Cryptocurrency markets witnessed another exciting week as the Bitcoin [BTC] began the week with a robust bullish action, but failed to yield. Furthermore, the altcoin ‘hodlers‘ suffered massive losses to the tune of more than 20%.
Moreover, Bitcoin [BTC] bulls also seem exhausted at the moment as the price keeps falling to find support. Overall, this was a bearish week for the cryptocurrency markets as the market capitalization dropped. The losses for altcoin traders were further accentuated by the rising dominance of Bitcoin; which is currently 65.4%.
Opening Price: $$11,300
Closing Price: $10,612
The weekly Loss: 6%
Weekly High/Low: $13200/$10,555
The general sentiments of the market were bearish. Hence, while all coins are in red, these are the ones’ that took slightly fewer losses compared to others.
Monero is one of the most popular privacy-focused cryptocurrency. This week while most cryptocurrencies broke their USD support, Monero has tried to maintain support around $88.
Opening Price: $98.5
Closing Price: $87.1
Weekly Loss: 11.9%
Weekly High/Low: $116.7/$84.4
Binance [BNB] Coin
Binance conducted to 8th quarterly token burn, which saw a burn of 808,888 BNB tokens which came as positive news for the traders. However, there are significant concerns around the supply and hence, price discovery, which seems to be keeping the bulls at bay.
Nevertheless, the Exchange has been growing massively with increasing volume almost every quarter. Huobi Token and LEO, the other two exchange backed tokens are also holding onto gains at the moments.
Opening Price: $33.3
Closing Price: $29.3
The weekly Gains: 12%
Weekly High/Low: $36.9/$27.1
Stellar [XLM] was one of the top performing cryptocurrencies which has currently slid down from the top the ten lists by Mcap. Moreover, it is also now testing support at the lower level.
Cryptocurrency regulations and lack of visible development and insight around IBM and stellar, its’ most coveted partnership, the coin continue to slide down with the bearish altcoin momentum.
Opening Price: $0.106
Closing Price: $0.088
The weekly Loss: 16.9%
Weekly High/Low: $0.114/$0.083
Chain Link [LINK]
Chainlink is the best performing cryptocurrency since the past couple of weeks. While the altcoin traders have continued to lose confidence even in the most popular cryptocurrencies, chainlink [LINK] emerged as an exception.
It grew from $1.5 to trade just below $5; however, the FOMO soon stopped. Despite the losses in recent times, the cryptocurrency is currently looking to establish support around $3.
Opening Price: $3.29
Closing Price: $2.94
The weekly Gains: 10.6%
Weekly High/Low: $3.89/$2.57
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 14th July 2019.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com