Following several weeks of sidewards trading, the crypto market is once again experiencing significant upheavals with majority of the top cryptocurrencies seeing losses of between 4 to 5 percent.
Bitcoin the leading cryptocurrency by market cap is down by 2 percent and was trading at $6,352 at press time. It fell sharply from $6,480 after enjoying weeks of relative stability.
According to a report released earlier in October, the top coin had achieved a 17 month low-volatility, its highest level of stability since late 2017. Prices continued to hold steady throughout the month until a short lived spike on October 15, pushed the price up to around $6,800.
In the middle of the new-found stability, many prominent crypto commentators came out to praise Bitcoin’s psuedo-solidity status. With Mati Greenspan, a senior market analyst at Etori stating: “Hey stock jocks!!! Tell me again how Bitcoin isn’t a stable store of wealth due to extreme volatility…”
But as the market resumes with the crypto markets seeing some renewed momentum, Turr Demeetser, the founder of Adamant Capital took to his twitter account to say that: “is there a way to go long Bitcoin volatility? I would if I could.”
On a weekly performance, Bitcoin is seeing a 2.7 percent loss and around 3.4 percent loss for the month.
Following weeks of stable trading patterns, the second leading cryptocurrency, Ethereum has witnessed a 3 percent drop in price and currently exchanging for $195. In the last couple of weeks, Ethereum has been trading largely sideways and showing more fluctuations in price than the top coin over the same period
On the weekly chart, Ethereum is down 3.8 percent with monthly loses capped at 14.8 percent.
All of the other top ten cryptoccurrencies are all experiencing some negative price actions except Tether which is once again trading stably after seeing some loses in the past weeks.
While the other top ten cryptocurrencies have no doubt experienced some losses, Litcoin (LTC) is the hardest hit, having lost 5.2% and currently trading at $49.22. EOS is also down by 4.2 percent and trading at $5.17 while Bitcoin Cash (BCH) is down by 4.25 percent and trading at $419.22.
Elsewhere in the crypto space, reports emerging suggest that Bitstamp, one of Europe’s major crypto exchange has now been acquired by Belgium-based investment firm NXMH.