It’s time for another weekly recap of the top 10 cryptocurrencies by market cap, and this week there were great changes to the tendencies we’ve been seeing in the past month. Let’s take a look at what’s happening:
Bitcoin: $7979.5, with a change of 3.93% from yesterday and -4.45% from last week.
Ethereum: $249.7, with a change of 4.15% from yesterday and -3.59% from last week.
XRP: $0.4216, with a change of 3.55% from yesterday and -1.12% from last week.
Litecoin: $116.2, with a change of 12.24% from yesterday and 6.26% from last week.
Bitcoin Cash: $398.2, with a change of 6.04% from yesterday and -8.04% from last week.
EOS: $6.4729, with a change of 7.61% from yesterday and -17.37% from last week.
Binance Coin: $31.59, with a change of 9.59% from yesterday and -0.19% from last week.
Bitcoin SV: $204.29, with a change of 5.02% from yesterday and 9.13% from last week.
Stellar: $0.128478, with a change of 3.76% from yesterday and -1.35% from last week.
TRON: $0.033853, with a change of 6.16% from yesterday and 4.88% from last week.
The first thing we see is a big drop in the whole market, with only LTC and BSV showing any sings of growth in the last two days and the rest of the coins falling steeply on Tuesday, reaching losses in market capitalization of $13B for BTC and $25B for the entire market.
Some reports attribute this drop to a huge order transferring more than 25,000 BTC from an unknown wallet to Coinbase’s wallet, while others are faintly linking an error in Kraken exchange that listed BTC for incredibly low prices when purchasing with Canadian Dollars. This, together with last week’s climb of BSV, only confirms the speculative nature of the market, and how some orders are big enough to completely alter the market in a few hours.
This lack of stability is the main deterrent for new users to enter the world of crypto trading, and the fact that these kind of orders can take place in any minute with no warning and no opportunity to take preventive measures, meaning that every investment is in potential danger.
The market seems to be recovering slowly, but we’re still to see the full aftermath of this drop, so it’s a matter of time to see if BTC can recover and pull the rest of the coins with it, or if the likes of LTC will be more common and more coins will break the patterns on their own.