Crypto market update: BTC rebounding, ADA to lose podium
Meanwhile, the total cryptocurrency market capitalisation rose
The bitcoin (BTC) price is rebounding, today (1October) as institutional investors are buying the dip, with the likes of Morgan Stanley, which recently invested in BTC doubling its exposition on grey scale to around $2m (€1.7m, £1.5m), driving the leading cryptocurrency’s price to a gradual recovery from the losses recorded after the Chinese ban on cryptos.
According to Currency.com, bitcoin’s price was trading higher at $44,484.91 during the past 24 hours. The largest cryptocurrency for market capitalisation was around 4% higher at around 11:00 BST (UTC -1), and was also up by 6% in the last seven days.
The market cap of BTC is now around $845bn, representing around 42% of the entire crypto market capitalisation, while BTC’s trading volume was around 2.6% lower at $30.7bn in the past 24 hours.
Meanwhile, the total crypto market capitalisation rose by around $90bn from $1.899trn to $1.979trn over the past 24 hours.
ETH price driven up by NFT momentum
Driven by the current non-fungible token (NFT) popularity momentum, the price of ether (ETH) rose to $3,155.12 today, in line with other major cryptos, despite still having high fees.
According to BitinfoCharts.com data, ETH average transaction fee was around $31.8 today or ETH0.01, after having touched a $46 level during the week.
Ether was trading up by 6.8% with a market capitalisation of $366.1bn. The cryptocurrency’s trading volume was around 2.9% lower at $17.4bn in the past 24 hours.
Cardano risks losing its place on the podium
Finally, Cardano (ADA) was trading up by 6.4% at $2.22, with a market cap of $68.9bn and a trading volume of $2.4bn, down by 11.5% in the past 24 hours.
Right behind the third crypto by market cap were Tether (USDT) and Binance Coin (BNB), both currently recording a market capitalisation of $68bn and thus potentially about to surpass ADA.
Tether and Coin could become soon take the third spot in the leading cryptocurrencies as they are now recording a market cap of 68bn, while Cardano’s market cap is currently $68.9bn.
Top gainers and losers
Elsewhere, the likes of VeChain (VET), Qtum (QTUM) and OMG Network (OMG) witnessed more than 15% increases in their prices.
On the opposite side of the coin were dYdX (DYDX), down 11.6% at $23.36 after a whopping 94% gain in the past seven days and UNUS SED LEO (LEO) down at $2.85 and trading 4.6% lower over the last 24 hours.
All prices are correct as of 11:00 BST (UTC -1).