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First Week of December Ends with Flush of Green, Bitcoin Nears $3,700

The crypto markets are seeing a wave of green, as top crypto Bitcoin nears the $3,700 mark after a week of lows.

Sunday, Dec. 9 — The crypto markets are showing a wave of green, as Bitcoin (BTC) trades closer to $3,700 at the end of the week, as data from Coin360 shows.

Market visualization by Coin360

Market visualization by Coin360.

After a week of breaking new year-to-date lows, the major cryptocurrency is trading at around $3,650 by press time, up more than 7 percent over a 24 hour period. The coin is still down almost 9 percent on the week and more than 44 percent on the month, according to Cointelegraph’s Bitcoin Price Index.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index.

The second-largest crypto by market cap, Ripple (XRP), is also up by 5 percent on the day, trading at around $0.31 as of press time, according to Cointelegraph’s Ripple Price Index. Ripple’s weekly and monthly charts are similar to those of Bitcoin, with losses of almost 12 and 41 percent respectively.

Ripple 7-day price chart

Ripple 7-day price chart. Source: Cointelegraph’s Ripple Price Index.

Third-ranked crypto by market cap Ethereum (ETH) is up the most of the top-three cryptos, seeing almost 10 percent growth on the day and trading at around $97 by press time. On the week, the altcoin is down almost 14 percent, and is seeing losses of more than 55 percent over the past month.

Ethereum 7-day price chart

Ethereum 7-day price chart. Cointelegraph’s Ethereum Price Index.

All of the remaining top ten coins on CoinMarketCap are seeing green, with EOS (EOS) showing the most gains on the day, up 15 percent and trading at around $111 to press time.

Only Bitcoin Cash SV (BSV) — a branch of the Nov. 15 Bitcoin Cash (BCH) hard fork — is in the red, down more than 2 percent over a 24 hour period and trading at around $97.37 at press time. BSV had been ranked fifth yesterday, Dec. 8, but is now in the eighth spot on CoinMarketCap. BCH is now ranked fifth, up around 8 percent on the day and trading at about $111 by press time.

Total market capitalization of all cryptocurrencies is at around $115 billion as of press time, up from its Dec. 7 weekly low of just under $104 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap.

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Crypto Rankings Shake-up Follows Yesterday’s Market Crash as Bitcoin Stays Around $3,400

After seeing another big sell-off, crypto markets are trading sideways, with total market cap hovering around yesterday’s levels.

Saturday, Dec. 8 — Amid a new collapse in the crypto markets yesterday, cryptocurrency ranks are continuously changing as various coins overtake each other by market capitalization. While green prevails among a number of top 100 coins, the markets are trading sideways, with the total market cap hovering at the same levels as yesterday.

Market visualization from Coin360

Bitcoin SV (BSV), Bitcoin Cash’s (BCH) hard fork that had been ranked fifth yesterday on CoinMarketCap, is now down on the list, with major stablecoin Tether (USDT) having taken over both BSV and Bitcoin Cash. Tether’s market cap now amounts to over $1.8 billion, while BCH and BSV are almost equal with market caps of around $1.8 billion, also trading at an equal price of around $100 at press time.

Recently, the Winklevoss twins’ crypto exchange Gemini announced the listing of Bitcoin Cash custody and trading, adding that their platform will “only be providing support for the Bitcoin ABC network.”

Top 7 cryptocurrencies by market cap. Source: CoinMarketCap

Bitcoin (BTC) is slightly down about 0.7 percent and is trading at $3,399 at press time. Yesterday, Dec. 7, the major cryptocurrency plunged to as low as $3,280, hitting a new record of its lowest price since August 2017. With a current market share of almost 55 percent, Bitcoin has been trading around the $3,450 threshold over the day.

As Cointelegraph reported yesterday, Bitcoin’s further lows have taken place following the recent decision of the United States Securities and Exchange Commission (SEC) to delay its reconsideration of rule changes towards the first national Bitcoin exchange-traded fund (ETF) from investment firm VanEck and blockchain company SolidX.

After the announcement, SEC’s relatively pro-crypto commissioner Hester Peirce advised to not “hold your breath” over the ETF approval, claiming that it can take “20 years from now or it could be tomorrow.”

