The crypto market has had a reasonably subdued weekend of trade with the prices of major coins continuing to trade flat despite global share markets sinking lower.
At the time of writing the entire value of the market is US$209.2 billion according to Coin Market Cap, down 0.2% since this time on Friday.
Some traders believe that the lack of volatility means that Bitcoin and its peers are emerging as a serious option for investors looking to diversify their portfolios.
As mentioned last week, Mati Greenspan, senior market analyst at eToro was quoted in Market Watch telling clients that: "The fact that the current stock market rout has not had any effect whatsoever (positive or negative) on the cryptoassets is an extremely positive sign. This is a prime example of how crypto's are uncorrelated and it only serves to increase their use case as a powerful tool for asset management."
This view has been further supported by the fact that Bitcoin finished last week with a 1% gain in comparison to a decline of almost 3% by the Dow Jones Industrial Average.
However, it is worth noting that this low volatility and lack of correlation with equity markets is new. In fact, earlier this month cryptocurrencies lost significant value when equity markets had their first mini meltdown.
Because of this, I'll need a bit more convincing before I would consider Bitcoin as a viable option for portfolio diversification.
For now, here is the state of play on the crypto market this morning compared to 24 hours ago:
The Bitcoin (BTC) price is down 0.1% to US$6,466.32, reducing its market capitalisation to just under US$112.2 billion.
The Ethereum (ETH) price has climbed 0.1% to US$204.27. This has lifted the ETH market capitalisation to US$21 billion.
The Ripple (XRP) price is up 0.1% to 45.77 U.S. cents. This has improved the XRP market capitalisation to US$18.4 billion.
The Bitcoin Cash (BCH) price has pushed 0.1% higher to US$437.38, lifting the Bitcoin spin off's market capitalisation to US$7.6 billion.
The EOS (EOS) price has risen 0.3% to US$5.41. This gain gives EOS a market capitalisation of US$4.9 billion.
Outside the top five things weren't quite as positive. Although Stellar (XLM) rose 0.2% and Tether (USDT) increased 0.35%, Litecoin (LTC) fell 0.5%, Cardano (ADA) dropped 0.2%, and Monero (XMR) tumbled 0.6% lower.
