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Fiasco again: the weekly review of the cryptocurrency market

24 June 2018 21:00, UTC

Margareth Nail

The previous week was unsuccessful again for investors who pursue a strategy of "raising the price of horns." The cost of Bitcoin rolled back to November values, as well as altcoins also lost in price. Read in the review of Bitnewstoday about the most essential events of the last week.

The market is going on declining

Over the past seven days, the capitalization of the market has dropped by almost 8%. At the time of writing, the value of all the cryptocurrencies was estimated at $ 251.9 billion.

As it can be noticed from the graph presented in picture 1, the market capitalization grew by 3% from $ 279.7 billion to $ 288.7 billion at the beginning of last week. By June 20, the total value of all coins reached its weekly maximum — $ 293.7 billion. However, on June 22, the analyzed indicator began to plummet. On June 24 the market capitalization fell to a level of 235.9 billion dollars. Then this figure increased, and at the closing of the exchanges on June 24, it amounted to more than $ 252 billion.

Picture 1. Dynamics of cryptocurrency market capitalization
Source: coinmarketcap

The capitalization of some altcoins has decreased by more than 12% over the past week. At the time of writing, the cost of cryptocurrencies, except Bitcoin, was estimated at $ 145.5 billion.

Picture 2. Dynamics of altcoins market capitalization
Source: coinmarketcap

The news about the hack of Bithumb crypto exchange badly affected the market of cryptocurrencies. According to the news, investors lost more than $ 30 million. The management of the service promises to compensate these losses at the expense of their own funds. Subsequently, the authorities of South Korea announced that the regulation of the cryptosphere will be tightened soon. In the future, exchanges will have to comply with safety standards.

How much large cryptocurrencies have lost in price

Bitcoin lost about 337 dollars or 5% in the last seven days. It is worth noting that on Sunday the cost of the coin fell below $ 6,000 — to $ 5,826.41. However, by the close of trading, the price of BTC increased to 6,173.23 dollars. Experts believe that the drop in the cost of Bitcoin has stopped due to the statement of the bankrupt MtGox exchange trustees, who promised not to sell BTC, but to distribute the coins of the leading cryptocurrency to their owners.

Picture 3. Dynamics of Bitcoin cost
Source: coinmarketcap

Ethereum started to grow last week increasing by 8.95 to 543.72 dollars by June 21 but then the coin began to become cheaper, and by the close of trading on June 24, it cost 457.67 dollars only. The minimum cost of ETH was fixed on Sunday, June 24, when one could purchase 1 Ethereum for 426.47 dollars.

Last week, the founder of Ethereum, Vitalik Buterin, stated that Casper protocol would be implemented before the implementation of the sharding. Besides, the expert said that the minimum steak could be reduced from 1500 ETH to 32 ETH by implementing the Bonn-Lynn-Shahem scheme and STARKs technology, as it is supposed to help in the optimization of processing the number of validators.

Within the analyzed period, Ripple fell by almost 11% — from 0.528820 dollars to 0.477380 dollars. The maximum value of XRP was on June 19 — 0.558059, and the minimum value — on June 24 (0.450048).

Bitcoin Cash lost 12% in price, falling from $ 849.81 to $ 749.37. Indeed, on Sunday the coin went down to 676.94 dollars.

The cost of EOS reduced to a quarter — from 10.65 dollars to 8.09 dollars. Meanwhile, the price of EOS dropped to $ 7.10 on Sunday. Negatively, EOS was affected by the news that the EOS block manufacturers had frozen seven accounts first, and 20 more after that. The crypto community got angered with these manipulations, since the EOS Core Arbitration Forum did not rationalize their actions regarding freezing the accounts.

Market structure

Over the past seven days, Bitcoin could increase its market share from 39.93% to 41.87%. The share of Ethereum increased by 1 pp. and amounted to 18.17%. The position of Ripple did not change and amounted to 7.45%. At the same time, Bitcoin Cash lost 0.1 percentage points, its share was 5.14%, as well as the share of EOS ( regarding cryptomarket capitalization) was reduced by 0.39 percentage points.

Picture 4. Cryptocurrencies market structure
Source: according to coinmarketcap

Bitnewstoday will keep on monitoring the events on the cryptocurrency markets.

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