In today’s digital currency news, we have Bitcoin and Ethereum as the only top 5 coins that are in the green. After yesterday’s slump, ETH and BTC rose by less than 1% and are currently trading a bit below their stable levels.
Bitcoin is now valued at $6,336 while Ethereum is sitting at $197.
The most dominant cryptocurrency is right now up by 0.07% which is a minimal gain – however one that may lead the price to a new milestone of $6,400. The daily volume of Bitcoin is standard, hovering between the $3 and $4 billion marks, while Ethereum has a daily volume that is nearly 1.5$ billion.
What’s most crucial at this point for Ethereum is the fact that the second largest cryptocurrency must retain its $200 margin and not fall below the $190 gap, which analysts see as a downward trend. Recently, news outlets reported that the Ethereum Enterprise Alliance (EEA) released new standard specifications for developers using the Ethereum blockchain.
After dropping to as low as $201 billion yesterday, the total market cap is $203 billion and most of the assets are trading sideways after the recent drop that took place this Monday, October 29th.
According to analysts, the recent drop-off in crypto markets is in line with a number of the industry-related events that took place this Monday, specifically the 2018 Canada FinTech forum during which a former US Federal Reserve chairman argued that Bitcoin is “anything but a useful store of value” and that the low volumes of transactions and slow capacity in “handling payments” are caused by Bitcoin’s “very decentralized nature.”