Weekly Wrap up: BAT and Polymath (POLY) top gainers of the week, Dogecoin (DOGE) top loser

Another week of the gloomy bear market is upon us. This one had a twist that stirred up emotions a bit – Tether solvency bubbled up out of the deep sea of FUD and we had one day that trapped hopes of a significant number of traders that reversal is in sight.

Once that drama episode settled down, the market shrank again and even though BTC touched the $7k mark at one moment, it all collapsed back to the engraved price patterns.

Bitcoin did end this work-week in a green – comparing to the last week, the price jumped up +3.08% according to the data from OnChainFX.

Out of the top 50 cryptocurrencies by market capitalization, BAT recorded the biggest jump in price – 33.33% in BTC followed by ETHOS – 27.18%, Polymath – 26.15%. Out of the top 10 cryptocurrencies, Stellar recorded the biggest price increase (measured in BTC) – 14.25% and 10.28% in USD.

On the other side of the spectrum was Dogecoin, a joke coin that seems to be having a brighter future than most of the market. Dogecoin slumped down by 14.24% in BTC or 16.92% in USD.


Volume is down

The troubling fact of the current market state is the trading volume. Bitcoin’s volume keeps sinking which is a sign of a lack of demand.

Trading volume of the bellwether cryptocoin was on a downward trajectory in the last 24hrs, falling from $5 billion to only $3.8 billion according to the data from CoinMarketCap. It looks even wearier if we look at the same metric on ShapeShift’s CoinCap.io where the volume dropped below $3 billion, to a paltry $2.54 billion.

For traders, volume hints at sustainability of a given asset. A drastic price increase with low volume might be fool’s gold. A drop with considerable volume behind it might mean a coin is in for an extended bear run. There are no certainties in cryptocurrency. But effectively assessing volume is an important tool in an investor’s belt.

intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Sarah Wurfel
Sarah Wurfel

Sarah Wurfel works as a social media editor for CaptainAltcoin and specializes in the production of videos and video reports. She studied media and communication informatics. Sarah has been a big fan of the revolutionary potential of crypto currencies for years and accordingly also concentrated on the areas of IT security and cryptography in her studies.

We will be happy to hear your thoughts

Leave a reply