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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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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.

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Markets See Wave of Green, BTC Pushing $6,750, ETH At $280

Saturday, August 25: crypto markets are showing bullish sign of a persuasive recovery. Virtually all of the top 100 cryptocurrencies are in the green today, with solid growth of between 1 and 4 percent among the top 10 largest coins by market cap, as Coin360 data shows.

Market visualization from Coin360

Bitcoin (BTC) is trading at around $6,696 at press time, up around 2.5 percent on the day, according to Cointelegraph’s Bitcoin price index. The top coin has now seen several days of strong recovery since its steep plunge 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 3.5 percent, with its monthly losses remaining around 17 percent.

Ethereum (ETH) is trading around $279 at press time, up a solid 2.5 percent on the day.

Nonetheless, the alt has yet to reclaim the $300 price point — which it last held August 20 — and has seen a more tempered upwards momentum as compared with Bitcoin over the past several days. Ethereum is currently down 2.8 percent on the week; on the month, losses are a severe 40.6 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, Stellar (XLM), Bitcoin Cash (BCH), Cardano (ADA) and Ripple (XRP) are all seeing gains of around 1.5 – 2.5 percent on the day.

Litecoin (LTC) and anonymity-oriented altcoin Monero (XMR) are also seeing strong growth, both up over 2 percent to trade at around $58 and $93 at press time respectively. Litecoin has now virtually closed its losses on the mid-week, and secured a gain on its weekly chart:

Litecoin’s 7-day price chart

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

Among the top twenty coins on CoinMarketCap, IOTA (MIOTA), VeChain (VET), and Zcash (ZEC) are seeing the strongest upswing on the day, up around 6.6, 8.7 and 4.9 percent respectively.

Total market capitalization of all cryptocurrencies is at around $217 billion at press time, vying to reclaim its mid-week high of $221.7 billion, and up almost $13 billion from its plummet to $204.3 billion August 23.

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

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

Mid-week, the markets saw a similar tumble to the one that came in response to July’s news that the Winklevoss twins’ high-profile BTC ETF proposal had also been rejected by the SEC, which then saw a comparable $12 billion wiped from total market capitalization.

The tumble has nonetheless proved to temporary in the immediate-short term. As crypto analyst Brian Kelly argued on CNBC this week, the fact that the “market didn’t sell off” on news of the most recent ETF denials is a bullish sign of “sentiment change” that suggests many nonetheless expect we are coming “incrementally closer” to eventual ETF approval.

This has been reinforced by news that the SEC plans to review its fresh spate of ETF rejections, as well as voices within the agency — notably SEC Commissioner Hester M. Peirce — who have officially dissented from the regulator’s prior BTC-related ETF rejections.

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Altcoins See Red, While Bitcoin Shows Dogged Resilience

The crypto markets are somewhat bearish today, August 21, with virtually all of the top twenty coins by market cap seeing losses of 3-6 percent on average, as Coin360 data shows.

Bitcoin (BTC) continues to show relative resilience – the top coin nonetheless continues to trade below the $6,500 price point. Despite a short-lived market recovery August 17, most of this week has seen distinctly lacklustre price performance across the board. The hangover from mid-August’s market crash continues.

Market visualization from Coin360

Market visualization from Coin360

Bitcoin (BTC) is seeing virtually no change over the past 24 hours at press time, trading at around $6,400, according to Cointelegraph’s Bitcoin price index. Despite a brief plummet down to $6,260 yesterday at midnight, the coin has pushed back to trade within the $6,400-5000 range for most of today.

Bitcoin’s 7-day price chart

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

On its weekly chart, Bitcoin has secured a 6.3 percent gain – the asset’s monthly losses remain at a stark 13.4 percent. Nonetheless, as eToro analyst Mati Greenspan suggested in a Tweet this week:

“Bitcoin has been in a steady range for the past 6 months. In this graph, we can see buyers stepping in above $5000 a coin. The 200-day moving average (blue) is providing resistance on the top. A stable price is necessary to maintain a store of value & we’re on the right track.”

