Market Continues to Trade Sideways as Bitcoin Price Dips Below $10,300

Published at: Sept. 10, 2019

Tuesday, Sept. 10 — Cryptocurrency markets continue to largely trade sideways with Huobi (HT) token being the only top-20 coin that is showing above-average gains.

Market visualization. Source: Coin360

Bitcoin (BTC) saw an intraday high of around $10,390, while slowly trading downwards up to its current trading price of $10,204 according to data from Coin360. The world’s No.1 crypto is showing a small loss of 0.5% on the day.

In a Twitter debate with Primitive Fund co-founder Dovey Wan on Sept. 9, Blockstream CEO Adam Back had said altcoins’ previous supremacy was a temporary feature of the cryptocurrency space and that Bitcoin is reverting to its historical 90%+ market dominance at altcoins’ expense.

Bitcoin’s 24-hour price chart. Source: Coin360

Many have voiced similar sentiments on Bitcoin’s market dominance. In recent weeks, veteran trader Peter Brandt and RT host Max Keiser have shared their criticism of altcoins over and over again, expressing their believe alt markets have boomed and burst.

The number one altcoin, Ether (ETH), is showing similar trading trends today and is showing little to no price movement. The coin is currently trading at $180.6, down 0.6% on the day.

Ether 24-hour price chart. Source: Coin360

Ripple’s XRP token continues to trade completely flatly, showing a loss of a negligible 0.05% on the day. At press time, the world’s third-most popular coin is trading at $0.259 — the same price as 24 hours ago.

XRP 7-day price chart. Source: Coin360

While most top-20 coins are trading sideways within a 1% range, Huobi token stands out with above-average gains of more than 4%, followed closely by Litecoin (LTC), up 3.2%.

Other coins in the top-20 which fared slightly worse are Bitcoin SV (BSV) dropping almost 3% and Dash dropping just over 2%, while EOS (EOS) is taking the largest beating, at 4% down.

The total market capitalization of the cryptocurrency market sits at $263.3 billion at press time, with Bitcoin’s dominance dropping slightly to 69.7% of the total.

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