Tuesday, August 27, 2019

As Interest Seemingly Fades Away, Will Bitcoin Hold $10,000? Weekly Crypto Market Update

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Crypto Market Update

Market Cap: $264 B
BTC Dominance: 68.8%
 BTC: $10,161
 ETH: $187
 XRP: $0.268

Amid the trade war going on in the traditional global markets, Bitcoin remains relatively stable. However, as we've learned from the past, stability in the cryptocurrency market doesn't last long. If we look at Google Trends, we can see that the interest in Bitcoin has been decreasing since its peak in 2017. In recent months we can even identify a trend similar to that in early 2017.

Still, the question remains – where did the money that catalyzed Bitcoin's surge in 2019 come from? Rumors and internet conspiracies circulate, suggesting that inside information leaked from Facebook about the launch of their Libra cryptocurrency and created a trend change before the launch and the hype around it.

When it comes to altcoins this week, the downward trend seems to have halted as Binance announced the launch of a digital currency lending system with the first two products being BNB and USDT. Surprisingly, ETC will also enter the lending system, which explains its price increase. Wanchain also stood out this week, gaining more than 100% and occupied the 88th spot within the top 100 cryptocurrencies.

Nevertheless, Bitcoin maintains its dominance and it's still quite early to talk about a change in the trend regarding the altcoin market as Bitcoin hasn't yet completed its move from the beginning of the year.

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This week chart analysis of:
BTC ETH XRP MTH & ETC



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