This week was a complete contrast to the previous week. Most of the cryptocurrencies exactly reverted back to their prices which were at the end of the June erasing all gains of July 1st week. Bitcoin saw a midweek hammering by the bears bring back fears of a USD 6000 breach.
The sentiment also looks somber although it still hovered around USD 6200. Binance CEO Changpeng Zhao (CZ) pleased Malta with announcing plans to launch a blockchain based new bank whose owners will be digital-coin investors, in Malta.
Coinbase also announced that it is testing five more tokens to the likes of Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), 0X (ZRX) which took Stellar and Cardano combined market cap over USD 500 million. As far as partnerships are concerned this week, Litecoin joined hands with Tokenpay as the bought stake in a German bank, WEG Bank and Ontology partnered with IdentityMind Global to add KYC compliances to its offerings.
Source: Coin360.io accessed on July 15, 2018, at 10:35 am IST
Bitcoin did see a downward spiral as the week progressed, creating fears of breaching USD 6000. But its consolidated in the range of USD 6150 and USD 6200. The prices hit the high point of USD 6,838.68 and the lowest point of USD 6,136.42 during the week. Bulls will definitely put in efforts to keep the BTC price above USD 6000-US6200 but if the sentiment dampens and USD 6000 breach inevitable the next logical support looks like USD 5800-USD 5850 which will scare the bulls away.
The exchanges that were more active, in volumes, with BTC across various pairs this week were Binance (4.18%), CoinEx (4.18%) and ZB.com (3.23%).
A few voices that were noted speaking of Bitcoin. Tom Lee – Wall-Street tactician gave a price forecast for Bitcoin to be $20,000 by the end of 2018 on the theory of the cost of mining and rising difficulty over the same and Christopher Matta, a former vice president of investment management division at Goldman Sachs, believes a return to $15,000 for bitcoin is attainable.
Ethereum also replicated the same weakness that Bitcoin showed sinking over 10% this week. Ether prices, on the top, this week were at USD 490.85 and were at lows of USD 422.81 being pretty much rangebound.
The exchanges that were more active, in volumes, with ETH across various pairs this week were CoinEx (9.95%), Coinbene (5.47%) and Binance (4.30%).
Some news this week around Ethereum was Ethereum co-creator Joseph Lubin, the founder, and CEO of blockchain software studio ConsenSys said that the price correction of Ethereum, the native cryptocurrency of Ethereum, makes sense and that the network itself is in great shape and the ecosystem and industry are performing at their highest level.
Also according to Kaspersky Labs, the leading cyber security company, have found that cybercriminals were able to steal more than 21,000 in Ethereum (ETH) (worth around $10 million) through social engineering schemes over the past year
XRP also couldn’t shy away from the fall, that was triggered by sentiment dampness falling nearly 10% this week. XRP prices, on the top, this week were at USD 0.480774 and were at lows of USD 0.428033.
The exchanges that were more active, in volumes, with XRP across various pairs this week were HitBTC (15.64%), Binance (9.61%) and Huobi (8.57%). XRP/ USDT and XRP/BTC pair generated the maximum volumes.
Ripple Chief Cryptographer and CTO at UNCHAIN Hamburg that getting liquidity to RippleNet was the top priority while Asheesh Birla – Ripple Senior Vice President of Product said that the company was betting high on India to help it better Bitcoin in the cryptocurrency race.
The other movers and shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on July 15 at 11:00 pm IST) were
- Super Bitcoin- Showing a rise of 163.50%
- Sumokoin- Showing a rise of 136.91%
- Dashcoin- Showing a rise of 114.38%
- EJOY- Showing a drop of 67.80%
- ATMCoin- Showing a drop of 65.35%
- StarCoin – Showing a drop of 63.76%
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.