The market fell back down during last week. The overall market cap dropped 8% to $254 billion. Bitcoin was down 6% to $6,300 and ether price decreased 9% to $450.
For the past 3 weeks, the market had been fluctuating around the $250 billion level. Without new money coming in, the market seems to be stabilizing at this level.
However, the ICO market has taken a turn for the worse. Several popular ICOs including OneLedger and Atonomi traded below ICO shortly after the tokens started trading. We were surprised that this happened because we had relatively high expectation for these two projects.
During this downturn, most altcoins had been underperforming bitcoin. More investors are losing confidence in altcoins, and we believe this is why less people are willing to purchase recent ICO tokens.
When even popular ICOs are losing money right out of the gate, we believe this is a sign that the cycle is getting closer to the bottom.
The crypto world’s latest hack sees Bancor lose $23.5M: https://techcrunch.com/2018/07/10/bancor-loses-23-5m/
Coinbase App Loses Popularity During Bitcoin Bear Cycle: https://www.ccn.com/coinbase-app-loses-popularity-during-bitcoin-bear-cycle/
Coinbase Considers Adding Five Crypto Coins to Trading Platform: https://www.bloomberg.com/news/articles/2018-07-13/coinbase-considers-adding-five-crypto-coins-to-trading-platform
Litecoin Foundation Acquires 9.9% of Bank in Payments Partnership: https://www.coindesk.com/litecoin-foundation-acquires-9-9-of-bank-in-payments-partnership/
Chinese Yuan Now Accounts for Less Than 1% of Bitcoin Trades: https://cointelegraph.com/news/chinese-yuan-now-accounts-for-less-than-1-of-bitcoin-trades-says-pboc-report
Google Co-Founder Sergey Brin Reveals He Is an Ethereum Miner: https://cointelegraph.com/news/google-co-founder-sergey-brin-reveals-he-is-an-ethereum-miner
All Crypto Exchanges in South Korea Meet New Requirements: https://www.ccn.com/all-crypto-exchanges-in-south-korea-meet-new-requirements-new-money-to-come-in/
Binance Backs World’s First Decentralized Bank in Malta: https://cryptoslate.com/binance-backs-worlds-first-decentralized-bank-in-malta/
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.