The cryptocurrency market performance in the last seven days was a bit disappointing to some investors as the major digital assets struggled to maintain their form after the recent market bull run.
Bitcoin staged a massive bull run from a little above $3000 to close to $14000 in the recent market surge, having a spread-over effect on the entire market. For a number of reasons, the cryptocurrency market has failed to live up to the many predictions made by experts, hoping the total market cap could outrun its previous all-time high to set a new record. This article will briefly look at the performance of the leading digital assets in the last seven days.
Cryptocurrency Market Performance – Bitcoin
Taking a closer look at the price behaviour of Bitcoin is very important in understanding the total cryptocurrency market performance, considering the fact that its market cap of $146 billion is more than half of the total cryptocurrency market cap. Bitcoin, on 6 September 2019 was trading around $10,885. Its price curve took a sharp fall to trade in the $8000 price zone in the last seven days.
On 1 October 2019, Bitcoin recorded its highest weekly selling price of $8478. The weekly price of Bitcoin had a significant effect on the total cryptocurrency market performance. It is understandable that the direction of the entire cryptocurrency market performance lies in the hands of Bitcoin as it drags the market along in any direction.
In addition, the lowest price recorded in the week was $7836 on 30 September 2019. On 27 September 2019, Bitcoin recorded its highest weekly volume of $19 billion and recorded its lowest volume of $12 billion on 3 October 2019. From my observation, the Bitcoin price will bounce back to overtake its yearly all-time high sooner or later as this pullback is common in its history. Investors of the digital asset should consider engaging a long-term investment, as the cryptocurrency market performance would definitely have a turn-around. Bitcoin halving is expected to take the market to another level.
Ethereum Weekly Recap
Image Source: www.cypherbits.net
The second-largest cryptocurrency, based on market cap, Ethereum, over the last seven days struggled to bounce back into the $200 price zone following the weekly price behaviour of Bitcoin which affected the general cryptocurrency market performance.
In the last seven days, Ethereum recorded a weekly high of $184 on 1 October 2019 after trading a little over $220 a month ago. On the day it recorded its weekly high on 1 October, Ethereum also recorded its highest volume of the week at $8 billion.
On 7 September 2019, the digital asset traded at its lowest rate of $163. It is highly possible that the poor performance of Ethereum was partly due to the market pullback of Bitcoin dragging the entire cryptocurrency market performance to negative.
Ethereum is one of the few digital assets that is expected to take the mantle from bitcoin to lead the market sooner or later. Its technological development in recent times has helped accelerate its institutional adoption rate.
XRP Weekly Recap
XRP, the third-largest cryptocurrency in terms of the market cap had a boring week as its market price failed to bounce back to trade above the $0.3 resistance level. In a month ago, XRP was trading around $0.32 but was massively affected by the poor performance of the Bitcoin price. In the last seven days, XRP recorded its weekly high price at $0.258 after the cryptocurrency market performance reached its peak on 1 October 2019.
On 29 September 2019, XRP recorded its weekly low of $0.235, closed to a 100% fall of its market price in a month ago. The digital asset also had its highest weekly volume of $1 billion on 1 October 2019, and a weekly low volume of $887 million on 29 September 2019.
Bitcoin Cash Weekly Recap
Image Source: www.cryptohodl.com
Bitcoin Cash has been tipped as one of the few digital assets that would survive any possible market crash when most of the assets that have no intrinsic value are crashed out of the system. Since its inception, it has been among the top ten highest-ranked cryptocurrencies in existence. On 18 September 2019, Bitcoin Cash was trading at $331.
Following the general cryptocurrency market performance that has hit a rock bottom in a few weeks ago, Bitcoin Cash has struggled to regain enough momentum to outrun its yearly all-time high.
On 1 October 2019, Bitcoin Cash recorded a weekly high of $235 and a weekly low of $215 on 30 September 2019.
From the above weekly recap, it is obvious that almost all the top cryptocurrencies recorded a weekly high on 1 October 2019, which was the exact date Bitcoin recorded its best performance in the last seven days. It establishes the fact that the general cryptocurrency market performance is directly related to the performance of Bitcoin as reported a year ago.
Source: Coin Desk
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