This week we saw a rebound drop in most of cryptocurrencies, with interesting changes in the Top 10 of the ones with the highest market capitalization and what some say is a reaction to BTC’s breach of the $9,000 mark. Let’s take a look:
Bitcoin: $8350.9, with a change of -3.68% from yesterday and 4.29% from last week.
Ethereum: $259.01, with a change of -8.15% from yesterday and 2.97% from last week.
XRP: $0.42639, with a change of -7.22% from yesterday and 9.2% from last week.
Bitcoin Cash: $433.01, with a change of -7.78% from yesterday and 4.45% from last week.
EOS: $7.834, with a change of -3.35% from yesterday and 22.42% from last week.
Litecoin: $109.35, with a change of -6.1% from yesterday and 10.13% from last week.
Binance Coin: $31.65, with a change of -5.09% from yesterday and -8.82% from last week.
Bitcoin SV: $187.20, with a change of -10.15% from yesterday and 88.9% from last week.
Stellar: $0.130231, with a change of -7.74% from yesterday and 1.9% from last week.
Cardano: $0.085844, with a change of -9.92% from yesterday and 4.38% from last week.
The main surprise comes from the rise of Bitcoin SV, which is a result of fake news started in China. The rumor stated that Craig S. Wright, founder of BSV, made a transaction of 50,000 BTC from one of the largest wallets out there to Binance, which led people to believe he was Satoshi Nakamoto, creator of Bitcoin. Changpeng Zhao, CEO of Binance, later confirmed that these news were fake, but the market had already done its part, as you can see in the plot above.
Excluding Bitcoin SV from the average metrics, we see a drop of 6.56% since yesterday and a growth of 5.66% since last week, meaning that even after the big drops in the main coins (which analysts are describing as bearish reactions to the bullish rush of the past days), the market is currently in a better state than last week.
Overall, what we see is just evidence on how speculative this market can be, to the point where a simple rumor can move billions of dollars in a single day, so it might be counterproductive to try applying traditional market dynamics to cryptocurrency.