This week we have seen a continuation of the bear market from the recent months, but the demand seems to stop further declines (for now) in the range around 6,500$, which is a strong support. A rumor regarding 10,000 Bitcoins found their way out from MTGOX’s wallet six days ago and has probably affected the market and was the cause for the quick drop from the 7300$ range to $6,600. The entire market cap is around 250$ billion and seems to be struggling not to shrink even more. Bitcoin dominance is at 44%, down 1% since last week. The trading volume is also on a downward trend and stands at an average of 10 billion USD per day.
So, where was the action last week? Correct, the altcoins: XVG, one of the most interesting coins of the past week, stand out during times of a bear market as we have now. Also, it is impossible not to pay attention to ONT, which rose 80% against the dollar last week. Since ONT’s ICO last October, it has yielded 60 times return on investment in Ethereum, which could bring another wave of potential investors into the crypto markets.
This post was first published on: Apr 10, 2018
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