The global stock market is taking a downfall while experts share there is no positive catalyst for the market to go higher in future. Meanwhile, the crypto market is holding the fort as the top cryptos register greens and maintain stability.
Crypto Market Stable while Global Stock Market Seeing Red
The environment of the Crypto market is having gloomy days for some time now. There is almost no activity in the market despite the global share market taking a hit each passing day.
At the time of writing, Bitcoin (BTC) has been trading at $6,748 with 0.00 percent movement in the past 24 hours. The world’s leading cryptocurrency with a market cap of $112 billion is managing a low daily trading volume of $3.5 billion.
With a 0.12 percent rise, Ethereum (ETH) is trading at $204 billion while XRP, the third largest cryptocurrency is in the green by 0.18 percent at $0.4482.
Other cryptos in the green are Stellar (XLM) by 0.04 percent at $0.2299 while Monero (XMR) is up by 0.53 percent at $103 and Dash by 0.69 percent at $155. Bitcoin Cash (BCH), EOS, and Litecoin are rising by 0.34, 0.05 and 0.09 percent respectively.
Out of the top cryptos, Cardano (ADA) is in the red by 0.18% and Tron (TRX) is falling by 0.09 percent while IOTA (MIOTA) is down by 0.56 percent.
The highest gains are made of 13.11 percent by Nxt at $0.0672 and Polymath by 10.62 percent at $0.3259. A number of other cryptos are also up by 2 to 7 percent while the highest loss is of 7 percent.
This has total cryptocurrency market cap stuck at $209 billion in the past 24 hours.
Crypto market is unaffected by the ongoing fall in the global market, unlike the last time when cryptos lost significant value in tandem with the stock market.
Meanwhile, the global stock market is falling at a much higher speed than it lifted off. Chinese market seems to be doing the worst due to its slow economic growth and being in a trade war with the US.
Bloomberg quoted Michael O’Rourke, the chief market strategist at JonesTrading. “What’s the positive catalyst for the future to take this market higher to the next level? Right now, there isn’t one.”
After continuously gaining for approximately nine years, the stock market is taking a U-turn and looks like any factor even a small one can take it to the bottom. While cryptos are maintaining stability and keeping low volatility which has been characterized as a positive phenomenon is expected to have them become an attractive asset for the traditional investors
Mati Greenspan, senior analyst at eToro has been recently quoted as saying,
“The fact that the current stock market rout has not had any effect whatsoever (positive or negative) on the crypto assets is an extremely positive sign. This is a prime example of how cryptos are uncorrelated and it only serves to increase their use case as a powerful tool for asset management.”
I am an entrepreneur and a writer with a bachelors degree in Computer Science. I manage the blockchain technology and crypto coverages at Coingape. follow me on Twitter at @arya_achal or reach out to me at achal[at]coingape.com.