Market update
Bitcoin fell off a cliff last Thursday, plunging from $15,200 to $13,900 in the space of a day. And just as suddenly in the last 24 hours, Bitcoin surged 6.1 percent to be trading above $15,400 at the time of writing. Bitcoin’s increase has dragged up the entire top ten – but not enough to make up for a week of losses. ETH lost 5.1%, XRP (-3%), BCH (-4.3%), LTC (-9.5%), EOS (-6.6%) and Stellar (-8.8%).
Bitcoin is down 5% for the week to be trading around $15,100 at the time of writing. Over the weekend, Bitcoin’s 30-day volatility dropped to its lowest point since June 25 and it’s more than 50% down from its recent peak on July 19. Judging by the escalation in US/China trade hostilities though, the Trump volatility index remains high. Ethereum is losing ground fast, falling 7% this week to $280. XRP lost 4.4%, BCH (-3.8%), Litecoin (-3.8%), EOS (-3.6%) and Stellar (-2%)
Bitcoin is down 5% for the week but up 6% over the past month. Bitcoin dominance (ratio of bitcoin market capitalisation to alt coin market capitalisation) is up to levels not seen since May 2017. ‘Altseason’ looks further away than ever with the top ten coins heading backwards this week. Ether dropped 8%, Ripple lost 5%, Litecoin (-9%), and Stellar (-5%).
Bitcoin is down 7.4% over the past week (and 20% over the past month) to $13,665. As of Friday, 58% of traders on CME’s futures market were betting the Bitcoin price will go down further. Interestingly, the whales are on the move today with 318,649 Bitcoin worth $4.3 billion, moved between wallets. What are they up to? The only bright spot in the top ten this week was EOS which gained 2.9%. Everything else was down. Ethereum (-2.2%), XRP (-3%), Litecoin (-3.8%), Bitcoin Cash (-0.5%). Stellar lost 5.5%.