Bitcoin is reclaiming its equilibrium after the rejection of three bitcoin ETF proposals(ETFs) by SEC. As forecasted, the cryptocurrency world at first collapsed, but bitcoin is now holding above the crucial $6200 mark. Cryptocurrencies are full of surprises. This week cryptocurrency volume is at the important neckline of 212 Billion-215 Billion, a break to the upward could signal some increasing movement forming a lower high on the daily or weekly. The fluctuation in cryptocurrency prices comes as a reminder to enthusiasts just how volatile and high risk this crypto world is, and that people should always check all the parameters carefully before diving into this world.
It’s been a fluctuating week for most cryptocurrencies, most notably for digital currencies like Bitcoin, Ethereum and Ripple. This week (August 18–25, 2018) cryptocurrency market capitalization has a slightly fluctuating trend with a commendable rate and as of writing this article equaled $215.59 billion (see below figure). On August 18, the total market cap was $212.75 billion. It was decreased by 7.51 billion and on August 20, it was $205.24 billion. According to Coinlib, the total market cap on Aug 25 is $215.59 billion.
Dominance of Bitcoin, ETH and XRP
Now the dominance of the trendsetter cryptocurrency Bitcoin (BTC) as of writing has been 53%. On Aug 18, its dominance was also 53% but it was showing fluctuating behaviour on 20, 21 and 22 Aug and now it is at 53%. Of the top 100 currencies Ethereum was hit the hardest. Ethereum (ETH) dominance was decreased to 13% on Aug 21. ETH dominance is showing fluctuating behavior and as of writing this article it is again at 13%. Ripple (XRP) was at 7% on Aug 18 and as of writing this article it is at 6%. The following figures show us the dominance of these three cryptocurrencies respectively.
Cryptocurrency Total Volume
Now, the total volume of cryptocurrency market is also showing fluctuating behaviour. On Aug 18, it was $13.81 B. It was at $12.98B on Aug 22 but within 24 hours it was decreased and on Aug 23 the total volume was $ 9.91B. After that within 24 hours it again went up and now the total volume is $11.10 B The following figure is showing us the total volume of cryptocurrency market.
Top 20 cryptocurrencies by market cap
Following image is showing us the top 20 cryptocurrencies by market cap. Bitcoin market cap is 115.47 B(54%), Ethereum market cap is $28.29 B (13%), Ripple(XRP) market cap is 12.86 B( 6%), market cap of others is $19.50B (9%), Bitcoin cash $9.19 B(4%), EOS $4.53 B(2%), Litecoin $3.35B (2%), Stellar $4.06 B (2%), Tether $2.79 B (1%).
Top 20 cryptocurrencies by 24h volume
Following image is showing us the top 20 cryptocurrencies by volume. Bitcoin’s volume is 9.83 B(61%), Ethereum volume is $1.78 B (11%), Ripple(XRP) volume is 255.31 M( 2%), volume of others is $1.35 B (8%), Bitcoin cash $924.46 M(6%), EOS $606.94 M(6%), Litecoin $366.40 M (2%).
According to this analysis, prices could fall even further or crypto market can also recover from any circumstances. As always it seems that the route Bitcoin takes will define the direction of the entire market. If you closely observe the cryptocurrency market then there are lots of speculations over the past 6 months. Also, just recently China has banned all the crypto-related commercial activities. This comes as a surprise because China had encouraged local financial authorities to speed up the development of blockchain technology and also granted $3 Billion to Fund Blockchain Startups. Not only this, four cryptocurrency exchanges – Bittrex, bitFlyer USA, Bitstamp and Gemini – founded by the Winklevoss brothers are teaming up to form a new self-regulatory organization (SRO) dubbed the Virtual Commodity Association in order to help formulate new industry standards. Only time will tell us the impact of these events on cryptocurrency market.
Last week was a rocky week for most cryptocurrencies, most notably for cryptocurrencies like Bitcoin, Ethereum and Ripple. The cryptocurrency market capitalization was showing a slightly fluctuating trend with a commendable rate just like this week. If you missed the previous report, please read here.
The cryptocurrency market is full of surprises and overhyped assets. Do your research before buying anything.