Last week was a fruitful one for the Crypto revolution. The market witnessed an unusual resilience which is becoming a hallmark of the ongoing bull run.
After crossing the $8000 line during the week, Bitcoin continued its price rally throughout, with a fantastic performance that pulled altcoins along as usual. Ethereum, the second most expensive Cryptocurrency impressed its community as well, sustaining the $200 zone and gaining more profit to the awe of observers.
By mid-week, the market cap was almost $280 billion, and BTC price was nearing $8500. The expectation was a $9000 price line soon.
The market was still robust on Thursday until it started taking a dip late hours of the day. By Friday, the losses were terrifying, when Bitcoin lost approximately $800, and the bearish trend continued till it miraculously bounced back to the $7800 echelons later in the day.
Nevertheless, almost all cryptocurrencies were still in the reds on Saturday.
Then, it recovered very admirably on Sunday, and at midnight, Bitcoin was trading around $8100. The market movement, therefore, ended the week on an encouraging note.
Total market cap was in the region of $245 billion compared to the previous week’s $212 billion, adding $33 billion of value for the week.
Last Week In The Press
Brian Armstrong, CEO of Coinbase, revealed on Wednesday that his organization has $1 billion in Asset Under Management as part of the Coinbase Custody services. Speaking at Consensus 2019, the world’s biggest Blockchain/Crypto event, he indicated that the service has been in operation under just one year.
Binance announced on Wednesday that it had resumed deposits and withdrawals following a week of enhancing the security system, which was launched anew after the hack that ended in a loss of $41 million worth of BTC. Last week, Binance unveiled that it was executing necessary modifications to their API, 2FA, and withdrawal validation areas, which was the avenue utilised by the hackers during the security breach.
Bitfinex announced it had raised $1 billion in 10 days with an initial exchange offering (IEO), and it hopes the funds will alleviate concerns of its financial stability. The Cryptocurrency Exchange made it public on Monday that private companies within the cryptocurrency space and outside had committed more than $100 million apiece during the private sales.
Amazon is now set to be part of the Crypto family after getting a patent for various procedures to build a proof-of-work (PoW) cryptographic system comparable to those employed by blockchains such as Bitcoin. The company applied for the patent three years ago and got the nod on Tuesday.
It also came to light that IT giant, Microsoft is utilising blockchain technology to generate a trustless digital identity system. It will be known as ION and will be deployed on the Bitcoin Blockchain.
Top 10 Standings At Midnight On Sunday GMT+4
Except for Tether, all top 10 Cryptocurrencies finished the week with double-digit growth rates last week. Ninth-placed XLM made the highest profit to swell the value of its community members’ portfolio growing 42.94%. It closed with a trading price of $0.141659.
Troubled Binance keeps overcoming the monstrous hack, ending the week at $29.17. Now the 7th most valuable Cryptocurrency, it was the 2nd most profitable coin of the week, with a jump of 39.66%.
ETH’s impressive market performance remained intact, and it even observed an improvement. Vatalik Buterin’s creation went up 38.35% to exchange for $259.47.
XRP, the bank transfer Blockchain, had a market price of $0.420636. There is no doubt its community is also happy gaining 34.44% for the week.
Tenth rated Cardano bounced 22.65% to sell at $0.086360. It was a vast improvement from the previous review, where it was limited to 6.33 percentage points.
Meanwhile, BCH raised its 19.73% gains the other seven day period slightly to 20.71%. At press time it could be bought at the price of $425.22.
ETH challenger, EOS was at its best week-to-week, advancing from a 9.48% to 20.03%. It ended with a $6.42 price.
Bitcoin holdings increased by 15.80% with a dramatic rebound and a show of class. As the number one Cryptocurrency at midnight on Sunday, it sold for $8,109.61.
Even though Litecoin was successful, it dropped some slim points from the last rating. The cost per unit of the Silver of BTC was $95.19 while it billowed 11.26%.
Tether finished the list with a gain of 0.70%, which came with a price of $1.
Until next week, enjoy the bumper harvest and keep hodling.