Crypto Markets Experience Slight Dip But Still Hold Weekly Gains
Crypto markets are still holding relatively stable weekly gains despite a slight drop, with Bitcoin above $7,400.
Thursday, July 19: crypto markets have seen a slight slump over the past 24 hours, but are still holding weekly gains of up to 64 percent among some of the top ten cryptocurrencies by market cap, according to Coinmarketcap.
Market visualization from Coin360
Bitcoin (BTC) keeps hovering around yesterday’s levels, having seen an intraday low of $7,249. The leading cryptocurrency is slightly down by around .23 percent over a 24 hour period, trading at around $7,418 at press time and still up almost 20 percent over the past week.
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index
In contrast, the second top cryptocurrency Ethereum (ETH) is down around 5.5 percent today, trading at around $467, and still holds gains of around 9 percent this week.
Ethereum price chart. Source: Cointelegraph Ethereum Price Index
Total market cap is down $9 billion from yesterday’s high, currently at around $289 billion.
Total market capitalization chart. Source: Coinmarketcap
Stellar (XLM) is holding as much as 60 percent gains over the past week, trading at around $0.29 at press time, while down almost 2 percent today over the past 24 hours. The altcoin is now ranked 6th on CoinMarketCap, overtaking Litecoin (LTC).
Cardano (ADA) also continues to hold a stable position around the top cryptos. Despite the fact that the coin has lost almost 5 percent over the past 24 hours to press time, it is up around 43 percent over the past week.
Earlier today, the “first-ever crypto investment report” by digital asset management fund Grayscale Investments revealed that the majority of capital inflow this year has been made by institutional investors, as much as 56 percent in the first half of 2018.
Yesterday, CEO and founder of Digital Currency Group Barry Silbert suggested that Bitcoin has “probably hit the bottom for the year,” adding that “as an asset class it is here to stay … I’m 100 percent confident a decentralized, non-fiat form of money is here to stay.”