It is no secret that, since peaking on January 7, the crypto market has been mired in a concerning decline that has been going on for months now. However, prices are slowly beginning to climb back to more normal levels and, according to the most relevant token behavior on Tuesday, they are starting to sustain growth.
Prices reflected stability on Tuesday, as bitcoin and most altcoins when through minor alterations in value, whether the colors showed red or green: there were no abrupt changes like recent week witnessed.
Bitcoin, the king of the jungle, is trading at $6,580 at the time of this writing. It will probably not reach the $19,000 it was worth in December any time soon, but its recent behavior is starting to correlate with experts’ opinion that state BTC will recover swiftly by the end of the year. Yesterday, Bitcoin experienced a temporary spike, reaching $6,673, but since then it has experienced a correction that resulted in a 1 percent daily drop.
The month has been kind to Bitcoin holders, as the top coin in the market is up 1.72%, showing some much-needed stability despite a minimal 0.06 weekly drop in comparison with the price on October 9th.
At the same time that Bitcoin surged yesterday, Tether (USDT) fell well below its usual range (below $0.925.) However, it also experienced a price correction.
Another token that has steadily maintained its value is Ethereum. ETH slightly fell, with a 0.3 percent change, keeping its gains from yesterday after two days of losses. Right now, at press time, Ethereum is trading at $210. The top altcoin is still in red for the week (by 7.5 percent) and the month (3.2 percent,) though.
Ripple experienced one of the biggest surges on Tuesday, growing 3 percent in value. It is now trading at $0.454. Yesterday, XRP peaked at $0.567 along with ETH and BTC, but also saw a price correction. Ripple is still in red for the week at 4.4 percent, but given its resounding surge in September, its monthly gains are still at a whopping 64%.
Every other top ten cryptocurrencies listed on the specialized site CoinMarketCap alternated gains and losses of no more than 2% each, marking a renewed and refreshing stability in a market that has endured one of its most difficult tenures on recent months.
Tether recovered from yesterday’s tumble and is now up 1.6%, reaching $0.98 at the time of this writing. Meanwhile, Litecoin (LTC) is trading at $54.25, down 1.66 percent, while Cardano and Monero each went up 1 percent in the last 24 hours.
If you want to know which coins in the top 20 were the biggest risers, consider that Tezos (XTZ) went up by 13 percent on the day, trading at $1.44. However, both Dogecoin (DOGE) and Binance Coin (BNB) fell 3 percent at press time.
After temporarily reaching a total market cap of $220.2 billion on October 15, the value of all cryptocurrencies fell to $211.1 billion at the moment of typing this piece.
By Andrés Chávez