Crypto-markets witnessed another week under selling pressure at the beginning of the week. Nevertheless, altcoins looked to build support above last week lows. Bitcoin [BTC] also rejected another bearish attempt below $10,000.
On Friday, Bitcoin gained about above 2.5% but has again fallen back to the support near $10,500.
Opening Price: $10,379
Closing Price: $10,175
Weekly Loss: 1.9%
Weekly High/Low: $10,955/$9755
XRP was one of the most underperforming cryptocurrencies during this year. The coin broke below $0.27 at the beginning of this month. However, it has been trying to build support near these levels. Ripple has continually increased its efforts in providing efficient payment and settlement services.
However, the use and taxonomy of XRP are still uncertain, which has affected its price adversely throughout the year. Nevertheless, the beginning of the week saw a slight hope of reversal.
Opening Price: $0.28
Closing Price: $0.283
Weekly Loss: 10.7%
Weekly High/Low: $0.0.29/$0.257
The weekly price action on Cardano [ADA] was similar, as it formed a reversal from bear to gains during the last few days of the week.
Recently, Cardano partnered with Korean firms which will implement Cardano for Korean digital content and mobile gaming.
Opening Price: $0.048
Closing Price: $0.051
Weekly Gains: 6.25%
Weekly High/Low: $0.054/$0.044
Tron [TRX] has been reeling under bearish pressures for some time now. The price broke below $0.02 which was a significant psychological level for the cryptocurrency. This week there was a slight reversal witnessed during the week it touched a high of $0.19 on Friday.
Opening Price: $0.017
Closing Price: $0.018
Weekly Gains: 5.88%
Weekly High/Low: $0.019/$0.0159
The selling pressure on Stellar was excessive as the cryptocurrency broke below $0.08. Stellar [XLM] was one of the best performing coins during the 2018 bearish movements.
However, the price has currently dipped below 1-year lows. It made a slight revival above $0.07 during the end of the week.
Opening Price: $0.068
Closing Price: $0.070
Weekly Gains: 2.95%
Weekly High/Low: $0.072/$0.065
Ethereum Classic [ETC]
Ethereum Classic [ETC] was the best performing cryptocurrency among the top 20 cryptocurrencies by market capitalization. The gains have been attributed to its impending hard fork which is aimed at improving the network security and efficiency. The hard fork is scheduled to occur on September 17 2019.
ETC/USD 1-Day Chart on Binance (TradingView)Opening Price: $5.5
Closing Price: $6.8
Weekly Loss: 23.6%
Weekly High/Low: $7.8/$5.43
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $0.8 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 12: 00 Hours UTC on 18th August 2019
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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