Bitcoin 24-hour price chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), the second cryptocurrency by market cap, is down around 1.7 percent over the past 24 hours, trading at $0.29 at press time.

Ripple 24-hour price chart. Source: CoinMarketCap Ripple Price Index

In contrast, Ethereum (ETH), the third top cryptocurrency by market cap, is up around 3.8 percent, trading at almost $90 at press time. The major altcoin had dropped to a double digit threshold yesterday for the first time since May 2017.

Yesterday, Ethereum core developers agreed to launch the coin’s long-awaited Constantinople hard fork at block 7,080,000, which is estimated to happen after Jan. 14, 2019.

Ethereum all-time price chart. Source: CoinMarketCap Ethereum Price Index

Ranked eighth by market cap, EOS (EOS) is seeing some of the biggest losses among the top 20 coins by market cap. The coin is trading at $1.67, which is a drop by more than 43 percent over the week.

While the markets are attempting another consolidation, some cryptocurrencies have managed to see some sufficient growth over the 24 hour period. ZCash (ZEC) and Dash (DASH) are up the most among top 20 cryptos, both having seen growth by more than 7.5 percent and trading at about $57 and $67 respectively, according to CoinMarketCap.

Total market capitalization is equal to $107 billion at press time, seeing a slight drop over the past hour. Earlier on the day, market cap had dipped to as low as $103 billion, which is the lowest record since August 2017 — similar to Bitcoin’s price dynamics. Daily trade volume amounts to more than $16 billion.

Total market capitalization chart. Source: CoinMarketCap

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Crypto Markets Meet December in Green, Bitcoin Trades Above $4,200

Crypto markets go green on the first day of December, with Bitcoin breaking and holding the $4,200 threshold.

Saturday, Dec. 1 — Crypto markets have seen a substantial influx on the first day of this winter month, with all top 20 coins by market cap firmly in the green, according to CoinMarketCap.

Market visualization from Coin360

Following multiple plunges below the $4,000 threshold yesterday, Nov. 30, Bitcoin (BTC) has managed to finally hold $4,000 support today. The major cryptocurrency is now trading at $4,202, up 4.5 percent over the past 24 hours to press time. Bitcoin is down around 1.9 percent over the week, according to data from CoinMarketCap.

Bitcoin price 7-day chart. Source: CoinMarketCap Bitcoin Price Index

Ripple (XRP), the second cryptocurrency by market cap, is seeing milder gains, up around 3 percent over the past 24 hours and trading at $0.37 as of press time. The coin is seeing considerable losses over the week, down more than 7 percent.

Ripple 7-day price chart. Source: CoinMarketCap Ripple Price Index

TRON (TRX) and NEM (XEM) are seeing the biggest gains among the top 20 coins by market capitalization. TRON, ranked 11th on CoinMarketCap by press time, is up 6.5 percent, also holding a significant grown over the week — more than 11 percent. NEM is up 7 percent, seeing around 5 percent gains over the past 7 days.

Bitcoin Cash’s (BCH) hard fork, Bitcoin SV (BSV), is seeing a massive increase over the past 7 days, up more than 45 percent over the period. The hard forked cryptocurrency is ranked nine on CoinMarketCap and is trading at around $94, seeing a small growth over the day — around 0.1 percent.

Total market capitalization has seen a marked increase over the day, having spiked from around $129 billion to as high as the current $137 billion. Daily trade volume has been stable over the day, accounting for $16 billion, while seeing a small drop to $15 billion at press time.

Total market capitalization 24-hour chart. Source: CoinMarketCap

While the markets have taken another dip recently, Bitcoin fundamentals, such as cost per transaction and number of transactions, have increased, as noted by crypto evangelist Anthony Pompliano, a partner at crypto investment firm Morgan Creek Digital Assets.

In yesterday’s post, Pompliano emphasized seven fundamentals of Bitcoin, pointing out the increasing number of Bitcoin wallets as well as the growth of the amount of daily confirmed transactions.

The crypto believer also stressed the increasing power of Bitcoin’s hash rate, claiming that it has almost “quadrupled in the last year or so,” while the number of Bitcoin nodes has been 98 percent up over the last two years, the expert said, citing data from Bitnodes.