Mati Greenspan’s technical analysis of Bitcoin’s 6-month price chart

Mati Greenspan’s technical analysis of Bitcoin’s 6-month price chart. Source: eToro

Ethereum (ETH) is trading around $277.5 at press time, down around 4 percent on the day. This is the second consecutive day the altcoin has traded well below the $300 mark.

Ethereum’s 7-day price chart

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

Ethereum is seeing an 8 percent gain on its weekly chart – this being relative to the altcoin’s price point below $260 August 14. On the month, however, Ethereum remains down by a staggering 40 percent.

Since plummeting below $300 August 13, Ethereum continues to trade at levels not seen since early November 2017.

Almost all of the other top twenty coins on CoinMarketCap’s listings are in the red, with the exception of VeChain (VET), ranked 19th, which is up 4 percent on the day.

EOS and IOTA (MIOTA), are down 5.5 and 4.3 percent to trade at $4.80 and $0.51 respectively at press time. Cardano (ADA) has seen a comparable dip, down 5.2 percent at $0.09.

Bitcoin Cash (BCH), also decisively in the red, is down 3.4 percent and is trading around $528 at press time. Fresh analysis from blockchain intelligence firm Chainanalysis has indicated that BCH use in commerce is on the decline – dropping from $10.5 million in March to $3.7 million in May, which Chainalysis has attributed to “concentrated ownership” styming wider adoption of the asset.

Stellar (XLM), currently trading at $0.22, is faring considerably better than other cryptos, down a scant 0.2 percent and trading sideways most of the week:

Stellar’s 7-day price chart

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

Total market capitalization of all cryptocurrencies is around $209.8 billion at press time, slightly up from an intraday low at $205.7 billion and comfortably above its squeeze to $191 billion a week ago:

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 the market continues to show strain, discussions are this week underway in South Korea to potentially reverse the country’s ban on initial coin offerings (ICOs). The parties involved are even reportedly keen to press ahead with the creation of South Korea’s own ‘Blockchain island’ that would vie with the blockchain-friendly trajectory adopted by Malta.

Meanwhile, fresh research has suggested that the volume of the global automotive blockchain market is set to reach $1.6 billion by 2026, based on a financial analysis of key market players including Ethereum (ETH), Ripple Labs Inc., IBM Corporation and R3.

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Notes From the Brink: Reasons Behind the Crypto Bear Market

Crypto is notoriously a “tough neighbourhood,” as even evergreen Bitcoin bull Tom Lee has put it. After a week in which double-digit losses wreaked havoc on many high-profile cryptos, and Bitcoin (BTC) momentarily fell through the $6,000 support, pitiless bearish sentiment has been circling, with some accusing the top coin of being “exhibit A” in a “permanently impaired or even game‐over” market.

While Bitcoin may have posted 2018 lows, Ethereum (ETH) also plummeted to an eleven-month low to trade at around $254, falling by as much as 20 percent on August 14 alone. That same day, total market cap collapsed by $13.2 billion — back to late November 2017 levels.

VC investor Tim Draper told Cointelegraph in an email that these vertiginous swings are exactly “why [he] made [his] prediction for 2022:”

“The long term trend is way up, but I expect many short-term swings in the market along the way. Fundamentally, the world needs Bitcoin, and that demand will only increase in the coming years as Bitcoin finds more and more uses and applications.”

Even more unflappable, “Bitcoin Jesus” Roger Ver, told us:

“I’m not sure what crash you are talking about. BTC is up 58% for the last year, and 1048% for the last two years. That feels like the opposite of a crash to me.”

As both of these remarks imply, the week’s cataclysm had in fact disproportionately impacted altcoins, leaving BTC relatively unscathed, as Coin360 data shows:  

Crypto market visualization. 15 June – 15 August historical data. Source: Coin360.

BTC dominance — or Bitcoin’s percentage of total crypto market cap — continues to break 2018 highs. As of press time it is at 53.3 percent, levels not seen since mid December 2017, just before the coin hit industry records to trade at $20,000.  

With alts undeniably ravaged, others have been puzzling why — even at a time of international currency crises, Bitcoin itself is yet to rally — this, surely, should be a bullish time for the top crypto? However, Bitcoin has notably failed to hold a recent breakthrough in late July when it was trading just shy of $8,400.

