Global Volume Hits 3-Month Low; Bitcoin Price Remains Stable
Very little new money has entered the crypto market in the last seven days, with volumes instead falling from $16.8 billion down to $8.9 billion. That’s the lowest that global trade volumes has fallen since July 15th – almost exactly three months ago.
For those curious what happened the last time trade volumes hit such a low point, the previous drop to the $8 billion range was soon followed by a 25% market wide surge. That was during the spike of late July, and those losses were soon wiped out again in August, when global markets sunk by one third.
Since Bitcoin’s descent from the $6,800 range down to the current $6,300 range, BTC has remained just as steady as it was from before October 10th’s dip. BTC has traded within a tight range for the past few days, never once deviating from between $6,240 and $6,340 – a 1.6% band.
Altcoins Share the Spoils
Instead, the majority of market gains have found their way to the altcoin market. While Tron (TRX) leads the major alts with its consistent growth recorded over the past few weeks, the biggest change in the market cap top one-hundred for Sunday goes to Komodo (KMD).
Komodo (KMD) saw its dollar valuation by just under 13% across Sunday, with the KMD coin jumping from a price of $0.993784 recorded on Sunday morning, up to the $1.12 valuation reached on the same evening.
That leaves KMD just a hop, skip and jump away from the pre-October dip price of $1.18, and marks one of the stronger recoveries from what was termed ‘Thursday, Bloody Thursday’ by some.
KMD volumes followed the rest of the market as they descended by 98% over the last few days, falling from the $3.5 million range down to $350,000. Today’s surge saw volumes rise once more as they climbed to $1.3 million by Sunday evening. Just under 70% of total KMD trades are against BTC today, in an unusual sign of Bitcoin dominance (which recently rose to 54% globally).
DigixDAO, Polymath and Aelf
The other top performers in the top one-hundred have proved to be the smaller altcoins, which often surge first following a market dip. It’s something approaching a lottery trying to guess which altcoin is going to pump, and there’s little to connect today’s market growers.
DigixDAO (DGD), a cryptocurrency backed by physical stores of gold, saw 6% growth over the previous twenty-four period.
Polymath (POLY), a project which seeks to tokenize securities on the blockchain, also climbed by just over 6%, helped in no small part by the 33% of trades coming from the POLY/KRW pair.
Finally, Aelf (ELF), a blockchain-based cloud-computing network, hit just over 5% growth for Sunday. Although, that barely makes up for the 20% loss recorded just a few days ago on October 10th.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.