Concluding his analysis, Pompliano argued that price of a cryptocurrency is “only one measurement of value for an asset,” stating that underlying fundamentals is the main focus of the future value of the currency. He wrote:

“Don’t be distracted by the noise. Focus on the fundamentals. Bitcoin isn’t going anywhere.”

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German Private Equity Fund Targets Bitcoin Mining аs Clients Demand ‘Regulated Product’

Xolaris Service KVAG, a German alternative investment fund manager, has launched a private equity fund dedicated to Bitcoin mining.

German alternative investment fund manager Xolaris Service KVAG has launched a private equity fund dedicated to Bitcoin mining, the company confirmed in a press release Nov. 29.

Xolaris, which has undertaken various expansion measures including the opening of a Hong Kong office in July, says client demand to access the sector continues despite the downturn in Bitcoin (BTC) prices.

The fund will feature a minimum investment entry of €250,000 ($285,000), with a planned issue volume of between €30 million and €50 million ($34 million – $57 million).

“We’ve constantly received requests from professional investors to release a regulated product for the cryptocurrency sphere,” head of portfolio management Stefan Klaile said in the release.

The fund will come as a joint project with Marc Stehr, owner of an extant mining farm in Sweden, with the fund’s capital first going towards the farm’s expansion.

The decision was made due to Stehr “already having access to operational mining infrastructure,” which “demonstrably successfully produces Bitcoin.”

“This eliminates a number of risks,” Klaile added.

As Cointelegraph reported, the drop in Bitcoin prices to around $3,500 had appeared to put pay to many miners’ profitability, with China seeing mass dumping of hardware due to the crisis. Last week, U.S.-based operation Giga Watt filed for bankruptcy.

The picture remains far from one-sided meanwhile, with the government of Paraguay at the same time announcing it would endorse and support “Golden Goose,” a project to build the world’s largest Bitcoin mining farm.

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Crypto Market Stand Its Ground, Three of the Top 20 Coins by Market Cap See Gains

The crypto market stands its ground, with Bitcoin hovering around $6,400 and three out of 20 top cryptocurrencies by market cap in green.

Saturday, September 8: after a recent sell-off, the crypto markets is standing its ground today, with three of top 20 coins by market cap in the green and Bitcoin (BTC) hovering around $6,400 support.

Market visualization from Coin360

Market visualization from Coin360

After facing a sharp decline on the week, Bitcoin is holding its position on the market, down around 0.7 percent over the past 24 hours and trades at around $6,394 at press time. Yesterday, the major cryptocurrency dropped to as low as $6,354.

Weekly Bitcoin price chart

Weekly Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index

Ethereum (ETH) keeps trading at around $210, down over 3 percent over the 24 hour period to press time.

Weekly Ethereum price chart

Weekly Ethereum price chart. Source: Cointelegraph Ethereum Price Index

Total market cap is standing its ground, currently at the $203 billion point having seen some slight fluctuations around the $204 billion point today. Total market cap had an intraday low of $202 billion and high of $205 billion.

Weekly total market capitalization chart

Weekly total market capitalization chart. Source: CoinMarketCap

After seeing a top dominance rate that surged to as high as 55.5 percent on September 6, Bitcoin currently holds 55.1 percent of the crypto markets, the total number of which constitutes 1,926 at press time.

Weekly percentage of Total Market Cap (Dominance)

Weekly percentage of Total Market Cap (Dominance). Source: CoinMarketCap

While the most of cryptocurrencies among top 20 coins by market cap are seeing slight losses, some coins have outperformed, seeing gains of over 5 percent over the past 24 hours.

Dash (DASH) is up more than 5 percent over the past 24 hours, trading at around $196 at press time. The altcoin is still down more than 9 percent over the past week, according to CoinMarketCap.

Dogecoin (DOGE), which has skyrocketed recently, is also among the leaders in terms of top 20 coins by market cap today. The digital currency is trading at $0.006 at press time, up about 5.5 percent over a 24 hour period, but at the same time almost 9 percent down over the week.

