Another rough week in crypto | Weekly Crypto Digest (13 August 2018)
Crypto market performance
In the past week, the market experienced substantial losses nearly every day. The only rebound (of +4.11%) was on Thursday, but then on Friday, the market declined again. One-week performance was -16.56% and the performance since the beginning of August stands at -22.78%.
Bitcoin and Ether performance
Bitcoin outperformed the market, with one-week performance of -9.04% and month-to-date performance of -18.74%.
Ethereum performed worse than the market, with one-week performance of -21.42% and month-to-date performance of -26.32%.
Best and worst performers among the top 25 digital assets
The top weekly gainer was Stellar, with -5.21%. This was due to fake news that kept coming up last week that Stellar entered a partnership with Facebook, which helped the price to appreciate. However, by the end of the week, Facebook denied these rumors. Bitcoin became another top weekly gainer again, with -9.10%, and the third best performer was 0x, with -9.54%.
Last week’s worst performer was IOTA, with the price drop of -38.62%, fueled by the news about internal conflicts in their foundation board. The other two top weekly losers were NEO, with -30.97%, and Ripple, with -29%.
News from the market
One of the hottest news last week was made by Binance, one of the leading centralized exchanges, which has released the first demo of their decentralized exchange.
Bitcoin is reclaiming its market dominance, with 51% of the market share as of Monday morning. This shows that investors have been moving their assets from altcoins, which tend to be more volatile, especially during the bear market, to Bitcoin, which proves to be more stable in these market conditions.
Bitmain, currently one of the largest mining conglomerates, is trying to conduct their own IPO (Initial Public Offering) of more than 18 billion USD. If they succeed, this would open the doors for traditional players to enter the crypto space.
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DISCLAIMER: This article is for informational and discussion purposes only and does not constitute a marketing message, an investment survey, an investment recommendation, or investment advice. The article was prepared exclusively for a better understanding of cryptocurrencies and the functioning of the cryptocurrency market.
