Crypto Market Overview: The Week’s Best and Worst
After a roller coaster of a week, the crypto market is finally seeing some stability. In this overview, we’ll take a look at the best and worst performing coins of the week, as well as what might be driving these movements.
Bitcoin
This week was a good one for Bitcoin, as the cryptocurrency surged by 10% to reach a new all-time high of $1,700. The rally was driven by continued interest from China, where the Bitcoin trading volume on LocalBitcoins set a new record last week.
The Bitcoin price has now doubled since the beginning of the year, and it is up by almost 50% from its December lows. With Chinese investors still buying up the cryptocurrency, it looks like the Bitcoin bull run is far from over.
In other news, the Ethereum Classic blockchain suffered a major attack this week, with over $1 million worth of ETC being stolen. The attack highlights the risks of investing in cryptocurrencies, which are often targets for hackers and thieves.
Ethereum
There was a lot of activity in the crypto world this week, with Ethereum leading the pack in terms of both price and news.
Ethereum started the week on a high note, with prices rising to over $700 per ETH. This was largely due to positive news coming out of China, where the government is now backing blockchain technology. This caused a major influx of investors and traders into the Ethereum market, pushing prices up.
However, prices couldn’t sustain their momentum and eventually pulled back to around $650 per ETH. This was still a strong showing for Ethereum, and it cemented its position as the second-largest cryptocurrency by market cap.
In terms of news, Ethereum made headlines again when it was announced that Microsoft is now building on Ethereum’s blockchain. This is big news for the Ethereum community, as it further legitimizes the platform and opens up new possibilities for development.
Litecoin
This week was a good one for Litecoin, as the cryptocurrency surged by over 20% at one point. However, it has since pulled back and is currently trading at around $140. Despite this pullback, Litecoin is still up over 15% from where it started the week. This surge was likely due to Litecoin’s upcoming halving event, which is set to take place on August 5th. This event will reduce the block reward from 25 LTC to 12.5 LTC, and is expected to lead to increased demand for Litecoin.
Bitcoin Cash
Bitcoin Cash had a great week, with prices rising around 20%. The positive momentum was fueled by news that Square’s Cash App is now allowing users to buy and sell Bitcoin Cash. This move could lead to more mainstream adoption of Bitcoin Cash, as the Cash App is one of the most popular payment apps in the US.
Monero
Monero (XMR) is one of the best performing assets this week, up over 20% at the time of writing. The privacy-focused cryptocurrency has been on a tear lately, hitting new all-time highs and attracting increasing attention from investors and traders.
The Monero project has been gaining momentum and adoption, with major exchanges like Binance now listing XMR. The upcoming hard fork on March 14th is also adding to the bullish sentiment, as it promises to improve privacy and scalability.
With all the excitement around Monero, it’s no wonder that it’s one of the best performing cryptocurrencies this week.
Stellar
In the world of cryptocurrency, Stellar was one of the best performing assets this week. The digital currency rose more than 20% against the US dollar, and was one of the top 10 performers out of the hundreds of digital currencies tracked by CoinMarketCap.com.
The rally in Stellar came as the crypto market overall posted strong gains. Bitcoin, the largest cryptocurrency by market value, rose more than 10% this week. Ethereum, the second-largest cryptocurrency, was up more than 8%.
The strong performance by Stellar helped to offset some of the losses suffered by other digital currencies this week. Among the worst performers were Bitcoin Cash, which fell more than 5%, and Litecoin, which declined by more than 4%.
Cardano
This week was a mixed bag for the crypto market, with some coins seeing gains and others losses. Among the winners was Cardano, which saw a healthy 7% increase. This boost comes after a period of relatively stable prices for the coin, and it appears that investor confidence is starting to return. Cardano is currently ranked 9th in terms of total market capitalization, and with this latest surge it could be poised to enter the top 8.
EOS
This week’s best: EOS
EOS had a great week, with prices rising by over 20% at one point. The good news for EOS holders is that the rally looks set to continue, with the cryptocurrency now trading above $5.
The main reason for EOS’s strong performance this week has been due to increasing investor confidence in the cryptocurrency. This is largely due to the successful launch of the EOSIO software, which is now being used by a number of high-profile projects.
With the EOSIO platform proving to be a success, it is likely that we will see more projects begin to use it in the future. This could lead to even more demand for EOS, which could push prices even higher.
So, if you’re holding EOS, things are looking good for the future!
This week’s worst: Bitcoin Cash
Bitcoin Cash had a tough week, with prices falling by around 10%. The main reason for the sell-off appears to be due to concerns about the future of the cryptocurrency.
There is currently a lot of infighting within the Bitcoin Cash community, with different factions proposing different plans for how to upgrade the network.
TRON
This week was a roller coaster for the crypto markets, with some big winners and some big losers. TRON was one of the biggest gainers, rising more than 20% at one point. However, it couldn’t hold on to those gains and ended the week up just over 10%. Nonetheless, it was still one of the best performers this week and is looking strong going into next week.
IOTA
This was a big week for IOTA with the launch of its Coordicide testnet. This testnet is a big step forward for IOTA as it moves closer to becoming a fully decentralized network. IOTA also announced a partnership with blockchain software firm, Hashed Health. This partnership will help IOTA to develop its technology for the healthcare sector. On the price front, IOTA was one of the best performing cryptocurrencies this week, gaining over 20%.
