Bitcoin [BTC] began with a bullish break at the start of the week. It broke above the resistance near $11,000 and the bullish pressure extended above $12,000.
The de-coupling of altcoins with Bitcoin was of the notable trends during the week. While Bitcoin [BTC] is growing as a hedge against the traditional economy, the altcoins are continually losing their value proposition.
Ethereum, XRP, Litecoin, Bitcoin Cash [BCH] and so on which are one of the most robust altcoins in the past saw one of the worst weeks of trading in the past two years. The price tested 15-month lows w.r.t. Bitcoin.
Nevertheless, a slight revival was seen during the weekend in altcoins. The development and adoption of these altcoins still rest on regulatory decisions and their rate of adoption.
Opening Price: $10,725
Closing Price: $11,455
Weekly Gains: 6.8%
Weekly High/Low: $12,325/$10,986
The price action in altcoins during the week was mostly bearish on major altcoins like Ethereum and XRP. However, the privacy-focused cryptocurrency outshined during the week as it looked to break above $100 on 7th August 2019. However, the selling pressure gripped Monero as well as it fell to test $90 levels again.
Opening Price: $86.8
Closing Price: $91.8
Weekly Gains: 5.72%
Weekly High/Low: $99.8/$85.6
Binance [BNB] Coin
Opening Price: $28
Closing Price: $29.8
Weekly Gains: 4.2%
Weekly High/Low: $32.3/$25.3
Huobi Token [HT]
Another Exchange backed token that made to the list this week. The demand for Exchange backed tokens is increasing as the payments and other utility tokens as starting to lose their luster. The traders and investors are beginning to find Exchange backed tokens a better opportunity to invest in the emerging space.
Huobi Token and OBK token are two of the most popular tokens among Chinese VCs as well as their business model is backed by the monetary value of the Exchange.
Opening Price: $4.6
Closing Price: $5.04
Weekly Gains: 9.5%
Weekly High/Low: $5.3/$4.6
The losses in altcoins were massive during the week as they exhibited an inverse relationship during the week with Bitcoin. Nevertheless, EOS was one of the smallest losers during the selling pressures. While it touched a low near $3.8, it mostly traded above $4 during the week.
Opening Price: $4.34
Closing Price: $4.16
Weekly Loss: 4.13%
Weekly High/Low: $4.57/$3.8
*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 13: 00 Hours UTC on 11th August 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