Bitcoin’s brief spike upwards in late July, since which it has tumbled. Source: Bitcoin Price Index

So — even if today’s flush of green has been a sight for your sore eyes, you’d be forgiven for continuing to feel skittish.

Is there method to this madness? Cointelegraph examines five of the most popular explanations for the week’s tumult to find out.

US Regulators Dithering Over Bitcoin ETF Approval

E-T-F — three letters anyone who’s been plugged in to the cryptosphere has probably had swirling around their head in recent weeks.

CryptoCompare CEO Charles Hayter yesterday proposed that the week’s market decline was a ricochet off the back of U.S. regulators’ recent decision to shelve a high-profile application for Bitcoin exchange-traded-fund (ETF) until September. He said:

“[This has been] momentum-based selling following the ETF kickback and the usual gyrations of a market in a depressed mode.”

Hussein Sayed, chief market strategist at FXTM, meanwhile suggested that:

“If an ETF doesn’t see the light in the coming weeks expect to see a further selloff, as it suggests regulators will continue to fight against bringing cryptocurrencies into the mainstream.”

If you’ve heard these three letters too many times by now, yet still can’t account for their mysterious powers to stir markets, let’s unpack this.

ETF stands for an exchange-traded-fund, which is a type of mutual investment fund that divides ownership of an underlying asset — a commodity, an index, bonds, or a basket of assets —  into shares.

The fund tracks the value of the asset(s) and is traded on exchanges, with shareholders entitled to any positive returns. A Bitcoin ETF can therefore offer an indirect way of purchasing BTC, where the investor only holds the corresponding security without having to hold the actual coin.

Crypto-based ETFs have long been discussed as a potential “holy grail” for the crypto industry that would herald major Wall Street adoption and allow for broader investor participation. They’re viewed by some as a less risky bet than investing directly in crypto on spot markets.

But as a marketable security that requires oversight by government authorities, their current regulatory status remains unclear. Several recent high-profile cases have demonstrated just how price-impactful ETF-related announcements from the U.S. Securities and Exchange Commission (SEC) can be.

First, in mid-July, a market rally kicked off, bolstered by news that the $6.3 trillion asset management heavyweight BlackRock –– the world’s largest provider of ETFs –– was beginning to assess potential involvement in Bitcoin.

But just two weeks later, the markets turned, taking a sharp tumble in response to news that the high-profile Winklevoss twins’ Bitcoin ETF appeal had been denied, with a dizzying $12 billion wiped from total market capitalization.

At the beginning of August, the SEC delayed its decision over another Bitcoin ETF application –– this time filed by VanEck & SolidX for trading on the Chicago Board Options Exchange (CBOE). Notably, instead of proposing a BTC-futures-based fund, T plans to go with a physically-backed model involving owning actual BTC. The firm also prices the fund’s shares at $200,000 a pop, eyeing major institutional players.

The SEC’s fickle position has dampened hopes –– even the likes of Charlie Shrem had expected that regulators would have been more likely to grant a stalwart mainstream institution such as CBOE the right to trade an ETF, if not the Winklevoss’ Gemini exchange. EToro analyst Matthew Newton told British newspaper The Independent:

“A green light for the Bitcoin ETF would fire the starting gun on a race among institutional investors to cash-in on this new product, so the market is rightly frustrated by the delay to the decision.”

And –– as The Independent notes –– it’s not just “digital gold” that sees its price fortunes tied to these fabled three letters: the first ever ETF to be backed by gold, which launched in 2003, is reportedly credited for skyrocketing the precious metal’s price up by over 300 per cent in the following decade.

ICO Sell-Off: Developers Are Liquidating Funds Raised Through Token Sales

This theory “soft-forks” three ways.

One

Bloomberg has suggested that developers of Initial Coin Offerings (ICO) are now cashing their holdings into fiat that they can then spend on developing their products. Bearing in mind that most token initiatives are ECR20 projects built on the Ethereum (ETH) blockchain with funds raised in ETH, this could account for the recent shattering price weakness in the Ethereum market. Biswa Das of crypto hedge fund BloomWater Capital told Bloomberg:

“These startups [raised] a lot of funds but they don’t have treasury management or enough cash management experience, so they’re selling too early and causing a lot of pressure in the market. It was fine last year but right now the the market is so fragile that it causes a lot of pressure.”

