Scrolling through the Top 20, only two are the positive signs: Binance Coin (BNB) +3.5% and Tron (TRX), in clear countertrend with a new double-digit jump +14%, rising above the $0.037 level it had not seen since June 2019.
For all the others the descent is over -3%. Among the big ones the worst of the day is Ethereum (ETH) over -7%, followed by Eos and Bitcoin Cash (BCV) downhill by over 6%.
Enlarging the analysis to the first 100 capitalized, among the few rises of the day there are three tokens that score double digit rises. Beyond Tron, with the same bullish intensity, +13%, there is DFI.Money (YFII) which benefits from the launch of perpetual futures on the margin on the Binance platform.
On the top step of the top podium of the best, Kusama (KSM) climbs even today. The token of the original Polkadot project, with a flight of over 20% in the last 24 hours, is added to the recent performance that in a month sees its value multiplied by 5 times.
On the opposite side the worst of the day is SushiSwap (SUSHI) on the roller coaster of speculation with excursions over 40%. It follows Ampleforth (AMPL) downhill over -35%.
Crypto volatility strikes again
The upward and downward excursions of the last 24 hours make the volumes explode. With more than $230 billion the new historical record of exchanges on the main exchanges is set, breaking the previous record of $155 billion set last March 13, in the midst of the Covid19 crisis.
This event is accompanied by the explosion of volatility.
According to Paolo Ardoino of Bitfinex:
„Bitcoin’s volatility is a key characteristic as an asset class. It is therefore imperative that exchanges offer institutional-grade connectivity that provides high-level performance in all market conditions. Otherwise it fuels criticism of the digital asset industry as a whole from those that wish to deny how much the space has evolved, and characterize it as prone to dubious practices. This is unfortunate given the vision and commitment of those that have taken bitcoin from being the preserve of hackers to an asset class traded by the world’s biggest and most advanced market making firms.
The historical index of volatility on Crypto Trader in just two hours leaps more than 50%. In the last month there has been such an explosion of volatility in a couple of hours twice in the last month.
The first time on August 2 in a context similar to the current one when prices exceeded 12 thousand dollars, for the first time after more than a year, triggering a cascade of profit taking that lowered prices by more than 12% in less than an hour.
The second time in an inverse technical condition, the last 17 August when in less than an hour the index jumped of over 100% accompanying in the following hours the increase of the prices of Bitcoin, establishing the record of the last year to a step of 12500 dollars.