This article provides a quick overview of how the crypto markets have been doing—with the focus on Litecoin (LTC), Stellar Lumen (XLM), Tezos (XTZ), Chainlink (LINK)—over the past 24-hour period.
To give you a rough idea of how things are going at press time (around 17:45 UTC on October 1), the second part of this day is not going as well as the first part, with 14 out of the top 20 cryptoassets (by market cap) currently in the red (against the dollar).
There are two things that might be responsible for some of the decline in crypto prices in the past few hours:
- The growing realization that although Block.one seems to have got off pretty lightly in its dealings with the U.S. Securities and Exchange Commission (SEC), other crypto projects that have raised funds via ICOs may not be so lucky and could get hit with much larger civil penalties.
- Poor U.S. manufacturing numbers: Institute for Supply Management (ISM) reported earlier today that its manufacturing index fell from 49.1% to 47.8% last month; this is the lowest level it has been since the end of the Great Recession (June 2009), and it suggests a slowdown in the U.S. economy, probably in part due to the on-going trade war with China. Naturally, this caused U.S. stock prices to go down: currently, the Dow, S&P 500, and Nasdaq are all down more than one percent. And as we mentioned in a crypto market update article earlier today, when U.S. stocks go down, appetite for riskier asset classes (such as crypto) tends to go down.
All market data was taken around 17:45 UTC on 1 October 2019 from CryptoCompare, which also generated the price charts shown in this article.
Litecoin (LTC)
At the moment, Litecoin is trading at $56, up 0.38% in the past 24-hour period, but lower than the intraday high of $57.74, which was reached at 03:00 UTC.
Stellar Lumen (XLM)
Stellar Lumen (XLM) started at $0.06165. The intraday high of $0.06219 was reached three hours later (03:00 UTC). Unfortunately, since then, the XLM price has fallen over 5%.
Tezos (XTZ)
Tezos (XTZ) has had a pretty good day so far. It started the day at $0.8989, and although it is currently trading lower than its intraday high, it is still in the green (unlike most of the other top 20 cryptoassets).
Chainlink (LINK)
Like Stellar Lumen, Chainlink (LINK) has had a good day. It started the day at $1.761, reached the intraday high of $1.878 by 16:10 UTC, and is currently trading at $1.83 (up 5.96% in the past 24-hour period).
Featured Image Credit: Photo via Pixabay.com
