Crypto Markets See Calm as Most Coins Consolidate Recent Gains

Tuesday, Oct. 16: Crypto markets are seeing some stability today following yesterday's market upsing, with virtually all of the major cryptocurrencies seeing only minor price changes, both red and green, as of press time.

Bitcoin is trading at $6,580 at press time, down close to 1 percent on the day, according to CoinMarketCap.

During a short-lived spike yesterday, which correlated with Tether's price drop, Bitcoin traded as high as $6,673, but has since corrected to the price range it saw at the beginning of its weekly chart, despite several days of heavy losses on the crypto markets mid-week.

Having seen an intra-week low of around $189 on Oct. 12, followed by a couple of days of sustained losses, the leading altcoin also saw a major spike yesterday, Oct. 15, to trade as high as $220. On the week, Ethereum is around 7.5 percent in the red; monthly losses are around a milder 3.2 percent.

Ripple is the strongest performer among the top ten coins by market cap, up 3 percent to trade at $0.454 at press time.

The remaining top ten coins on CoinMarketCap are seeing an almost even mix of gains and losses, capped within a 2 percent range in both directions.

Tether has reclaimed most, if not all, the ground it lost during yesterday's tumble, and is up 1.6 percent to trade at $0.98 at press time.

The market's seventh largest coin Litecoin is down 1.66 percent to trade at $54.25 by press time.

In the context of the top twenty coins, the picture is also mixed, with most coins seeing minor price change capped within a 2 percent range, though with a couple of notable exceptions.

As reported yesterday, the now second largest crypto exchange by market cap OKEx announced it would be listing four stablecoins at once - PAX, TrueUSD, USD Coin, and Gemini Dollar - the same day as U.S.-based crypto payment processor BitPay announced it had started to accept two stablecoins for merchant settlement, GUSD and USDC. Following OKEx's move, another major crypto exchange, Huobi, announced their listing of the same four USD-backed stablecoins today.