Bitcoin Price Hits $9,800 as Major Cryptocurrencies Trade Sideways
Bitcoin’s price is nearing $9,800 after a relatively stable day as other major coins trade sideways.
Sunday, Sept. 30 — Markets are trading sideways today, with gains and losses among the top five cryptocurrencies not exceeding 4%.
Market visualization. Source: Coin360
The Bitcoin (BTC) price has spiked slightly after trading close to $9,600 for most of the day. At press time the coin is trading at $9,799, up 1.72% on the day.
Bitcoin 24-hour price chart. Source: Coin360
Industry investor Mike Novogratz recently said that, while Bitcoin is trading below $10,000, the seminal cryptocurrency is merely in a consolidation phase. Per Novogratz, the next leg of the bull run will begin once institutional investors become more involved.
The price of top altcoin Ether (ETH) has remained relatively stable throughout the day, trading near $170. At press time, the coin is down 0.59% on the day and is trading at $171.88.
Ether 7-day price chart. Source: Coin360
Earlier this month, Placeholder VC partner Chris Burniske said that Ether is a good long-term investment. Per Burniske, Ether is simply going through its first mainstream bear market, just as Bitcoin did in 2014–2015.
Ripple’s XRP token has been trading stably throughout the week, with today being no exception. At press time the coin is down 0.76% to trade at $0.257.
XRP 7-day price chart. Source: Coin360
Major losers and gainers among top-20 altcoins
Among the top-20 cryptocurrencies by market capitalization, Monero (XMR) has seen impressive gains, up over 7% to trade at $72.85 at press time. Litecoin (LTC) is also seeing some gains, up 3.43% to trade at $67.12 at press time.
Meanwhile, the biggest loser among the top 20 is Algorand (ALGO), which is currently down almost 6% over the past 24 hours to trade at $0.392.