Crypto markets saw less volatility on Monday as the price of the favourite virtual currency hovered steadily at $6,500 with small gains. However, it was a disappointing run for altcoins as their prices dropped further.
According to market media groups such as Cointelegraph and Coin360, the price of the valuable virtual asset was found to have steadied in over six day. The price of bitcoin has remained between a low of $6,250 and high of $6,600 it reached on August 14 last.
Analysts see 14-month low
An analysis of the steady prices has showed that price has remained steadfast on Monday at record fourteen-month low. Major exchanges were posting the USD/BTC trading at $6,430. Prices here were seen to be flat in terms of daily activity. Investors ensured the prices were at 15 percent higher in the past 30 days.
Additionally the altcoin markets were found to be unsteady.
The most affected altcoin was Ethereum or ETH which posted heavy loss in comparison in Bitcoin in recent weeks. Prices were affected for over 24 hours with drop in prices hovering at 4%.
Much of the damage was done on August 13-14 when social media messages bean to recognise the bitcoin volatility in terms of altcoin markets as well as high moves in terms of assets.
Bitcoin dominance has been in terms of percentage of total crypto market cap while Twitter analysts see it as a encore of the altcoin bull market which commenced in July.
These experts have also mooted the point the higher is bitcoin market dominance, then altcoins will continue to be trapped in u-turn. Several other experts also concur with President of Xapo- Ted Rogers will consider conditions in terms of ‘extinction-level’ event for the cryptocurrencies.
According to Rogers, “We could be in the midst of the extinction-level event for “cryptoassets” that many maximalists have predicted. 90%+ of @CoinMarketCap list will disappear eventually – might as well happen now. Meantime, lower BTC price means incredible opportunity to buy more #bitcoin”
Investors reacted to the founders statements in different ways. Where virtual currency advocates believe that in realty the alternative theory can be mooted that the current altcoins are not headed to any type of ending but are in a more speculative phase
On the other hand, the advantage the bitcoin held was that it was already on the rise faster and in bull phase.
Bitcoin will prove to be force behind altcoins downtrend predict analysts. However, in the past it was highly affected by its own volatility. This is all set to change as per Monday markets. It is found that it reached a 14-week low thereby giving the virtual currency some breathing time, as it charts new courses in the near future in terms of prices.
Meanwhile Ethereum performance over that of Monday is expected to combat the losing prices. Though 4% price-down was noted in the latest trading days, it will pace itself against the stronger player or bitcoin.