Sep 7, 2019
Weekly Results: Long-Awaited Growth on the Background of Positive News
The Neironix analytics department conducted a study of the cryptocurrency market and summed up the results of the past week.
How was the week for Bitcoin
Last week (August 31 — September 6), bitcoin showed a positive trend, increasing from $9,515 to $10,730, which amounted to 12.76%. This affected capitalization, which increased by $22 billion to $ 192 billion. Bitcoin dominance rose from 69.1% to 71%. The last time this value was in the spring of 2017, that is, 2.5 years ago. Despite the rapid growth of these indicators, the trading volume decreased slightly: to $15 billion over the past day.
The first two days (August 31 — September 1), volatility was extremely low, which did not exceed $100. It can be explained by the weekend and the lack of strong news.
But September 2 and 3 came out successful for bitcoin, as it showed growth almost without drops. When bitcoin reached the level of $ 10,800, the price rolled back down. Later two times the bulls stormed this level, but so far have not been able to break it.
Before this, for three last weeks, the price of bitcoin was closing at minus, and now we finally saw a green candle, which could be a harbinger of new growth.
Last week, we heard a series of news that helped Bitcoin grow.
So, the head of the IMF, Christine Lagarde, known for her sympathy for cryptocurrencies, called on the legislatures and central banks of countries not to exert pressure on the crypto industry. She believes that the crypto sector is changing the financial world for the better and will help technology development.
It also became known that one of the largest fast-food chains — Burger King, decided to test the possibility of a payment in bitcoins. So far, this is planned to be carried out only in Germany, but if successful, the company plans to extend this innovation to the entire network.
For more than a year, many companies have been trying to create ETFs for the crypto market, but the situation remains unchanged — the SEC refuses and transfers all applications. Tired of this, VanEck and SolidX found a loophole and will try to launch their ETF funds in September.
On September 6, Bakkt is expected to open a service that will allow institutional investors to store their bitcoins safely.
How was the week for coins from the Top-10
All coins, except for Tether (USDT), showed positive dynamics, which favorably affected their capitalization. Monero showed the most significant growth (15.58%), which allowed this coin to enter the top 10 cryptocurrencies. If you do not include Bitcoin, then the following best indicators are Bitcoin Cash (6.29%) and Litecoin (5.02%).
The top 10 coins clearly show that the market was favorable this week, and this has increased the value of many cryptocurrencies. So the average change in the top 10 coins is + 5.29%.
XRP (0.96%) and Binance Coin (1.87%) added the least this week. BNB showed low growth, although this week there was a lot of news on this project.
So it was announced the purchase of the JEX futures platform, which will now be called Binance JEX. Also, a stablecoin called BUSD will be issued, who will be attached to the dollar, and its emission will be carried out on the Ethereum platform.
The dominance of the Top 10 coins increased by 0.9%. But if you compare with last week’s study, then you will see that all coins, except Bitcoin, reduced their dominance. It means that the dominance of the top 10 coins increased only due to bitcoin.
Top gainers
The undisputed leader this week was Chiliz, rising 117.95%. Such strong growth was because of the token listed on Binance.
With a slight lag, XMax took the second place, the price of which almost doubled in a week. At the moment, cryptocommunity doesn’t know why this coin increased very strong.
The top 5 leaders showed good results, especially when compared with the last week when the coin in 5th place grew by 7.07%. This week, coins with low capitalization became leaders, thanks to which they managed to grow stronger than the rest.
Top losers
The price of Egretia fell very strong — by 60%. For several days in a row, the coin tops the rating of the most heavily fallen coins. Two months ago, this token was trading at $ 0.09, but now its value is $ 0.008. We are looking for a sharp drop from 27th place to 98th position.
The fall of the remaining coins from the top 5 is in the region of 20%, which is three times less than that of Egretia. Separately, it is worth saying that Ren is in the losers of the week three times in a row.
Conclusion
The total market capitalization increased by 10% and reached $ 270 billion. It turns out that now the market has returned to the values of two weeks ago. However, trading volumes continue to fall. Now their level is $ 50 billion.
In general, the week was positive for the entire market, but especially for Bitcoin, which has broken the $ 10,000 mark and is heading for the next $ 11,000 target. A lot of this week’s news cheered up the market. The beginning of autumn looks positive for the entire cryptocurrency market.
