After a Catastrophic Week, Crypto Markets Rally Forth Into the Green

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Thread: After a Catastrophic Week, Crypto Markets Rally Forth Into the Green

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    Default After a Catastrophic Week, Crypto Markets Rally Forth Into the Green

    August 9: The summer crypto rollercoaster continues, as the market sees a healthy rebound into the green after sustaining major losses yesterday.

    On August 8 total market capitalization had shrunk to $219 billion –– its lowest level since mid-November 2017. In today’s upward bounce, virtually all of the major cryptocurrencies have posted gains, as data from Coin360 shows.

    Bitcoin (BTC) is trading at a solid $6,500 at press time, up around 3.2 percent on the day. The leading cryptocurrency shot up around $300 within the space of two hours earlier today, from $6,229 to $6,528. Having since slightly corrected downwards, the coin is nonetheless trading $330 higher at press time than its 24-hour low at $6,144. Bitcoin’s weekly losses however remain at a stark 14 percent, with a more modest 3.5 percentage loss on the month.

    While today’s sprightly uptick may assuage some edgy crypto nerves, Dogecoin creator Jackson Palmer has been eyeing the recent plummeting markets, which many attributed to U.S. regulators’ announcement August 7 that they would be delaying their decision over whether or not to approve a high-profile BTC exchange-traded-fund (ETF).

    In a thread of tweets this morning, Palmer pointed to data showing declining daily transaction rates for Bitcoin, Ethereum (ETH) and Ripple (XRP), as well as a downtrend in decentralized application (dApp) usage, as more noteworthy indicators of the “fragility” of the space.

    More optimistically, Litecoin (LTC) creator Charlie Lee said in a tweet today that he considers the bear market to be “the best time for people to work on adoption.”

    source https://cointelegraph.com/news/after...into-the-green
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