Altcoins See Slight Uptick While Bitcoin Is Stuck Around $10,400
Bitcoin is stuck around $10,400, while most altcoins are picking up steam and showing green candlesticks across the board.
Sunday, Sept. 8 — The price of Bitcoin (BTC) is holding around the $10,400 price mark, while altcoins are showing slight gains across the board.
Market visualization. Source: Coin360
Bitcoin has shown little price movement in the last 24 hours, hitting an intraday high of $10,580 while stabilizing close to $10,400 for the last part of the day. At press time the world’s most popular cryptocurrency is trading at $10,381, down 1% on the day.
Bitcoin’s 24-hour price chart. Source: Coin360
During the weekend, Bitcoin seems to have lost some of its traction with what some call a classic “buy the rumor, sell the news” reaction to Bakkt’s soft launch of its digital-asset custody warehouse.
In a “buy the rumor, sell the news” trade, investors buy an asset expecting a positive outcome from a certain event in the future. However, when the actual event takes place it often does not impact the price, which subsequently drops back to its original levels. When Bakkt tweeted about its soft launch opening, Bitcoin’s price fell from $10,900 to $10,200.
The number one altcoin Ether (ETH) is seeing some upward price movement and is currently trading at $180 per coin, up 0.43% on the day.
Ether 24-hour price chart. Source: Coin360
Ripple’s XRP token is showing similar upward price movement and is registering a slight gain of around 0.24% on the day. At press time, the world’s third-most popular coin is trading at $0.262.
XRP 24-hour price chart. Source: Coin360
A green day for the top-20 altcoins
The top-20 cryptocurrencies are showing mostly green candlesticks today, with Binance Coin (BNB), Monero (XMR), Ethereum Classic (ETC), and Bitcoin SV (BSV) being the only top-20 altcoins that are registering a slight loss of less than 1%.
Market capitalization of all cryptocurrencies is currency $266.8 billion, down from $268.2 billion at the beginning of the day.
Market capitalization of all cryptocurrencies. Source: Coin360