Cryptocurrency News Today – September 29, 2019

More Financial Firms are open to Cryptocurrency trading
  • What Has Changed in the Overall Crypto Market Cap From One Year Ago? 
  • BTC’s Fundamentals are Still Strong Despite a 20% Drop in Past Week

The crypto market hasn’t been moving in a consistent manner. It has been fluctuating in recent days. The current market action has produced significant increases and declines in crypto prices. Looking at the situation from another angle, you will see the market recorded a significant decline in the last year. Although it recovered partially when we entered 2019. Note that the overall market capitalization from one year ago on September 27 is exactly the same on September 27 2019. But there are still some changes. The question is what changed?

Analyzing Crypto Market Movements Within 2018 and 2019

The majority of cryptos recorded noticeable price actions in the late part of 2017 and the early phase of last year. The market went crash in the most part of last year and finished the year with an overall market cap of $127 billion. Meaning, in less than one year, the overall market cap dropped by 85% (from $813 billion to $127 billion). The tides have been altered in 2019.

If we analyze what happened between September 27, in 2018 and 2019, we will see a curious similarity in the market cap which stands at $215 billion.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,224.08
0.853%

The market cap indicates identical data for 2018 and 2019. However, there are differences. September 27 2018 shows plenty of green. The main difference is seen in the difference between Bitcoin price and the price of other coins. Last year, the following coin’s had 7-day recovery periods: Cardano (29%), XRP (100%) and Stellar (36%).

Despite this, crypto prices for the mentioned coins and several others are considerably less than what they were in September 27 2018. XRP price is currently $0.24. But one year ago it was $0.57. EOS, Cardano and Bitcoin Cash, have all lost 50% of their value this year already. Only Binance Coin and Bitcoin have higher prices now.

BNB recorded its all-time high this year after reaching $40. While BTC steadily gained value and extended its dominance. One year ago BTC’s had a 52% dominance over the entire market. Now it’s higher at 67.8%.

BTC’s Fundamentals are Still Strong Despite a 20% Drop in Past Week

Bitcoin price dropped by 20% since last week, but its fundamentals remain strong. Bakkt was just launched and has a great growth potential. This is because it was designed to bring institutional investors. Since then, BTC’s hash rate has increased and the network’s on-chain transactions have reached all-time high points.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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