XRP emerged as the clear winner in the gainers pack for the top five coins in Q3 2018. Bitcoin spent the last three months trading in tight ranges but managed to eke out a marginal gain over the period. Ethereum and Bitcoin Cash, however, recorded huge losses over the past three months.
Bitcoin Grows by 3.34 Percent in Q3
The top-ranked cryptocurrency posted consecutively lower highs in the third quarter of the year. After rallying to $8,400 in late July, BTC spent most of the following two months in the mid-$6,000 range.
Oddly enough, despite not experiencing higher highs, BTC did post higher lows between August and September which may point to signs of an upward trend. When examined together, lower highs and higher lows signify volatility contraction.
XRP is King of the Top Five Coins
Despite spending eight months in decline, XRP surged suddenly in late September following the xRapid launch announcement. This surge temporarily propelled XRP above Ethereum to second place based on market capitalization.
XRP’s price performance in September made it number one among the top five coins, gaining 25 percent during the period. This growth contrasts with XRP’s Q2 performance where it slid by almost 10 percent.
With the positive buzz around Ripple’s expansion drive, Nigel Green of deVere Group predicted that XRP would reach $1 before the end of 2018. XRP’s all-time high price stands at $3.84, attained at the start of 2018.
Ethereum and Bitcoin Cash Suffer Significant Slides
For Ethereum and Bitcoin Cash, the story is entirely different. ETH fell below $200 in September. This decline dropped Ethereum’s price to its lowest level in over a year. Some experts believed the failure of many ICO projects was responsible for ETH’s price woes. Ethereum plummeted by almost 50 percent in Q3, compared to an increase of 15 percent in Q2.
Bitcoin Cash appeared to be continuing in its recovery at the start of Q3. The popular Bitcoin fork rallied to $860 at the end of July. However, BCH declined significantly in both August and September. Despite gaining almost 10 percent in Q2, BCH ended Q3 with a 30 percent price drop.
What is your end-of-Q4 forecast for the top five cryptocurrencies? Let us know your thoughts in the comment section below.
Images courtesy of Coinmarketcap, Shutterstock, and Forbes.