Bitcoin [BTC] cryptocurrency markets saw another bearish week at the wake of another scam – the PlusToken. Nevertheless, Bitcoin revived above $10,000 again. However, the altcoins broke down below another key support levels.
Ethereum, XRP, Litecoin, and the other altcoins continued losing their dominance over the cryptocurrency market. The top-performing cryptocurrencies were the ones which projected least losses during the week. The dominance of Bitcoin over the market is close to 69%.
Moreover, the previous week was significantly bearish as well. The market broke bullish only during the last few hours of the week on 11th August 2019.
Opening Price: $11,455
Closing Price: $10,379
Weekly Loss: 9.3%
Weekly High/Low: $12,325/$10,986
XRP ‘hodlers’ which are quite significant in number were affected adversely due to the case filling at the California Federal Court. The Plaintiff (investors) have claimed that Ripple has significant control over XRP and should be declared it’s security.
If the courts find recognizable relevance between the XRP and Ripple FUD, then their claims would stand true. However, XRP proponents have repeatedly claimed that XRP is a cryptocurrency that was launched in 2012. Moreover, Ripple only leverages the ledger to build products on it.
The SEC will also keep a close tab on the case. The discussions and findings of the case will further shape laws on these new class of digital assets.
Opening Price: $0.299
Closing Price: $0.28
Weekly Loss: 6.35%
Weekly High/Low: $0.305/$0.225
Bitcoin [BCH] Cash
Bitcoin Cash [BCH] has also been mostly bearish this week. Its price movements clearly explain the price action that was brought last week at the very end. As reported on Coingape around 13: 00 Hours, the price was bearish at around $320. However, it ended on a powerful note break above $340.
While it has revived back above $300, it recorded a low below $280.
Opening Price: $319
Closing Price: $320
Weekly Loss: 0.05%
Weekly High/Low: $358/$266
The cryptocurrency like Bitcoin Cash [BCH] aims to provide scalability for Bitcoin users. However, its lead proponent, Craig Wright, has been accused of falsifying claims of being Satoshi. Nevertheless, the cryptocurrency has continued to hold its support levels above $120.
Opening Price: $144
Closing Price: $136
Weekly Loss: 5.55%
Weekly High/Low: $155/$123
Binance [BNB] Coin
Binance [BNB] Coin also broke bearish during the week following the altcoin momentum. While it broke below the $30 support, it trying to build new support near $27.
Moreover, Binance team is continually expanding and developing their brand in the market. The launch of the US division will be important for the Exchange as the US has a lot of retail crypto investors.
Opening Price: $29.8
Closing Price: $27.7
Weekly Loss: 7.04%
Weekly High/Low: $31/$25.2
LEO Unus LED
LEO is the exchange backed token of Bitfinex performed well as the over-all sentiments towards Bitcoin remained positive. Hence, when other altcoins are continually losing value, these tokens are benefiting from constant volume.
Opening Price: $1.23
Closing Price: $1.27
Weekly Gains: 3.25%
Weekly High/Low: $1.32/$1.16
*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 12: 00 Hours UTC on 18th August 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