The Current State of Cryptocurrency Markets
As we step into the weekend on October 20th, the cryptocurrency markets seem to be in a state of hibernation. It’s like they’re all out for a leisurely stroll instead of the usual wild rollercoaster ride. With prices of predominant cryptocurrencies barely shifting—hovering between 1-2 percent variations—investors are left scratching their heads.
Tether’s Tidal Wave of Stability
Tether (USDT), a stablecoin synonymous with stability (ironic, right?), has found its footing once again after a brief tango away from its U.S. dollar tether. Trading at around $0.979, Tether’s recent peak fluctuations highlight its stubborn reliance on the dollar. To paraphrase a wise old saying: “What goes up must come back down… to a dollar.”
Bitcoin’s Steady Stance
Bitcoin (BTC) is doing its best impression of a sloth, trading steadily at $6,473 with hardly any movement today. Following a minor spike to $6,965 on October 17, it appears to have settled into another safe zone—not exactly thrilling trading action. In fact, it achieved a 17-month low volatility this past month, making it as stable as a table with three legs. Trading volumes? They’re hanging around $3.55 billion, making for a dishearteningly quiet day for those hoping for fireworks.
Ethereum: Riding the Volatility Wave
Ethereum (ETH) is mimicking Bitcoin’s moves, only with slightly less drama. Currently trading around $205, it shows a modest gain of 0.63 percent today. Like Bitcoin, Ethereum had its moment of glory, peaking at $220 earlier in the month, but it has since taken a few steps back. Overall, it’s a rather pedestrian increase in a world where we’re often served up the sensational.
The Broader Market Landscape
Other cryptocurrencies are managing to bring some color to this rather grayscale market. Bitcoin Cash (BCH), for example, is basking in the limelight with a 1.4 percent increase, trading around $447. Meanwhile, Zcash (ZEC) decided to be the overachiever of the day, growing nearly 4 percent. Let’s not forget the Binance Coin (BNB), which, despite being among the top twenty coins, is the lone wolf down by 0.56 percent.
Sifting through ICOs and Market Analytics
In more sobering news, an Ernst & Young report served a cup of reality to ICO enthusiasts. It turns out, a staggering 86 percent of the top ICO tokens from 2017 are trading below their initial listing prices. Now, that’s a sobering statistic! It begs the question: how can a project with so much hype fizzle out faster than a cheap party balloon? Even more concerning is that only 29 percent of these projects are operational, a tiny rise from the previous year. So much for ‘promising innovations’!
