the top 20 crypts see significant losses, but Bitcoin goes up


Sunday, September 22: Crypto markets are seeing a wave of losses amid the upcoming release of Bitcoin (BTC) futures physically delivered from Bakkt, scheduled for Monday.

Bitcoin is the only cryptocurrency of the top 20 that tries to gain momentum today, while the rest is experiencing significant losses, and some fall more than 7% in the last 24 hours before the close of this edition.

Market visualization

Market display Source: Coin360

Bitcoin has continued to be around the USD 10,000 threshold throughout the day. At the time of publication of this report, Bitcoin has risen around 0.6% and is quoted at USD 10,014. Going down almost 3% in the last 7 days, Bitcoin has seen that its market dominance rose almost 1% on the day to represent 68.3%, at the close of this edition.

Bitcoin 24-hour price chart

24-hour Bitcoin price chart. Source: Coin360

Ether (ETH), the second largest cryptocurrency by market capitalization, has dropped 4.1% to trade at USD 207, at the time of publication of this report. In the last 7 days, the main alternative currency rose 9.5%, after a significant upward movement earlier this week.

Ether seven-day price chart

Ether seven-day price chart. Source: Coin360

XRP, the third largest cryptocurrency by market capitalization, fell almost 6% in the last 24 hours and is quoted at USD 0.272 at the time of publication. However, the currency has still risen more than 5% in the last 7 days.

XRP seven-day price chart

XRP seven day price chart. Source: Coin360

Tron (TRX), the thirteenth largest cryptocurrency by market capitalization, is experiencing the greatest losses, with a drop of more than 9%. Earlier today, the founder of Tron, Justin Sun, announced a new plan for the Tron participation test mechanism that will focus on ways to distribute participation income and greater community participation.

The total market capitalization experienced another fall today, from USD 266 billion to USD 263 billion, at the close of this edition.

Meanwhile, the current state of the market could be the beginning of a new bull market, according to Bitcoin investor and entrepreneur Willy Woo. In a Tweet On September 21, the trader cited chain metrics as potential evidence to "close the bull market opening act."

Bakkt BTC physical futures will launch in a few hours

As reported by Fortune, the new wave of losses in the market comes only a few hours before the launch of the Bitcoin futures physically delivered from Bakkt, one of the most anticipated events in the industry so far.

Meanwhile, the crypto community's views on whether the launch of Bakkt's BTC physical futures will be successful are divided, with 50% of people expecting the platform to fail, according to a poll Twitter public launched by cryptocurrency enthusiast Alex Krüger on September 21. At the close of this edition, the survey has accumulated 2'355 votes.

In a Tweet On Sunday, the important cryptocurrency advocate John McAfee supported the upward trend over Bakkt, claiming that the launch of physical futures in the exchange would increase the level of trust of institutional investors. McAfee added that the event could boost the adoption of cryptocurrencies.

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