Cryptocurrency market wrap-up: A good week for the big players
Lots of gains over the week as the ten biggest coins by market cap all increased in value.
There have been some moves in the top ten coins this week. TRON's market cap grew, bringing it into the top ten at the expense of NEO, despite both having solid gains this week. Cardano and Litecoin swapped places with ADA moving into sixth place and Litecoin down to seventh.
The big picture
There were a lot of positive moves this week. Every coin in the top ten showed gains with IOTA and Cardano both delivering massive jumps or almost 24% and 26% respectively over the week.
Here is this week's Top Ten coins by market capitalisation and how they fare against last week:
- Bitcoin (BTC) up 4.62%
- Ethereum (ETH) up 18.32%
- Ripple (XRP) up 3.84%
- Bitcoin Cash (BCH) up 6.37%
- EOS (EOS) up 15.78%
- Cardano (ADA) up 25.97%
- Litecoin (LTC) up 4.8%
- Stellar (XLM) up 8.17%
- IOTA (MIOTA) up 23.66%
- TRON (TRX) up 18.71%
For those playing it safe and only buying coins from the larger players, it has been a good couple of weeks. For example, the largest coin, BTC, backed up last week's 11.4% gain with another 4.62% this week. Ethereum is up almost 35% over two weeks and BCH is up over 50% in the last fortnight.
Ethereum is the interesting mover. It still has an upward trend while many other gainers have flattened out, perhaps benefiting from bullish comments made by Reddit co-founder Alexis Ohanian who says he thinks ETH will hit $15,000 later this year.
Other big gainers
Looking at some of the other coins in the top 100 by market cap, LOOM, which is ranked 61 in the top 100 coins by market cap according to CryptoMarketSignal, has seen its price jump by over 160% over the last week. One of the big reasons for the jump was the coin's integration by Binance earlier this week. But CCN says we can expect the price to drop once the shine of the integration with Binance wears off.
Bitcoin Dark (BTCD), ranked 74 in the market, delivered gains of almost 146% this week but much of that happened in a short period yesterday. As for why that happened – the coin has been listed on four new exchanges according to the official Twitter feed, but other than that it's hard to understand what else is going on.
WaykiChain (WICC) also posted a big week, gaining almost 98% across the four exchanges it's traded on. And Ontology (ONT), ranked 28 by market cap, posted an 88% gain over the same period.
While there are some clear markers that help to understand the gains made by some coins, it's not always clear what is driving some of the price movements.
If I was to summarise the week, I'd say HODLers on points in the top 10 would be happy with returns this week. Even a conservatively built portfolio would have seen some solid wins. But once you move outside that area things seem a lot more volatile.
Disclosure: At the time of writing, the author holds BTC, STR, ETH, EOS, ADA and XRP.
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