Crypto Markets Bounce Back After Slow Start To The Week
Monday saw cryptocurrency price movements failing to build on the marginal gains made on the previous trading day. Virtual assets were trading in the red for much of the day, possibly dragged down by Bitcoin fumbling a newly established $5,300 US support level.
Markets, which initially reacted mildly to the Bitfinex scandal, went on to lose 6,8% of value in the week following the news, adding to an overall 21% ($39.4bn) drop in total trading volume in comparison to last week’s performance.
Top altcoins, Ethereum, Ripple and Bitcoin Cash, were down 7.5%, 8.4% and 12.8% respectively on Tuesday, with IOTA being the top performer of the day. The Tangle technology bagged 3.4% gains following the news that it had clinched a partnership with the vehicle manufacturer, Jaguar Land Rover.
Worst Performing Coins
The market slump witnessed lower market cap coins tumbling down with double-digit thrashing. ARK incurred a 17.1% loss over seven days while WAVES, Stratis and IOST surrendered 18.4%, 18.6% and 20% value respectively during pullback. Other coins that took a pummeling are, Golem (-18%), Enjin Coin (-17,8%), Waltonchain (-18%) and Maximine (-20%) among others.
In The News
Though the markets continued to bleed value all through Monday, news headlines relating to cryptocurrencies indicated the potential for market sentiments was turning more bullish as the week progresses, though the proof remains ultimately, in the pudding.
Ethereum’s creator, Vitalik Buterin, recently posted a staking reward metric on GitHub, suggesting that users could be in for higher staking rewards once the Ethereum network goes live with the, long delayed, Proof Of Stake consensus mechanism. In Other ETH related news eccentric billionaire, Elon Musk had, at time of writing, was sing the praises of Ethereum. The last time Musk mentioned a digital asset (Doge) its price surged admirably.
On April 19th, the world’s most prominent casual and sporting footwear and apparel manufacturer, Nike filed a patent for the United States Patent and Trademark Office for the word “CRYPTOKICKS”. The company apparently intends to use the word in various digital asset related goods and services, not ruling out the possibility of a Nike token.
South Korean consumer technology giant, Samsung is reportedly in the process of developing a blockchain network based on the Ethereum platform. Samsung also aims to issue a native token.
Nasdaq, the world’s second-largest stock exchange, is said to be secretly testing their Bitcoin trading platform according to a tweet by one of the quantitative trading analytics firms, StrongMarket’s analyst. Meanwhile, US digital asset exchange ErisX announced that it is getting ready to launch spot trading of cryptocurrencies after a round of testing with financial firms TD Ameritrade, Virtu and DRW Holdings.
Market Bounces Back
On Thursday, XRP went up 4.05% to sell at $0.30 in 24hours after becoming the base currency on the trading platform, eToro, in addition to Nasdaq adding a live XRP index to its exchange. Bitcoin, Ethereum, Bitcoin Cash and LTC are all flashing green having risen 2.11%, 2.91%, 4.21% and 5.30% respectively in the past 24 hours.
News headlines appear to be alluding to two long-anticipated events in the cryosphere being imminent, namely; the entry of institutional money into the burgeoning asset class, and secondly, cryptocurrencies gaining mass adoption through mainstream enterprises taking the new technology on.