In contrast, Stellar (XLM) and Cardano (ADA) are seeing the biggest losses over the top ten crypto by market cap. The sixth top coin, XLM is down around 2 percent over the past 24 hours, trading at around $0.20. Cardano is down around 2.7 percent, trading at around $0.08 at press time.

Recently, Coinbase CEO Brian Armstrong predicted that the number of people in the crypto ecosystem will grow from the current 40 million to 1 billion in the next five years, claiming that tokens would operate together with equity as an alternative investment system.

Yesterday, Cointelegraph reported on a study by investment platform SharesPost revealing that a majority of accredited and retail investors plan to increase their crypto asset holdings over the next 12 months.

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Scattered Gains Bring Respite after Midweek Crash, But Many Alts Continue to See Losses

Crypto markets have slightly stabilized today, although many major coins continue to shed value.

Friday, September 7: after the midweek bloodbath, crypto markets have slightly stabilized today, although many coins continue to shed value, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,430 at press time, down just under one percent on the day, according to Cointelegraph’s Bitcoin Price Index.

Despite a bullish start to September, Bitcoin’s price decline set in this Wednesday, September 5. Since then, the leading cryptocurrency has spiralled downwards from a high of $7,391 to over $1,000 less at its intraday low today at $6,354.

The coin is now a stark 16 percent down on its weekly chart. On the month, Bitcoin nonetheless remains up by around 7.3 percent.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph’s Bitcoin Price Index

Ethereum (ETH) has tumbled to around $216 at press time, losing just over 3 percent on the day. As with Bitcoin, Ethereum started September strong, briefly brushing the $300 price point September 1 before this week’s price plummet.

On its weekly chart, Ethereum is down just over 23 percent, with monthly losses around 46 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph’s Ethereum Price Index

Among the other top ten coins on CoinMarketCap, only three are in the green, though losses are capped below 3 percent. After Ethereum, Bitcoin Cash (BCH) is down the most, seeing 2.77 percent losses on the day to trade at just under $500.  

Stellar (XLM) is the only top ten crypto to see solid growth, up 4 percent on the day to trade at around $0.207. While it still remains shy of its intraweek high at almost $0.24, XLM-BTC has seen a solid bounce back to its trading levels before the mid-week market plunge set in September 5.

Stellar’s 7-day price chart

Stellar’s 7-day price chart from CoinMarketCap

Among the top twenty coins, all assets, except for two exceptions, are seeing mixed reds and greens in the 1 percent range, showing the coins are holding steady over the past 24 hours to press time.  

Dash (DASH), ranked 12th by market cap, has soared almost 6.46 percent on the day to trade around $185.56, although it is still trading almost 16 percent lower than its value ($220.50) during early trading hours September 5.

Dash’s 7-day price chart from CoinMarketCap

The other exception among top twenty coins is Dogecoin (DOGE), ranked 20th, which is up around 6 percent on the day, capping a week of extraordinary price volatility.

Dogecoin’s 7-day price chart from CoinMarketCap

Total market capitalization of all cryptocurrencies is around $203.5 billion at press time, down over $35 billion from its intraweek high of around $240 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Even as the markets tumble, fresh data from management and technology consulting firm GreySpark has found that volumes on crypto marketplaces have burgeoned in 2018, with the U.S. dollar the most actively traded fiat against cryptocurrencies.

Responding to this week’s grim market movements, crypto Twitter has actively mulled the possible impact and price correlation surrounding reports that Goldman Sachs was rolling back their plans to open a crypto trading desk. The banking giant’s CFO refuted the rumors in a statement September 6, calling them “fake news” and affirming the company’s plans were on track.

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Bitcoin Seals Further Gains in a Mostly Green Market as Ethereum Fails to Break $300

Tuesday, September 4: crypto markets are largely green today, with Bitcoin (BTC) inching upwards yet further, and several large-market-cap alts seeing solid gains, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $7,374 at press time, up over 1 percent on the day as it continues boost its newly won gains, according to Cointelegraph’s Bitcoin Price Index.

