This weekend was not good for the cryptocurrency market, with all the top 10 scrambles losing market capitalization and the symbolic price.
News of the Year
The total capitalization of all cryptocurrencies declined by more than $ 13 billion at the weekend. The value of the cryptocurrency market was also 50 billion dollars less than the peak of 26 July, where the markets reached 303.7 billion dollars.
The poor performance of the cryptocurrency market is in contradiction with the great news that broke just before the weekend. Intercontinental Exchange (ICE), which is the parent company not only of the New York Stock Exchange (NYSE), but also of other 23 major global stock exchanges, announced that it was creating a global exchange of digital goods called Bakkt.
ICE stated that Bakkt will cover an encrypted offering ranging from regulated federal markets to the needs of consumers and traders. The new exchange should also provide BTC to its customers, rather than the current BTC future options with CME and CBOE, where users are paid in legal currencies.
According to Brian Kelly of CNBC, this was the news of the year on Bitcoin. However, the cryptocurrency market, instead of gaining traction with this news, has collapsed.
The performance of the Top Ten Cryptos
Bitcoin (BTC) plunged over $ 500 over the weekend, even reaching an intra-day minimum of $ 6,980 on 5 August. This is the worst one-day decline that the number one cryptocurrency in the world has seen since last year's July. This weekend, BTC lost 7% of its price in one day and 15% during the week. However, despite this decline, Bitcoin nevertheless showed monthly earnings of 5%.
While Ethereum also saw its prices down, it was a significantly lower amount than BTC. The world's number one price tag fell by almost 3% to trade at $ 402.82. For the week, ETH is down more than 13% and its monthly losses are 15%.
It was even worse for the small cap criptos in the top ten. While most report losses of between 2% and 4%, altcoin Stellar and IOTA lost more than 9% and 10% respectively on 5 August. The lowest stellar traded over the weekend was August 5, when its price was $ 0.23 per coin. The lowest IOTA reached was August 4, when the altcoin was trading at $ 0.78 per token.
Interestingly, in the top twenty list, ETC (Ethereum Classic) was an outlier, earning more than 9% at the weekend, rising to $ 16.90 per chip at most on August 5th. The crypto is currently rising to $ 17.22 per token.
Today, for the first day of the week, the first ten cryptocurrencies have shown mixed results. It remains to be seen how the rest of the week takes place.