In this post I'm going to look at how the cryptocurrency market in general is performing. In particular, I'm going to look at the top 40 cryptos and how they've been performing since March 30th.
Market cap: How much the combined worth of all the cryptocurrencies is (in $USD) i.e. The value (in $USD) of the whole market. This is the 1596 currencies recorded by coinmarketcap.com, there may be small cryptos not taken into account (I don't actually know) but this is a very good source. The data I've got for March 30th, April 1st and April 2nd is:
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It's actually growing a little bit each day.
This is bearing in mind that it is about a quarter of what it was mid-December but we may be nearing the end of 'crypto winter'. Also in mid-December Bitcoin dominance was at about 35% whereas it's now about 45%. With so many cryptos price tagged to Bitcoin anyway, you can't help but feel that a lot of coins aren't worth the risk of investment. It is worth watching this coin market cap for a true reflection of the health of the market. The more days compared, the more accurate conclusions will be. 24 hr trading was a lot larger the first day but it's been a holiday season and a weekend so it's not particularly suprising.
This is the top 40 list of cryptocurrencies for the same days:
The top 5 has had no movement, very steady up there. In fact the top 10 has only had one movement in the 4 days and that was Stellar Lumens swapping places with Cardano, from 8th to 7th, on the last day. The whole top 30 is pretty consistent in this time frame with nothing of great interest to me at this moment. Big movers at the bottom have been BitShares and XPA moving up and Aeternity moving down. Bitcoin Diamond and RChain have changed position a bit too. I'd probably say BitShares has been the most interesting in performance.
There is a lot that can be deduced from the information from coinmarketcap. In this post I'm looking for coins that are going to break out towards the top or drop out of contention. I'm also looking at the general health of the market. If you've noticed anything that I've not included then let me know by commenting.
P.S. I am not saying go and invest in anything without doing your own research. These are my views but I do not offer investment advice. In general crypto is not considered a safe investment yet so please only invest wisely people.
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