The cryptocurrency market was at a downward trend during the past week. The overall cryptocurrency market cap dropped 17% to $388 billion. Bitcoin dropped 10% to $8,500 while ether price also decreased by 10% to $680.
In general, altcoins dropped more than bitcoin and Bitcoin dominance rose to 37%. Are we back to a bear trend? We don’t think so. There is still a lot of money wanting to get in.
The biggest cryptocurrency conference of the year, Consensus, which drew over 7,000 in attendance, is happening over the next few days. The conference, being in New York, will draw a lot of institutional investors who are keen to learn more about cryptocurrencies.
Mainstream awareness is also getting higher each day. In the popular TV show Silicon Valley, the main character’s company opted to raise funds through an ICO instead of from traditional venture capital firms.
The market has recovered very quickly in the past 1.5 months. For some altcoins, perhaps the recovery was too quick. We believe that it is healthy to have a minor dip, as long as the overall trend is still up.
Cryptocurrency Exchange Upbit Raided by Korean Authorities: https://www.bloomberg.com/news/articles/2018-05-11/cryptocurrency-exchange-upbit-raided-by-south-korean-authorities
South Korea to Ease Cryptocurrency Trading Regulation: https://www.newsbtc.com/2018/05/07/south-korea-ease-cryptocurrency-trading-regulation-highly-optimistic/
NYSE's Parent Company Is Building a Bitcoin Exchange: http://fortune.com/2018/05/08/nyse-bitcoin-exchange/
Microsoft Unveils Azure Blockchain Workbench Tools: https://www.investopedia.com/news/microsoft-unveils-azure-blockchain-workbench-tools/
Facebook reportedly plans to launch its own cryptocurrency: https://www.theverge.com/2018/5/11/17344318/facebook-cryptocurrency-token-blockchain-report-david-marcus
Blockchain Is ‘World-Changing’, Says U.S. Congressman During Supply Chain Hearing: https://cointelegraph.com/news/blockchain-is-world-changing-says-us-congressman-during-supply-chain-hearing
Global Telecoms Firms Successfully Test Blockchain System For Inter-Carrier Settlement: https://cointelegraph.com/news/global-telecoms-firms-successfully-test-blockchain-system-for-inter-carrier-settlement
* The information contained in this article is for education purpose only and not financial advice. Do your own research before making any investment decisions.