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Market Watch Sep 23: A Crypto Weekend Rally

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Gains everywhere and optimism for more growth is the nature of today’s crypto market.

Bitcoin has achieved some stability over the last 48 hours, trading well around $6,700 over this time period. Press time price for the leading crypto coin is $6,694 (Bitfinex). Ethereum has also seen similar movement with an improved market cap of $25 billion and a price of $245.

The total market cap is $227 billion | BTC market cap is $116 billion | BTC dominance at 51.3%

BTC_sep23-min

Major Recent Crypto Headlines

South Korean Gov’t Pledges Support for Blockchain Startups to Facilitate Industry Growth.  Through the Ministry of Science and Information Communications Technology (MSICT) South Korea has pledged support to facilitate the growth of the domestic blockchain industry.

CNBC Analyst Predicts Bitcoin Bounce Back. The latest Bitcoin prices are only temporary after Jim Lurio predicted that a bounce back is imminent based on the tactical movement.

“Tether Has No Real Impact on Bitcoin price.” An academic researcher, Wang Chun Wei has convincingly proven that stable coin Tether was not responsible for the Bitcoin rally in 2017.

Most Significant Crypto Gainers and Losers

NavCoin (+64.12%)

NavCoin (NAV) emerged as one of the most significant gainers in the crypto markets in the last 24 hours.  NAV made a 64.12% gain against the US dollar and is currently trading at $0.433. Historical data from CMC shows that the NavCoin’s volume dropped from around $3 million to $100,000 in the last three months. However, NAV now holds a daily volume of $15,395,162 and a market cap of $27,477,640 at press time.

A sudden rise in price without any communication from the project team only tells us one thing – a pump and dump or news are soon to come out.

Electroneum (+54.95%)

Electroneum (ETN) has had a positive sentiment since the launch of a beta version of the Electroneum mobile payment application last week. Trading volume has been raising since the launch, and the daily volume hovers around $5,452,046 at the time of writing. ETN new gains stand at 54.95% against the USD dollar with a current price of $0.0144.

RusGas (-57.75%)

RusGas (RGS) has been on a decline and emerged as the most significant loser in the last 24 hours. RGS is down by 57.74% against the USD and currently trading at $0.0003 with a volume of $894,275. RusGas is a so-called blockchain platform in the gas industry, and it seems to be just another failed project in the crypto space.

Cryptocurrency charts by TradingView. Technical analysis tools by Coinigy.

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