Das added that those projects that raised ETH during the market’s peak will “be most compelled to sell,” which CoinFi CEO Timothy Tam echoed when he remarked that “ICOs that raised a lot of money are really feeling a lot of pain” as the value of their crypto holdings plummets.

Bloomberg cites July figures from Autonomous Research that suggest that ICO liquidations worth around $5 billion have been driving down ETH’s price, an impact that has been “magnified due to deteriorating sentiment and low liquidity.” It also points to data from research website Santiment, which estimates that ECR20 projects “have spent over 110,000 ETH in the past 30 days.”

Back during the height of Ethereum’s allegedly ICO-driven rally in 2017, the altcoin soared to almost 32 percent dominance of the total cryptocurrency market, compared to Bitcoin’s roughly 39 percent at the time, as data from CoinMarketCap shows.

Ethereum’s burgeoning market cap share in June 2017. Source: CoinMarketCap

The turning tide in summer 2017 sparked talk of a so-called “flippening,” with some claiming that Vitalik Buterin’s brainchild would soon take the lion’s share of overall crypto market capitalization.

With Ethereum’s dominance now dipping as low as 13.5 percent August 14, Timothy Tam took the measure of fortunes as now doubly reversed, emphasizing that “the big story in the market [this week] is the huge weakness in Ethereum,” and noting that “Bitcoin has held up relatively well versus Ethereum,” even as it saw a dent in its chart against the dollar.

Ethereum co-founder Joseph Lubin in turn hit back, saying that he does not see the recent price collapse as a constraint to further growth. In a discussion with Bloomberg, Lubin attributed the market volatility to “trader types,” i.e. speculative investors, saying that it is not necessarily an indicator of underlying infrastructure enhancement:

“ … we build more fundamental infrastructure, we see a correction, and the potential gets even more impressive…we are probably two orders of magnitude bigger as a developer community than we were eight or 10 months ago.”  

Lubin added that the value surges of the past year were just another bubble like the previous “six big bubbles, each more epic than the previous one, and each bubble is astonishing when they’re happening.”

Two

Meanwhile, Yahoo Finance’s Jared Blikre has claimed that unconfirmed rumors from insider sources allege that the SEC is about to come out with new rules for ICOs in September. This, he said, could be fuelling “a scare that ICOs are disappearing,” but “who knows if it’s true.”

Three

The starkest version of the sell-off theory held that the “extinction-level event” for crypto assets –– which saw droves of double-digit losses among altcoins –– was a deserved comeuppance for projects that had failed to deliver on the goods. Blockstream Corp.’s Samson Mow suggested that “most cryptocurrencies have been overvalued for a very long time” –– or as financial broadcaster Max Keiser told Cointelegraph in an email:

“Crypto markets are shaking out the excess capacity of having more than 1,800 coins with no use case. Before 2017, the only reason new coins were created was to replace coins that had died. The expectation was that all non-Bitcoins would go to zero. Then 2017, and that equation was turned on its head. In 2018 we’re back to coin suicide watch for all but a few; Bitcoin, Litecoin, Monero, EOS, DASH, and a few others.”

Keiser added his Bitcoin-maximalist prediction that “by 2019, Bitcoin’s preeminence as a store of value will reassert itself and we’ll see new all-time-highs. 20 or so coins will make the cut and see new highs. The rest will go the way of virtually all software, gone and forgotten.”

The week’s carnage notably extended well beyond fledgling tokens and ECR20 projects to major contenders such as Ripple (XRP), Litecoin (LTC), EOS, and Cardano (ADA), as Coin360 historical data shows:

Crypto market visualization. 13 August – 14 August historical data. Source: Coin360.

Eyes bleeding, Digital Currency Group CEO Barry Silbert offered up a poll to gage the sentiment of the crypto twittersphere:

Out of 19,871 respondents, 73 percent thought the tumult isn’t over. But, as Fundstrat analyst Tom Lee quipped in response, the poll could likely be a “contrarian indicator”:

“Interested to see result but because crowds are influenced by price action (hence, not independent…no bottom majority probably means bottom in place.”

