After a catastrophic week, Crypto Markets Rally Forth Into the Green


9 August: the roller coaster of the summer continues, while the market sees a healthy rebound in the green after suffering serious losses yesterday

On August 8, the total market capitalization was reduced to $ 219 billion – the lowest level since mid-November 2017. In the upward rebound of today, virtually all the major cryptocurrencies have recorded gains, as shown by Coin360 data.

  Market Display by Coin360

Market Display by Coin360

Bitcoin (BTC) is trading at a solid $ 6,500 at the time of printing, about 3.2% of the day. The leading cryptocurrency rose to around $ 300 within two hours, from $ 6,229 to $ 6,528. After slightly correcting downwards, the currency is still trading at $ 330 at the time of printing compared to its 24-hour low at $ 6,144. however, kly losses remain at 14%, with a modest 3.5% loss in the month.

 Bitcoin 24-hour price chart

Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index

While today's buoyant increase can alleviate crypto-nervous jitters, Dogecoin's creator Jackson Palmer noted the recent collapse of the markets, which many have attributed to the regulators agency the US announcement of August 7 that they would delay their decision on the approval or not of a high-profile BTC exchange-traded-fund (ETF).

In a discussion this morning, Palmer referred to data showing decreasing daily transaction rates for Bitcoin Ethereum (ETH) and Ripple (XRP ), as well as a downward trend in the use of decentralized applications (dApp), more noteworthy indicators of the "fragility" of space.

Even more optimistic, the creator of Litecoin (LTC) Charlie Lee said in a tweet today considering the bear market "the best time for people to work for adoption."

Ethere um (ETH) is currently trading around $ 363, up about 1% of the day to hit time. Altcoin's intraday peak is closely related to that of Bitcoin, as it has risen from $ 352 to $ 367 in two hours. The losses of Ethereum in its weekly chart remain around 11%, with monthly losses pushing 24%.

 The Ethereum 24-Hour Price Chart

The Ethereum 24-Hour Price Table Source: Ethereum Cointelegraph Price Index

In CoinMarketCap cards, all the first twenty coins for market capitalization, except one, is in the green, seeing solid gains in the range of 1 to 9%.

Cardano (ADA) is the strongest in the top ten, with about 8% growth to $ 0.12 in the press

Stellar (XLM) and EOS (EOS) and IOTA (MIOTA) ) are recording solid gains, all growing 4-7% on the day.

Among the top twenty coins by market capitalization, Ethereum Classic (ETC) is the only high in red, the first day saw losses after a strong bull that ran the whole week challenging the broader market being . After riding a wave of positive momentum triggered by news of his August 7 announcement on the popular coin exchange service provider and wallet in the United States Coinbase, the alt fell slightly about 2% today to trade at $ 15.04 at the time of printing.

 Seven-day price chart of Ethereum Classic

The seven-day price chart of Ethereum Classic Source: CoinMarketCap

Tezos (XTZ) – 18th place – is up 6.22 percent of the day to trade at $ 1.65 at the time of printing. it arrives in spite of the latest stoppage of the project in an ongoing equity class action against the controversial $ 232 million Initial Coin Offering (ICO) in an American court this week.

  Tezos 24-hour price chart

Tezos 24-hour price chart. Source: CoinMarketCap

The total market capitalization of all cryptocurrencies is about $ 228.6 billion at the time of printing, over $ 9 billion compared to $ 219 billion above.

  7-day chart of total market capitalization of all cryptocurrencies

7-day chart of total market capitalization of all CoinMarketCap cryptocurrencies

While the vertiginous whims of cryptographic markets leave a little "Of agitation, a group of financial experts from Yale University suggested this week a system of factors to predict the price trend of the major cryptocurrencies.

They have discovered that cryptocurrencies "have no exposure" to the most common stock markets, nor to currency and commodity returns and macroeconomic factors, but have identified a specific encrypted patella tern, including a "strong series momentum effect" among the main assets such as Bitcoin, Ethereum and Ripple, as well as a correlation between price and attention of investors, which they deduced through social media and analysis of the trends of search engines.

Commenting On this "investor focus," Pantera Capital CEO Dan Morehead said that cryptography markets have recently witnessed an excessive reaction from investors in response to short-term news, such as the delay of the SEC Bitcoin ETF.

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