Having reclaimed the $7,000 price point August 31, Bitcoin has seen a solid upwards trend and is now pushing $7,400. The top coin is trading an impressive $550 higher than its low on its weekly chart, with its 7-day rolling gains at almost 7 percent. On the month, Bitcoin is up a fraction of a percent.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is trading around $288 at press time, seeing seeing virtually no value percentage change on the day. Following upon an intra-week high of about $298, Ethereum has failed to sustain upwards momentum, remaining range bound around $290.

On its weekly chart, Ethereum is more or less even at a fractional 0.1 percent gain, with monthly losses remaining around 31 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: CoinMarketCap

The top ten coins listed on CoinMarketCap are mostly seeing modest gains of within a 1-2 percent range. A notable exception is Litecoin (LTC), up around 5.7 percent on the day to trade around $69. Litecoin saw a strong push upwards at the start of September, followed by a couple of days trading sideways before today’s second flush of strong green.

Litecoin’s 7-day price chart

Litecoin’s 7-day price chart. Source: CoinMarketCap

Another strong top ten performer is Monero (XMR), up almost 5 percent to trade around $139 at press time. Monero is now trading at around $40 above its value of $97 on August 30.  

Stellar (XLM) has seemingly not yet absorbed any positive momentum from news that IBM has brought its Blockchain World Wire (BWW) payment network out of beta this week, aiming to ultimately facilitate international settlements between banks in “near real-time.” The asset is up around 2.8 percent on the day to trade around $0.23, a slight push upwards after a couple of days of lackluster momentum.

Stellar’s 7-day price chart

Stellar’s 7-day price chart. Source: CoinMarketCap

Among the top twenty coins, gains are stronger on average: NEM (XEM) and Vechain (VET) are both up almost 8 percent on the day, with IOTA (MIOTA), Zcash (ZEC) and Dash seeing 3-4 percent growth on their 24-hour charts. NEO has today soared 8.8 percent and is trading at $25 at press time, capping a week of strong, if jagged, growth.

Total market capitalization of all cryptocurrencies is around $240 billion at press time, up almost $12 billion on its weekly chart.

7-day chart of the total market capitalization of all cryptocurrencies
7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today has seen bullish news for the blockchain space, with South Korea’s Internet and Security Agency (KISA) — a sub-organization of the country’s Ministry of Science and ICT — announcing plans to more than double its budget for public blockchain pilot projects this coming year.

Germany’s joint stock company Deutsche Boerse has also announced the formation of a dedicated unit for blockchain and crypto assets, aiming to harness the technology’s potential to disrupt the capital markets infrastructure.

And in China, the country’s central bank, the People’s Bank of China (PBoC), has officially launched the testing phase of a major blockchain trade finance platform ahead of schedule.

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In a Mixed Crypto Market, Bitcoin Inches Upward but Ethereum Remains Shy of $300

Monday, September 3: crypto markets are mixed today, with scattered corrections on a minor scale, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $7,255 at press time, down a fraction of a percent on the day to consolidate its freshly won gains, according to Cointelegraph’s Bitcoin Price Index.

Having reclaimed the $7,000 mark August 31, the top coin has been solidly rising to a yet higher price point, now pushing $7,300. Bitcoin is trading $525 higher than its value at the start of its weekly chart, bringing its 7-day gains to a strong 8.32 percent. On the month, Bitcoin is now also in the green, up 3.62 percent.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is trading around $287 at press time, seeing a 2.27 percent loss on the day. After a volatile week, the top altcoin yesterday came tantalizingly close to reclaiming the $300 price point — soaring as high as $298.32 — but has today failed to break through.

Last week’s reports that the Chicago Board Options Exchange (CBOE) plans to launch ETH futures by the end of 2018 hardly budged the asset’s price, although Ethereum has nonetheless seen some growth over a week of market-wide green. On its weekly chart, Ethereum is now up a solid 5.15 percent, with monthly losses closed down to 29.86 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: CoinMarketCap

The top ten coins listed on CoinMarketCap are mostly seeing minor percentage changes — both green and red — of within a 1-2 percent range. The exception is Monero (XMR), now ranked 10th by market cap, which has soared 8.34 percent on the day to trade at $130.63 at press time. After a brief dip to as low as $97 August 30, Monero has seen a strong, if jagged, ascent over the past several days.