To Conquer Fear Is The Beginning Of Wisdom

This brings us to the golden thread that wove through all three versions of the sell-off theory and spins off into its own self-fulfilling spiral. EToro analyst Matthew Newton told the Express that it’s not just ICOs that are liquidating, but investors themselves that have “hit panic mode”:

“Investors seem to be increasing liquidations of their ICO holdings, with significant drops in price and increased volumes.This has had a knock-on effect on the rest of the altcoin market, with Bitcoin also momentarily dropping below $6,000 late last night. With prices hanging in the balance, emotions will be running high among traders.

Or, as Samson Mow noted, this “feels like the opposite of last year when money piled in as people felt FOMO. Now it’s piling out as they sense panic.” This theory has been echoed across the crypto space, with Blockchain Capital LLC’s Spencer Bogart alleging investor “disillusionment” with tokens and ICOs, and BKCM CEO Brian Kelly saying that “investors that were in it, and maybe caught the hype in November and December, are now panic selling out.”

ThinkCoin chief analyst Naeem Aslam shared his technical analysis with Cointelegraph in an email, suggesting that the market picture is showing signs of strained stamina in a protracted bear market:

“There are serious concerns that we may actually make another new low for the year because of the sturdy bearish sentiment […] traders have been waiting for the bull rally since early June […] but in actual reality, bears have shown their brutal strength over the bulls […] the only reason that we are seeing […] selling off so badly is that traders are losing hope of a bull run […] as long as the price keeps on having a stab at the lows of this year $5,791, we are not out of woods.”

Aslam’s email was penned during yesterday’s market respite, so he qualified his analysis to note that with Bitcoin “breaking [the August 14th] high of $6,298,” there is “a strong hope” for a bull run to continue if downward momentum stops short of forming a new 2018 low. In this scenario, the week will prove to have been a “false alarm,” he wrote. Aslam gave three key levels to keep in mind which show just how far the technicals intersect with sentiment:

“November 13th low: $5,605

October 18th low: $5,109

Psychological level: $5,000”

Although EToro’s Newton did stress that “keeping things in perspective, Bitcoin is still range-bound for now between $5,700 to $8,000 [and] in line with how it has traded over the past few months,” market panic –– as all these commentators suggest –– runs by its own logic.

Alleged despair and disillusionment also means we’re not just on coin suicide watch, but investor suicide watch, as the popular r/cryptocurrency forum on Reddit saw users on August 14 sharing helplines and site links for the US Suicide Hotline and the National Alliance on Mental Illness.

The Indomitable Futures Interaction Argument

We’ll keep this one short, and let you yourself judge whether or not this is a coincidence, remembering that Bitcoin was by no means the largest casualty of the week’s market havoc.

Earlier this summer, Fundstrat’s Tom Lee –– echoed by others –– had attributed the “gut wrenching” price weaknesses of Bitcoin to futures contract expirations, based on analysis of compiled data for the six expirations that have occured since CBOE launched its BTC futures contracts in December 2017.

CNBC’s Brian Kelly yesterday tweeted a graph accompanied by a statement implying that this week’s price tumble may have something to do with August 15 being the date of BTC futures expirations on CBOE:

“Today is CBOE Bitcoin Futures Expiration. This chart comes from one of the best crypto traders I know; who wishes to remain anonymous. I will call him “Pocket Full of Crypto” #bitcoin tends to recover after expiration.”

In a separate tweet, Kelly further noted that “$BTC shorts are still rising toward April highs…hmmm…,” accompanied by a second graph:

In his own comments on the week, Jared Blikre had also noted the transformational impact of futures trading on the Bitcoin space, saying that,

“I think Wall Street is gearing up for Bitcoin in a big way … but in the short term, we could have a washout, we could go down to $5,000, to $4,000, because the character of Bitcoin, the way it trades, has changed since last December’s introduction of futures.”

The Unexpected Fiat Interaction Argument

Blikre this week joined others in proposing what might be an apparently unusual argument for a crypto market analyst, given that many deem crypto assets’ price performance to be immunized from wider economic factors and capital markets. As James Quinn, head of markets at blockchain investment advisory firm Kenetic, told Bloomberg this week:

“Correlations historically have been extremely low between cryptocurrencies and other asset classes, which is one of the reasons why there is interest in this space.”

