These are Top Five Weekly Performers in the Crypto-Market


Bitcoin [BTC] began with a bullish break at the start of the week. It broke above the resistance near $11,000 and the bullish pressure extended above $12,000.

The de-coupling of altcoins with Bitcoin was of the notable trends during the week. While Bitcoin [BTC] is growing as a hedge against the traditional economy, the altcoins are continually losing their value proposition.

Ethereum, XRP, Litecoin, Bitcoin Cash [BCH] and so on which are one of the most robust altcoins in the past saw one of the worst weeks of trading in the past two years. The price tested 15-month lows w.r.t. Bitcoin.

Nevertheless, a slight revival was seen during the weekend in altcoins. The development and adoption of these altcoins still rest on regulatory decisions and their rate of adoption.

btcusd
BTC/USD 1-Day Bitstamp (TradingView)

Opening Price: $10,725

Closing Price: $11,455

Weekly Gains: 6.8%

Weekly High/Low: $12,325/$10,986

Monero [XMR]

The price action in altcoins during the week was mostly bearish on major altcoins like Ethereum and XRP. However, the privacy-focused cryptocurrency outshined during the week as it looked to break above $100 on 7th August 2019. However, the selling pressure gripped Monero as well as it fell to test $90 levels again.

xmrusd
XMR/USD 1-Day Chart on Binance (TradingView)

Opening Price: $86.8

Closing Price: $91.8

Weekly Gains: 5.72%

Weekly High/Low: $99.8/$85.6

Binance [BNB] Coin

The Exchange backed tokens performed well in terms of price as it broke above $30. Binance is continually expanding its reach geographically and in terms of the number of cryptocurrencies as well.

bnbusd
BNB/USD 1-Day Chart on Binance (TradingView)

Opening Price: $28

Closing Price: $29.8

Weekly Gains: 4.2%

Weekly High/Low: $32.3/$25.3

Huobi Token [HT]

Another Exchange backed token that made to the list this week. The demand for Exchange backed tokens is increasing as the payments and other utility tokens as starting to lose their luster. The traders and investors are beginning to find Exchange backed tokens a better opportunity to invest in the emerging space.

Huobi Token and OBK token are two of the most popular tokens among Chinese VCs as well as their business model is backed by the monetary value of the Exchange.

htusd
HT/USD 1-Day Chart on Huobi (TradingView)

Opening Price: $4.6

Closing Price: $5.04

Weekly Gains: 9.5%

Weekly High/Low: $5.3/$4.6

EOS

The losses in altcoins were massive during the week as they exhibited an inverse relationship during the week with Bitcoin. Nevertheless, EOS was one of the smallest losers during the selling pressures. While it touched a low near $3.8, it mostly traded above $4 during the week.

EOSUSD
EOS/USD 1-Day Chart on Binance (TradingView)

Opening Price: $4.34

Closing Price: $4.16

Weekly Loss: 4.13%

Weekly High/Low: $4.57/$3.8

*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 13: 00 Hours UTC on 11th August 2019

Summary

These are Top Five Weekly Performers in the Crypto-Market

Article Name

These are Top Five Weekly Performers in the Crypto-Market

Description

Bitcoin [BTC] began with a bullish break at the start of the week. It broke above the resistance near $11,000 and the bullish pressure extended above $12,000. 

Author

Nivesh Rustgi

Publisher Name

CoinGape

Publisher Logo

Disclaimer
The presented content may include the personal opinion of
the author and is subject to market condition.
Do your market research before investing in cryptocurrencies.
The author or the publication does not hold any responsibility
for your personal financial loss.



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