So much happens during one week. This sentence has been repeated in all of our recent market updates. So the past week bitcoin had a significant positive week and has stabilized around the $ 4000 price. In a few days, on August 24, Segwit technology will be activated according to the plan. Part of the implementation should result in a significant reduction of Bitcoin network fees in the near future.
Bitcoin Cash, on the other hand, benefits from a great interest coming from the Far East. Demand for BCH has affected the entire market and BCH reached a 300 percent gain in just two days! In addition, BitPay (payments in Bitcoin) recently announced its support for the planned November fork, which also done well to Bitcoin Cash.
The market is a bit confusing and the evidence for this is seen in the Bitcoin volatile value, which had a correction from the $ 4400 area to the $ 4000 area. Sentiment still looks positive around Bitcoin. The trading volume of the Crypto markets is breaking records on daily basis, and has already surpassed $ 10 billion a day. The volume of Bitcoin Cash is responsible for $ 4 billion from the total volume. The market cap has grown to 144 billion dollars, another record breaking.
Comment: crypto traders see the Bitcoin as their base asset. But the dollar chart allows us to understand the size of the market.
The insanity surrounding Ethereum based ICOs has not calmed down. The market behaves in a very bubble-like manner. Many ICOs without a single line of code has huge demand and a very speculative value for their traded token. How long will it last for? And how will the competition affect bitcoin?
As mentioned, we had a new ATH at $ 4,480 level. The correction was right after, down to $ 3900, and tested support level. There is a clear reverse correlation between Bitcoin and Bitcoin Cash these days. The pattern of climbing stairs continues in the BTC graph.
Bitcoin Cash BCH
After a very long period of time that Poloniex did not add any coin, Bcash was honored and added to the largest crypto exchange. Ever since the pump began: trading volume has risen, and the influence of the Asian exchanges (led by South Korea) has helped BCH to reach its all-time high. The value climbed very fast from 0.069 BTC to 0.243 BTC, with some corrections. It will be interesting to see whether Bitcoin Cash will attract more miners. In the BCH – USD the Bcash value jumped from $ 300 and reached $ 972 at its peak.
After a long and steady rise since the beginning of 2017 following the adoption of Segwit, Litecoin recently suffered from a major correction. According to the graph, we see that we have reached a strong support around the 0.1 BTC area. As reported in our last market updates about the expectation from Litecoin to serve as a hedge of Bitcoin. In the Litecoin – USD graph, the story is completely different. The value maintains stability around $ 40, with slight volatility.
Ethereum Classic ETC
The ETC value dropped to a support level of which it began the last uptrend move two months ago. It will be interesting to see if the support level of BTC 0.003 will hold up. Changing momentum is possible from here.
The value of Atrium stabilizes around the level of 0.07 BTC, perhaps there might be a floor here. The volatility of Bitcoin during last two days have not really moved Ethereum. During next month, a planned fork in Ethereum will take place, and also Metropolis stage will be activated.
On the ETH – USD market, we have stability around $ 300 area.
ICO Section – Kyber Network
Kyber Network will initiate a protocol based on Ethereum blockchain in favor of a decentralized trading platform. Today 99% of the trading volume belongs to centralized exchanges, which requires opening a wallet on the exchange itself and sending coins to the exchange. Kyber’s solution will allow trading directly from local wallets. With billions of dollars in trading volumes, such a platform purports to streamline trading and increase the security level. The project is backed by a very strong team of consultants, including Vitalik Buterin himself (the founder of Ethereum). More information about the token sale on the project’s website.