Some Crypto Assets Are Trending Up Amid Today's Drop
Amidst today's market drop, several cryptocurrencies reported gains during the afternoon trading session.
The vast majority of cryptocurrencies may be down on the day's trading, but new data suggests that some assets are trending up this afternoon.
As reported earlier today by CoinDesk, both bitcoin and the wider cryptocurrency market saw significant declines this morning, sending some assets as low as 30% or more in price and dropping the overall market capitalization below $500 billion. The rout also marked a significant turnaround from the gains seen earlier this week.
Market data suggests that in the hours that followed, some of the cryptocurrencies caught up in the rout are trending upwards.
During the afternoon trading session between 12:01 UTC and 18:00 UTC, the cryptocurrency RaiBlocks rose by 16.8 percent. By comparison, the Santiment Network Token climbed by 13.12 percent during that period.
Two other cryptocurrencies, QASH and Veritseum, saw minor gains within the session, with those prices increasing by 2.12 percent and 1.43 percent, respectively.
A fifth cryptocurrency, bitcoin cash, climbed 1.42 percent during the period. Yet as other of the top-10 cryptocurrencies today, BCH and the other four assets are down compared to their market highs from this week.
Several cryptocurrencies experienced notable declines during the afternoon session. Of those, dogecoin declined the most, falling by 14.3 percent in that time. Status and IOTA fell by 13.28 percent and 12.87 percent, respectively.
According to CoinDesk's Bitcoin Price Index (BPI), the price of bitcoin fell to as low as $10,834.94 at 14:23 UTC, a figure that has since rebounded. At the end of the afternoon session, the cryptocurrency's value was roughly $12,935.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Coinbase (GDAX's operator).
Market graph image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.