Crypto Markets Show Slight Growth, BTC Continues Sitting in Red

Thursday, Oct. 24 — The top-20 cryptocurrencies seem to begin reclaiming after a sharp drop on Oct. 23, when Bitcoin (BTC) crashed $500 in minutes and dragged other coins down.

Cryptocurrency market daily overview. Source: Coin360

Bitcoin, however, continues sitting in the red zone, reporting losses of 0.6% on the day to trade at around $7,442 at press time. The leading coin has seen low volatility over the past 24 hours, dipping to a low of $7,378 and reaching $7,552 at its highest price point.

In the meantime, Bakkt revealed that the company will be launching the first regulated options contract for Bitcoin futures on Dec. 9.

Joel Birch, the founder of crypto hedge fund and market research firm Lunar, said that he sees BTC under $8,000 as a buying opportunity. Birch also explained that he does not believe in the buy low, sell high strategy broadly.

Bitcoin 24-hour price chart. Source: Coin360

Ether (ETH) is up by slightly over 1% over the past day and is currently trading at around $162.27. On the day, the altcoin has been trading in a narrow corridor between $158.07 and $166.2, which represents its lowest and highest price marks.

Ether 24-hour price chart. Source: Coin360

The third-largest coin by market cap, XRP, has shown more stable growth, having registered a 3.19% growth on the day to trade at around $0.227. In terms of weekly performance, the altcoin has lost 2.65%, while on its monthly chart XRP is 0.83% in the green.

XRP 24-hour price chart. Source: Coin360

Other coins on the top-20 list have reported gains from modest 0.02% to a more considerable 14%. The only exception in Unus Sed Leo (LEO), which is down 1.55% on the day. The major gainers are Bitcoin SV (BSV) and TRON (TRX), reporting gains of 14% and 6.5% respectively.

Total cryptocurrency market capitalization is currently at $204.7 billion, wherein BTC’s market cap amounts to $134.2 billion.