August 9: The summer crypto rollercoaster continues, as the market sees a healthy rebound into the green after sustaining yesterday.
On August 8 total market capitalization had shrunk to $219 billion –– its since mid-November 2017. In today’s upward bounce, virtually all of the major cryptocurrencies have posted gains, as data from shows.
Market visualization from
(BTC) is trading at a solid $6,500 at press time, up around 3.2 percent on the day. The leading cryptocurrency shot up around $300 within the space of two hours earlier today, from $6,229 to $6,528. Having since slightly corrected downwards, the coin is nonetheless trading $330 higher at press time than its 24-hour low at $6,144. bitcoin’s weekly losses however remain at a stark 14 percent, with a more modest 3.5 percentage loss on the month.
bitcoin’s 24-hour price chart. Source: Cointelegraph
While today’s sprightly uptick may assuage some edgy crypto nerves, creator has been eyeing the recent plummeting markets, which many attributed to U.S. regulators’ announcement August 7 that they would be their decision over whether or not to approve a high-profile BTC exchange-traded-fund ().
In a of tweets this morning, Palmer pointed to data showing declining daily transaction rates for , (ETH) and (XRP), as well as a in decentralized application (dApp) usage, as more noteworthy indicators of the “fragility” of the space.
More optimistically, Litecoin (LTC) creator Charlie Lee said in a today that he considers the bear market to be “the best time for people to work on adoption.”
(ETH) is currently trading around $363, up around one percent on the day to press time. The altcoin’s intraday spike closely correlated with that of bitcoin, as it jumped up from $352 to $367 within two hours. Ethereum’s losses on its weekly chart remain at around 11 percent, with monthly losses pushing 24 percent.
Ethereum’s 24-hour price chart. Source: Cointelegraph
On ’s listings, all of the top twenty coins by market cap, except , are in the green, seeing solid gains within a 1 to 9 percent range.
(ADA) is the strongest performer among the top ten, seeing around 8 percent in growth to trade at $0.12 at press time.
(XLM) and (EOS), and (MIOTA) are also seeing solid gains, all up 4-7 percent on the day.
Among the top twenty coins by market cap, (ETC) is the only alt in the red, the first day it has seen losses after a strong bull run all week that defied the wider bear market. After riding a wave of positive momentum triggered by of its August 7 on popular U.S. crypto exchange and wallet service provider , the alt has dropped slightly by around 2 percent today to trade at $15.04 at press time.
Ethereum Classic’s 7-day price chart. Source:
(XTZ) –– ranked 18th –– is up a bullish 6.22 percent on the day to trade at $1.65 at press time. This strong growth comes despite the project’s in an ongoing securities class action against its controversial Initial Coin Offering () in an American court this week.
Tezos’ 24-hour price chart. Source:
Total market capitalization of all cryptocurrencies is around at press time, up over $9 billion from yesterday’s aforementioned $219 billion low.
7-day chart of the total market capitalization of all cryptocurrencies from
As the dizzying vagaries of the crypto markets leave some reeling, a team of financial experts from Yale University have this week a system of factors to predict price trends in major cryptocurrencies.
They found that cryptocurrencies “have no exposure” to most common stock markets, nor to returns of currencies and commodities and macroeconomic factors. Instead, they identified crypto-specific patterns, including a “strong time-series momentum effect” among major assets such as bitcoin, Ethereum and Ripple, as well as a correlation between price and investor attention, which they deduced via social media and search engine trend analyses.
Commenting on this “investor attention,” Pantera Capital CEO Dan Morehead today that crypto markets have recently witnessed something of an overreaction from investors in response to short-term news, such as the SEC’s bitcoin ETF delay.
Published at Thu, 09 Aug 2018 19:50:00 +0000
