This weekend was not a good one for the cryptocurrency market, with all of the top 10 cryptos losing market capitalization as well as token price.
News of the Year
The total market cap of all cryptocurrencies fell by more than $13 billion over the weekend. The value of the cryptocurrency market was also a massive $50 billion less than the July 26 spike, where the markets touched $303.7 billion.
The poor performance of the cryptocurrency market is in contradiction to the big news that broke just before the weekend started. Intercontinental Exchange (ICE), which is the parent company of not just the New York Stock Exchange (NYSE), but also of 23 other leading global exchanges, announced that it was creating a global exchange for digital assets called Bakkt.
ICE said that Bakkt would be covering crypto offering ranging from federally regulated markets right up to consumers’ and merchants’ needs. The new exchange would also be delivering BTC to its customers, rather than the current BTC futures options with CME and CBOE, where users get paid in fiat currencies.
According to CNBC’s Brian Kelly, this was the news of the year about Bitcoin. However, the cryptocurrency market, instead of gaining traction with this news, plunged.
Performance of the Top Ten Cryptos
Bitcoin (BTC) plunged more than $500 over the weekend, even reaching an intra-day low of $6,980 on August 5. This is the worst one-day decline the world’s number one cryptocurrency saw since July last year. This weekend, BTC lost 7% of its price in one day and 15% for the week. However, despite this drop, Bitcoin has still shown monthly gains of 5% so far.
While Ethereum also saw in drop in its prices, it was a significantly lower amount than BTC’s. The world’s number one altcoin’s price dropped almost 3% to trade at $402.82. For the week, ETH is down by more than 13%, and its monthly losses are at 15%.
It was even worse for the smaller cap cryptos in the top ten list. While most say losses in the 2% to 4% ranges, altcoins Stellar and IOTA lost more than 9% and 10% respectively on August 5. The lowest that Stellar was trading at over the weekend was on August 5, when its price was at $0.23 per token. The lowest IOTA reached was on August 4, when the altcoin traded at $0.78 per token.
Interestingly enough, in the top twenty list, ETC (Ethereum Classic) was an outlier, gaining more than 9% over the weekend, going up to $16.90 per token at its highest on August 5. The crypto is currently up at $17.22 per token.
Today, for the first day of the week, the top ten cryptocurrencies have shown mixed results. It remains to be seen how the rest of the week pans out.