Monero’s 7-day price chart

Monero’s 7-day price chart. Source: CoinMarketCap

Bitcoin Cash (BCH) has more or less consolidated its major September gains, down just 2.36 percent on the day to trade around $624 at press time. After a stagnant week circling the $560 range, BCH saw a major boost in price performance following its successful stress test September 1.

Bitcoin Cash’s 7-day price chart

Bitcoin Cash’s 7-day price chart. Source: CoinMarketCap

Dogecoin (DOGE) has kicked back against yesterday’s hefty correction, during which it lost close to 20 percent on the day. DOGE is today up 2.2 percent and is trading around $0.0051 at press time.

Since August 30, the altcoin has skyrocketed upwards, and even after yesterday’s dent has sealed a 112 percent gain on its weekly chart. Crypto commentators have attributed DOGE’s startling price performance to an impending infrastructure development for a project dubbed Dogethereum, the demo for which is set to take place Sept. 5.

Dogecoin’s 7-day price chart

Dogecoin’s 7-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is around $236.5 billion at press time, up almost $18 billion on its weekly chart.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

Today, September 3, iPR Daily — a media outlet specializing in intellectual property — released a report that revealed that China’s e-commerce giant Alibaba and tech conglomerate IBM top the global rankings for filings of blockchain-related patents to date. The report further showed that  Mastercard, Bank of America, and China’s central bank, People’s Bank of China (PBoC), are all global leaders in patenting blockchain-related innovations.

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Bitcoin Continues to Hover Near $7K, Wider Crypto Market Sees Some Mild Corrections

Wednesday, August 29: crypto markets are largely holding fort after yesterday’s strong upswing, as Bitcoin (BTC) continues to trade near the $7,000 price point and many of the top ten cryptocurrencies see negligible price change on the day.

While a number of crypto assets in the top 100 are seeing mild corrections, these are scattered and are not for now correlated as part of a market-wide downtrend, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $7,036 at press time, down just half a percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin yesterday broke through the $7,000 threshold for the first time since August 8, and is trading around $300 higher than just a couple of days ago, August 27. Today’s further consolidation caps a strong upward trend on Bitcoin’s weekly chart.

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

On the week, Bitcoin is now up a solid 5.7 percent, while its monthly gains are still down around 14 percent.

Ethereum (ETH) is trading around $296 at press time, up 1.8 percent on the day and coming tantalizingly close to reclaiming the $300 price point – which it last held August 20. Yesterday, August 28, the altcoin saw the first major upswing in price performance after a faltering week range bound between $270-280. Ethereum is now up a bullish 9 percent on the week; on the month, losses have closed down slightly to a still weighty 36.6 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

Most of the top ten cryptocurrencies are seeing negligible price changes between 0.5 and 1 percent on the day, largely holding yesterday’s gains.

EOS (EOS) meanwhile stands out from the crowd, seeing growth over the past 24 hours of over 12 percent. The other exception to the group is IOTA (MIOTA), up almost 8 percent on the day and capping two days of astonishing growth to trade around $0.75 at press time.

IOTA’s 7-day price chart

IOTA’s 7-day price chart. Source: CoinMarketCap

IOTA’s growth has soared since August 27’s announcement that Japanese ICT conglomerate Fujitsu is launching an IOTA-based proof-of-concept (PoC) for audit trail processes in the manufacturing industry.

Among the top twenty coins on CoinMarketCap, corrections have hit several assets that saw a particularly sharp uptick yesterday. NEO, which yesterday shot up almost 16 percent, is now down about 3 percent to trade at $20.17. TRON (TRX), which also saw over 14 percent growth yesterday, today is down 4 percent to trade at $0.025 to press time.

Having outstripped all of the top 100 ranked cryptos yesterday to post gains as high as 27 percent, DASH, ranked 13th, has today however grown by a further 2 percent to trade around $190.

Dash’s 7-day price chart

Dash’s 7-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is at around $229.2 billion at press time, losing around $4 billion from yesterday’s peak at $233.2 billion.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

While market performance today may not have quite lived up to yesterday’s flush of green, Litecoin (LTC) creator Charlie Lee this week dismissed short-term price fluctuations as the upshot of “speculation,” stressing that long-term valuation is a truer measure of crypto’s success. He also suggested that bear markets are in fact a good moment for developers and the crypto community to buckle down to focus on technological development and “get stuff done.”

