The first week of July witnessed a big roller-coaster of price sentiments. Bitcoin started the week strongly with a bullish move after a pullback of nearly 30%. However, the Bitcoin price witnessed a sharp plunge on 4th July, which has again put the bulls on hold.
Nevertheless, Bitcoin has continued to hold its position above $11,000, which has left the traders uncertain. However, if it continues to hold and consolidate above this level, it will be a strong positive signal for Bitcoin.
Opening Price: $10525
Closing Price: $11,300
The weekly Gains: 7.3%
Weekly High/Low: $12061/$9614
XRP and other cryptocurrencies have recorded losses w.r.t. to Bitcoin in the past couple of weeks. Nevertheless, XRP continues to hold critical support above $0.385.
The increasing attention towards Bitcoin and Libra had continued to raise doubts around the prospects of the XRP. However, Ripple has continued to work strongly in developing partnerships with banks and money transmitters to increase the adoption of xRapid.
Opening Price: $0.393
Closing Price: $0.398
The weekly gains: ~0.05%
Weekly High/Low: $0.44/$0.349
Monero is the most popular privacy-focused cryptocurrency whose developers have always advocated complete decentralization and an advanced protocol for seamless transfer of value and mining.
Recently, the lead developers team also disclosed a glitch that could have potentially led to the theft of the cryptocurrency Exchanges. The market sentiments around Monero are slightly let down because of regulatory concerns. However, many advocates of privacy prefer Monero than any other cryptocurrency.
Opening Price: $88
Closing Price: $98.5
The weekly Gains: 11.9%
Weekly High/Low: $101/$88
Binance [BNB] Coin
Binance [BNB] Coin is still looking strong as it continues to hold its support above $30. The cryptocurrency is backed by the most significant cryptocurrency Exchange in the business and has seen tremendous growth this year. Some of the other Exchange backed tokens like Huobi Token and LEO Unus Led from Binance have also performed well during the week.
Opening Price: $31.8
Closing Price: $33.3
The weekly Gains: 4.7%
Weekly High/Low: $37.7/$27.8
Tezos [XTZ] was the best performing cryptocurrency this week whose rise can be attributed to the $1 billion security token deal with one of the largest Brazilian bank, Banco BTG Pactual.
Opening Price: $0.92
Closing Price: $1.19
The weekly Gains: 29.3%
Weekly High/Low: $1.32/$0.82
Ethereum, EOS, Bitcoin [Cash] and Tron [TRX] showed similar price movements with a downfall near 8% on a weekly scale. The success or failure of a cryptocurrency necessarily depends on its adoption and its profitability expectation.
Opening Price: $289
Closing Price: $294
The weekly Loss: 1.72%
Weekly High/Low: $304/$261
The rising Bitcoin dominance and the concerns around regulations on cryptocurrency and the Exchanges have further increased the uncertainty around investments in altcoins. However, as it moves away from speculation, it can be perfect for the growth of these currencies.
*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 30th June 2019.
Nivesh from Engineering Background is a full-time Crypto Journalist 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