Nonetheless, in the wider landscape, emerging market economies — the Turkish lira, the South African rand and the Indian rupee — have all tumbled against the greenback this week.

Blikre –– speaking August 14, when Bitcoin was trading 30 percent down over the three week-period –– suggested:

“30 percent is a crash right. The issue is, Bitcoin is a currency, and when we quote on our screen it’s BTC/USD, that’s a symbol. So like other currencies it trades against the US dollar. The US dollar’s on a tear, it’s up 4.5 percent this year, over the last three days it’s up 1.5 percent. That’s a big move for the dollar, and there’s not a lot of overhead resistance, so it could go even further.”

EToro analyst analyst Mati Greenspan mirrored Blikre in a tweet today, saying that “the buck is simply crushing everything in its path. He proposed that the apparent carnage “may well be a side effect” of dollar strength:

“This is the best explanation I can think of for the crypto decline given all the positive developments we’ve been seeing in the industry.”

Max Keiser for his part offered the following chart as evidence of what he termed the “damage [the] rising dollar is having around the world”:

Bloomberg notes that Bitcoin’s slide against the dollar this month is “almost as big as the Turkish lira’s 25 percent slump” –– “putting paid to the notion” –– as chief analyst at Markets.com Neil Wilson told Business Insider –– “of cryptos as a safe haven play.” Wilson added that “ultimately USD and US Treasury notes are the only real safe harbour.”

Before you arch your brows, this week has interestingly seen the exact opposite argument from renowned US economist Peter Schiff, who is credited for predicting the 2008 housing market meltdown. While it’s worth noting that Schiff is not exactly a Bitcoin bull, in his recent interview with Salon he scathingly anatomized what he considers to be an inevitable impending economic collapse in the fiat-denominated world:

“I think the U.S is in worse shape than Europe […] not that Europe and Japan are not in trouble, they are. But I just think we’re in more trouble  […] There are a lot of bubbles. The bond market is a bubble. The stock market, housing, the whole U.S. economy, really, is one gigantic bubble […] We’re going to have to deal with a lot of defaults, [and] a lot of debtors are going to go broke.”

Schiff further predicted that the Fed’s go-to solution of quantitative easing would wreak yet further havoc for the dollar. With the post-2008 bailout measures, he said, we’ve “actually compounded problems” and postponed “consequences to a later date –– we’re headed to that later date.”

Divinatory Practices

Whether you don a chartist’s hat or sift through proliferating white papers to make your investment judgements, commentators of all stripes continue to devise new strategies to interpret crypto-specific market signals.

A research group from Yale recently proposed a system intended to gage the “risk-return trade-off” of major cryptos, identifying a “strong time-series momentum effect” among major assets such as Bitcoin, Ethereum, and Ripple. Yale’s research also found a correlation between price and investor attention, which they deduced via social media and search engine trend analyses.

Fundstrat’s Tom Lee, for his part, has developed a “contrarian index” that lets investors know how “miserable” Bitcoin holders are based on current prices — dubbed the Bitcoin Misery Index (BMI) — which he launched at a time of comparable crypto market woes.

If eye-popping volatility appears –– until now –– to remain something of a paradoxical constant in the crypto space, this summer has seen significant developments, the impact of which is arguably yet to be understood.

Earlier this month, Intercontinental Exchange (ICE) –– the operator of 23 leading global exchanges including the New York Stock Exchange (NYSE) –– unveiled its plans to create a global ecosystem for digital assets that would cover the spectrum from federally regulated markets and warehousing to merchant and consumer needs.

While some have proposed this is the “biggest Bitcoin news of the year,” implying forthcoming bullish price moves as qualified custodian solutions are offered to institutional clients at scale, others propose that leverage-based financialization could hit at Bitcoin’s “algorithmically-enforced scarcity,” with adverse implications.

But –– as this latter argument notes –– this will depend on how HODLers choose to negotiate the new bridge with the traditional financial world. Until then –– we’re in for interesting times.

Cointelegraph would like to thank Helen Partz for her research contributions to this article.