It is time for a Weekly Recap once again. Let’s take a look at how the market fared these past 7 days of ups, downs, laws being passed and enormous surges:
Top 10 Cryptocurrencies - Market Value
1 - BTC: $9268.24, with a change of 6.89% since yesterday and 16.24% since last week.
2 - ETH: $182.17, with a change of 0.21% since yesterday and 5.69% since last week.
3 - XRP: $0.2933, with a change of -1.84% since yesterday and 0.38% since last week.
4 - BCH: $256.61, with a change of -0.95% since yesterday and 20.39% since last week.
5 - USDT: $1.004, with a change of 0.00% since yesterday and -0.20% since last week.
6 - LTC: $56.25, with a change of -1.32% since yesterday and 4.32% since last week.
7 - EOS: $3.183, with a change of -0.19% since yesterday and 10.18% since last week.
8 - BNB: $18.47, with a change of -0.86% since yesterday and 1.21% since last week.
9 - BSV: $137.95, with a change of 3.29% since yesterday and 53.33% since last week.
10 - XLM: $0.06384, with a change of -0.75% since yesterday and 2.03% since last week.
This week has been the definition of a roller-coaster. First, we saw how the entire market seemed to plummet on Wednesday, with BTC reaching the low mark of around $7,400, a 4-month low point. Some analysts declared that this move was a characteristic of what is called a “long-squeeze”, where long holders feel obligated to sell their options to cut losses in a falling market, fueled by overselling of over-leveraged longs sold in BitMEX.
But this situation usually indicates the coming of a bounce back. And, low and behold, it happened, with BTC surging up to break the $10,000 mark once again (and later dropping a bit as compensation). Despite this confirming the prediction of the “long-squeeze”-supporting analysts, others also link this surge to comments from the Chinese presidente, Xi Jinping, about the use and development of blockchain, which might have helped in the surge given the massive population of China and how this could boost bullish sentiments.
Another possible catalyst for this movement might be related to Bakkt, an exchange that offers trading of cryptocurrency futures, reaching a new record in trading volumes for Bitcoin futures ($4.8 million, up from the previous record of $1.9 million), but there is not enough evidence supporting this as there is for linking the climb to Xi Jinping’s comments.
Top 10 Cryptocurrencies - Performance
1 - LEND: $0.01668, with a change of 146.09% since last week.
2 - ILC: $0.0707, with a change of 106.18% since last week.
3 - BTM: $0.0783, with a change of 86.67% since last week.
4 - VEO: $117.77, with a change of 70.08% since last week.
5 - ADH: $0.001297, with a change of 62.35% since last week.
6 - BSV: $138.16, with a change of 53.33% since last week.
7 - XDN: $0.0006486, with a change of 48.21% since last week.
8 - ZEN: $5.164, with a change of 47.83% since last week.
9 - NCT: $0.002474, with a change of 44.51% since last week.
10 - PPT: $0.576862, with a change of 42.93% since last week.
This means our feature next week will cover ETHLend, the first worldwide platform that offers solutions for taking cryptocurrency loans while the user stakes a small amount of their crypto as a guarantee for the loan.