Crypto Mid-Week Recap - July 19, 2018
Things have picked up this week, as the market has increased significantly in value around the same time that news that Coinbase has received approval from the U.S. Securities and Exchange Commission (SEC) to list coins or tokens that may be classed as securities, has begun to circulate. In addition, the news that Blackrock, the world's largest asset manager, with around $5.4 trillion in assets under management, is considering moving into the cryptocurrency market, has also begun to spread and Monday kicked things off with a total valuation of $255B which jumped by approximately $10B in just a few hours, and the day ended with a total market cap hovering close to $270B. Tuesday saw even more significant growth and the total valuation fluctuated around $270B until the late afternoon, it then jumped by 8.5% to sit at from to $293B within just a few hours.
Things appeared to be heading in a similar direction over the midweek period as the market moved from around $291B to $299B, with the total cap almost breaking the $300B barrier for the first time in months. However, towards the end of Wednesday evening, a slight pullback began to occur and around $10B worth of value was lost as the day came to an end. However, the generally positive sentiment has seen the daily trading volume steadily increase over the week and the 24-hour trading volume has moved from around $10B, early on Monday, to $15B on Tuesday, and $20B on Wednesday. The 24-hour trading volume currently stands at $19B, while the total market cap sits at $291B.
The majority of top coins have followed the overall market trend with Stellar and 0x recording significant gains after the news that Coinbase is exploring listing these coins.
Bitcoin opened up the week trading at a price of around $6,350 and increased by 4.7% to trade at $6,650 as Monday came to an end. BTC grew in value even more significantly on Tuesday, when it broke the $7000 barrier when moving from $6,700 to just under $7,350. This increase of 9.7% has proved to be the most significant of the week so far and the price of BTC has continued to fluctuate close to $7,300 since then. BTC trading has also increased from around $3.5B early on Monday, to exceed $6B on Tuesday and Wednesday, with the 24-hour trading volume eventually reaching $6.5B. The daily trading volume currently stands at $6B, and Bitcoin is trading at a price of $7,404 and retains a market cap of $127B. BTC also enjoys a market dominance of 43.2%.
Ethereum began the week trading at around $450 and grew in value over Monday to hit a price of $475 by the evening. Similar to BTC, the price of ETH increased significantly on Tuesday and moved from around $470 in the afternoon to reach $500 in the evening, an increase of over 6%. Wednesday saw ETH attempt to stabilize at around $500 however, the price began to decline after lunchtime and Ethereum was trading at around $475 once again during Wednesday evening/Thursday morning. A significant amount of ETH trading took place on Monday, as over $2.7B worth of trading was conducted at the beginning of the week, this fell back on Tuesday before rising again on Wednesday and touching $2.7B once again. The 24-hour trading volume currently stands at $2.32B, while ETH is trading at $480 and retains a market cap of $48.4B.
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