Bulls enjoy the sentiment positivity as they take Bitcoin safely over USD 8k, but Altcoins don’t replicate the same run, Overall coin market cap is on the rise SEC continues to delays and rejects Bitcoin ETF applications, Google removes MetaMask and bans cryptocurrency mining apps from its stores,
The bulls seem to be holding their ground in crypto markets for the second week as they successfully took the prices of BTC above 8K. Unfortunately, that was the case only with Bitcoin as most of the altcoins including Ethererum, Ripple and Bitcoin Cash could not replicate it having a mixed week with narrow positives price or in some cases negative movements.
While the action continued on the market there was a lot of other news that kept the crypto street busy. The overall market cap this week was also seen up by close to 5% indicating inflow of funds into as BTC again captures some positive frontline news in media. From the technology front, Google abruptly removed Dapp browser extension MetaMask from the Chrome Extension store without any explanation.
Google also updated its guidelines for its Play Store which now bars apps that engage in the mining of cryptocurrency. From the regulators, the US SEC delayed its ruling for five Bitcoin ETF applications filed by fund provider Direxion to September while rejecting the application for ETF filed by Winklevoss twins.
Bitcoin saw a solid spike of around 10.5% this week moving above USD 8000, putting the bulls in control for the second week. Positioned well above in zone of safety USD 8000, the Bitcoin is enjoying the positive sentiment that is building around it especially with various news of growing Institutional interest. Although there were a few shakeups due to rejection and delays of Bitcoin ETF still it wasn’t enough to breach the support of USD 8000 significantly.
The prices hit the high point of USD 8,424.2 and the lowest point of USD 7,409.10 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were Binance (5.64%), OKEx (4.17%) and ZB.com (3.96%).
This week Business Insider interviewed Jeffery Wernick, one of the early investors in Bitcoin, who said that people have misunderstood the Bitcoin and are not aware of its philosophy when it was created. He termed Bitcoin as “People’s Money” explaining it as a store of value and not a payment mechanism. Bill Miller, Miller Value Partners founder, and chief investment officer, also discussed his views on Bitcoin saying that the BTC is interesting but he is not impressed by a lot of Altcoins.
While Bitcoin continued its move, Ether failed to replicate the same, giving just a sentimental gain of 0.5% this week. A lot of analysts believe that Ethereum has its own technical issues including blockchain congestion which is slowly making the coin less attractive. Its Wallet Metamask was also removed from Google Play Store. But as the week was about to end, Ethereum volume saw a crazy jump in volumes taking it over Bitcoins volume which was considered a sign that bulls might be returning. The week ahead should tell us the clear picture though as in sometimes the volumes tend to fizzle out.
Ether prices, on the top, this week were at USD 483.70 and were at lows of USD 461.42 being pretty much in this narrow range. The markets that were more active, in volumes, with ETH across various pairs this week were DOBI trade (6.36%), Binance (4.74%) and ZB.COM (4.08%).
In the news that surrounded Ethereum was that Ethereum block explorer Etherscan had an apparent hacking attempt in which the would-be attacker attempted to use the comment section to serve up malicious code. The commenter appears to have been able to circumvent Disqus’ XSS protection.
Also, a lot of experts were not very bullish on Ethereum including New York-based Tetras Capital and Timothy Young from San Francisco family office, Hidden Hand Capital who both believed ETH valuation and hype around it was not justified as Ether had technical issues like network congestion, decentralization issues and possible regulation on surrounding ICOs, which use Ehtereum Blockchain, that will be deemed as securities offering.
Of all the mainstream coins XRP seemed to be most disappointing. The ghost of being termed as security is not ready to leave the XRP as the prices remain stagnant- to – negative despite the positive sentiment. On the top, this week the prices of XRP were at USD 0.466983 and towards the bottom, it quoted USD 0.438565. The exchanges that were more active, in volumes, with XRP across various pairs this week were HitBTC (12.62%), Huobi (11.82%) and Binance (8.57%).
Despite not having a great movement on prices, XRP did manage to gather some news as Charlie Lee, the founder of Litecoin, termed XRP as diamond. Media also reported Cory Johnson, Ripple’s chief market strategist, saying that XRP was the right coin to move money because of its speed terming Bitcoin and Ethereum slow for this purpose. He also said that Ripple is thrilled that regulators are getting involved in cryptos as this would bring more clarity.
The other movers and shakers
The Other coins that made to the top and bottom this week according to CoinMarketCap (accessed on July 29 at 11:15 pm IST) were.
- Refereum- Showing a rise of 224.71%
- DMarket- Showing a rise of 174.96%
- adToken- Showing a rise of 131.42%
- SyncFab- Showing a drop of 53.49%
- Seele- Showing a drop of 51.03%
- Toacoin – Showing a drop of 49.51%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.