It is time for another weekly recap. Let’s take a look at how the market performed in the past 7 days after two weeks of hard hits and big drops paired with relatively small trading volumes, and later we will look at which currency performed the best in the same days. Let’s begin.
Top 10 Cryptocurrencies - Market Value
1 - BTC: $8357.84, with a change of 0.96% since yesterday and 2.27% since last week.
2 - ETH: $183.73, with a change of 1.54% since yesterday and 3.86% since last week.
3 - XRP: $0.2738, with a change of 2.20% since yesterday and 7.67% since last week.
4 - BCH: $227.27, with a change of 3.02% since yesterday and 1.99% since last week.
5 - USDT: $1.004, with a change of 0.10% since yesterday and -1.38% since last week.
6 - LTC: $56, with a change of 0.11% since yesterday and -1.60% since last week.
7 - EOS: $3.096, with a change of 0.88% since yesterday and 3.17% since last week.
8 - BNB: $17.47, with a change of 5.24% since yesterday and 10.85% since last week.
9 - BSV: $85.96, with a change of 2.39% since yesterday and 4.24% since last week.
10 - XLM: $0.0612, with a change of 2.09% since yesterday and 3.43% since last week.
By looking at the plots, one could say the market managed to partially recover from the strong hits, with BTC stabilizing around $8,300, a step up from the lowest point reached at around $7,838. Not only did it had 2 big climbs in a period in 3 days, where it returned to the mid-8,000s (ignoring a spike in the early hours of Friday), but it may seem to have stabilized in that range. And as expected, the rest of the top 10 followed along with BTC, with others like ETH, XRP and LTC moving very similarly.
In terms of news, the reason for that spike might be related to the recent decision announced by the SEC to reject Bitwise’s proposal for a Bitcoin-based ETF. This came as a surprise to many, given the apparently “supportive” attitude the SEC was showing towards the ETF proposed by the San Francisco-centered company, but others were expecting this response and were not upset by it. One this is certain: whatever response the SEC gave to Bitwise, more proposals were waiting to be sent, some following Bitwise if theirs was approved, and others with changes in case of rejection, so it’s time to wait and see which will be the next daring company to take this step.
Another relevant news is that many big names followed on PayPal’s steps and left the Libra Project. Facebook’s cryptocurrency endeavor seemed promising when they announced they were not working alone and had recruited big names in banking, payments, data management and financial services. But after PayPal announced they would no longer take part in development, it only took a week for Visa, Mastercard, Stripe and Mercado Pago to bail on the project too. With the main names in payment services (both physical and electronic) leaving, the usability of the Libra coin seems damaged beyond repair, and only time will tell how many other big names leave.
Top 10 Cryptocurrencies - Performance
1 - SWT: $0.1368, with a change of 128.04% since last week.
2 - DBIX: $0.1505, with a change of 84.17% since last week.
3 - PAL: $0.001175, with a change of 79.72% since last week.
4 - ADH: $0.001511, with a change of 68.08% since last week.
5 - IOTX: $0.006129, with a change of 66.64% since last week.
6 - AMB: $0.03291, with a change of 59.83% since last week.
7 - CMCT: $0.0007557, with a change of 54.13% since last week.
8 - PAT: $0.0001184, with a change of 52.97% since last week.
9 - AMP: $0.005458, with a change of 39.13% since last week.
10 - BDG: $0.0006063, with a change of 26.95% since last week.
This means next week’s feature will talk about Swarm City, a blockchain-based marketplace with a built-in reputation systems, allowing people to communicate, purchase and sell products, and rank their interactions via the implementation of smart contracts.