Markets Update: Cryptocurrency Markets Lose up To 30% in a Week
Cryptocurrency markets today are seeing a touch of recovery after digital asset prices suffered from some significant losses over the last couple of days. The whole digital currency economy has consolidated just above the $200B mark, after dropping well below this threshold during trading sessions. During last week, all digital asset in the top 10 (except for tether) has lost between 10-30% in value.
Cryptocurrency Markets Lose up To 30%
Last week wasn’t the greatest for cryptocurrency markets as most of them have suffered deep losses. Today, on September 9, there’s a bit of recovery and consolidation taking place within a good portion of digital currency markets. For instance, BTC prices dropped to a low of $6,094 last night, BCH slid to $464, and ETH dropped to $187 per coin. But today is a different story as BTC has jumped back to $6,370, BCH $483, and ETH has risen to $202.
The top 5 cryptocurrency trade volumes today are BTC, USDT, ETH, EOS, and BCH. Most of traders are focused on ETH markets as they tumbled this week over 30% and ETH/USD shorts (bets against ETH) have reached an all-time high. The digital assets that took the least of the blows this week include BTC, XMR, and XML. Overall there really hasn’t been any horrible cryptocurrency news to justify the sliding prices but there also hasn’t been much positive news either to bring the opposite effect.
Bitcoin Cash Market Action
BCH markets are down 3.9% in last 24 hours and 23% in last 7 days. At the time of publication, one BCH is trading for $483 per coin with $325.6M in daily trade volume. The top exchanges swapping the most BCH today include Lbank ($80.61M), Coinex ($47M), Okex ($40.16M), Huobi ($37.95M), and Bitforex ($32.61M). The biggest pair traded with BCH is USDT, capturing 42.6% of today’s BCH trades. This is followed by BTC (27.6%), ETH (17.2%), USD (7%), and QC (2.5%). With the 5th highest trade volume today and the 4th largest market capitalization, BCH has a valuation of around $8.4B this Sunday.
Bitcoin Core Market Action
BTC market values have seen losses of around 1.46% today and 11.65% during last week. Currently, BTC is being swapped for $6,383 per coin and holds a market valuation of about $110.5B. 24-hour trade volume for BTC is around $4B and BTC market dominance is around 55% at the time of writing. The top 5 exchanges trading the most BTC today are Bitflyer ($2.11B), Binance ($238.96M), Bitfinex ($148.64M), Bitmart ($139.35M), and Coinex ($80.79M). The top 5 pairs traded with BTC this Sunday are tether (USDT 56.2%), USD (22.1%), JPY (10.4%), EUR (3.7%), and KRW (3%).
A Thick Veil of Uncertainty and Confusion
Overall, today is seemingly better than the last 72 hours of trading sessions and several cryptocurrency markets are showing some consolidation. 2018 has been rough for those who didn’t expect a bear market this year as there was a very long cycle of denial and many bear traps during the last 9 months. The existing verdict this week is a thick veil of uncertainty and confusion.
Many are thinking if we are entering the capitulation market cycle that will then lead to despair or depression, a trend that could cut digital asset values in half from the existing vantage point. However, typically after the long accumulation phase and the depression cycle markets should reverse. The problem is traders don’t know if we have already suffered through despair or if we can expect more pain soon.