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Crypto News Weekly – A Week In The Markets 16.07.18

A reversal in the markets from last week, where one week before everything was in the green, out of the top 100, only 9 currencies were left in the green now with the rest of the market in the red. The average loss on the top hundred was 13.4%, and the biggest losers were pitching in up to 35%.  

Take a good look at the market cap, and you can see the general story, nearly 10% or $ 27 billion wiped out in a retreat that started after Bancor, the decentralized cryptocurrency announced that an internal wallet had been compromised and $23.5 million taken. With the market badly spooked, some of the money that flowed from altcoins into Bitcoin seemed to jump in virtual dollars a few days later.

On Friday, Coinbase announced it was working towards listing Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC) And 0x (ZRX), which had a positive effect on those currencies and generally pulled the market around over the weekend.

Here we see with Bitcoin (BTC), that wipeout with the bad news and then a dip a few days later giving a disheartening week of a 7.79% loss with the price now about $6300, still holding its market dominance around the 43% mark.

Ethereum (ETH) had a tough week with the network suffering massive blockages similar to what happened with Cryptokittes, when new Chinese exchange Fcoin started a strange coin voting system that also temporarily sent gas prices through the roof. It suffered losses of over 11% and the current value is just below the $450 mark.

Ripple (XRP) is in the doldrums as it seems to be constantly fighting new actions in court in the US that it is not a security and struggling to find speculative popularity, losing over 10% and well below the 50 cent mark.

Bitcoin Cash (BCH), seeming to be a bit lost at present and struggling to find a new momentum, it lost nearly $90 and the current price is just above $700.

EOS dropping down again amid a lot of disquiet in its community about the amount that has been paid out in bounties for bug hunting recently. Аlso the fact that main players are manipulating internal markets for profit, making even the setting up of a wallet at the wrong point an expensive affair, helped the coin slide nearly 23% and levelling out around $7.

Stellar (XLM), bolstered by the Coinbase announcement, saw a massive hike there, turning the week around into the positive with an overall gain of nearly 2%.

So let’s look down the ranks of the top 100 and see where the biggest movements are happening.

Starting with the positives, despite market conditions, we see the Basic Attention Token (BAT) having a great time in general lately and a good 7 days, with rises of nearly 22% powered by the Coinbase news, and supported by the launch of their Brave browser which has been downloaded over 3 million times and growing.

Kucoin is trying to use their internal rewards scheme to push forward the use of the exchange and their native token which gave it a healthy growth of almost 10% in what is almost a mirror reversal of the general market conditions.

Mithril (MITH) enjoyed an above average week not suffering the general crash and managing to achieve growth in hard conditions of over 5%.

So, let’s see who’s been bleeding the most.

And the market loser is Bancor (BNT) due to the hack, that was hemorrhaging after the loss, and seemed to stabilize when it announced it could freeze its own tokens and save $10 million, down a massive 35%.

Next is Bitcoin Diamond (BCD) which can’t really be viewed as a loss, it is the second half of the pump and massive dump being carried out by parties unknown over the last week on the aged Bitcoin fork.

Then third place is for Elastos (ELA), continuing its slow general slide from May taking a 30% decrease in value.

And just behind it is neo based coin Ontology (ONT) with a 27.8% loss taking the price down to below a dollar.

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