Meanwhile, a new study by U.S. crypto exchange Coinbase has revealed that 42 percent of the world’s top 50 universities have at least one class on cryptocurrencies or blockchain – with the U.S. emerging as a global leader in terms of crypto-education’s popularity.

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Bitcoin Breaks Above $7,000 as Crypto Market Rallies Into Green

Tuesday, August 28: crypto markets are seeing strong positive momentum bolster a persuasive recovery, as Bitcoin (BTC) breaks above the $7,000 price point and all but 3 altcoins amid the top 100 cryptocurrencies post strong gains on the day. Growth among the top ten largest assets ranges between 4.5 to almost 20 percent, as Coin360 data shows.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is trading at around $7,016 at press time, up around 4.2 percent on the day, according to Cointelegraph’s Bitcoin price index.

The top coin has seen several days of recovery since its brief price dent August 22 in the wake of toughened anti-crypto measures in China and a fresh series of disapproval orders for several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Bitcoin’s 7-day price chart

Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index

On the week, Bitcoin is up a strong 4.1 percent, with its monthly gains now around 9.1 percent.

Ethereum (ETH) is trading around $289 at press time, up a solid 3.4 percent on the day.

While, the coin has yet to reclaim the $300 price point — which it last held August 20 — today, August 28, has seen the first persuasive upswing in price performance after a jagged and tentative week range bound between $270-280. Ethereum is now up 3.4 percent on the week; on the month, losses are just slightly down and remain at a stark 37.8 percent.

Ethereum’s 7-day price chart

Ethereum’s 7-day price chart. Source: Cointelegraph Ethereum Price Index

Among the top ten coins by market cap, Cardano (ADA) is up over 9 percent to trade at $0.10 at press time, with Litecoin (LTC) up 7.64 percent and Ripple (XRP) up 7.3 percent to trade at $61.88 and $0.35 respectively.

The strongest top ten performer is IOTA (MIOTA), soaring a staggering 19.4 percent on the day and capping two days of rapid growth to trade around $0.71 at press time.

IOTA’s 7-day price chart

IOTA’s 7-day price chart. Source: CoinMarketCap

IOTA’s growth has skyrocketed since August 27’s announcement that Japanese ICT conglomerate Fujitsu is launching an IOTA-based proof-of-concept (PoC) for audit trail processes in the manufacturing industry.

Among the top twenty coins on CoinMarketCap, TRON (TRX) is up 14.5 percent on the day to trade around $0.03, NEO is up 15.77 percent at $21.18 and DASH, ranked 13th, has outstripped all the top 100 cryptos on the day by rising 27 percent to $186.54.  

Dash’s 7-day price chart

Dash’s 7-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies is at around $230.55 billion at press time, up around $15 billion since the start of trading Monday 27th.

7-day chart of the total market capitalization of all cryptocurrencies

7-day chart of the total market capitalization of all cryptocurrencies from CoinMarketCap

As the crypto spot markets rally, and Bitcoin reclaims ground above $7,000, fresh data from the U.S. Commodity Futures Trading Commission (CFTC) shows that bearish positions for non-commercial contracts of Bitcoin (BTC) futures are also on the decline.

As shown by the negative total tally on the CFTC’s latest Commitments of Traders (COT) report, the market is still overall net short, yet the new figure of -1266 indicates a sharp turnaround from the -1926 recorded earlier this summer.

Blockchain, meanwhile, has this week drawn the attention of two of the “Big Four” global audit firms, Deloitte and PwC, both of whose fresh reports revealed high percentages of enterprise executives convinced by technology’s potential.

In the banking sector, JP Morgan CIO Lori Beer has this week said that blockchain will “replace existing technology” within a few years, and today, Germany’s joint stock company Deutsche Boerse (DB) furthered its partnership with blockchain-based liquidity provider HQLAx by making a million euro investment to become a minority shareholder.

To cap it off, the South Korean government has just announced its state-sponsored blockchain hackathon to encourage the technology’s inroads into the public and private sectors.