Cryptocurrency market wrap-up: Very few winners after a tough week
Most of the top 10 have taken a beating over the last week, followed by a tough day today.
The big picture
Almost every coin in the top 10 took a hit this week, with Bitcoin Cash (BCH) the only exception. Despite dropping almost 7% over the last 24 hours, it's still in front of where it was a week ago, unlike the other nine coins.
Here are this week's top 10 coins by market capitalisation and how their prices have performed over the last week.
- Bitcoin (BTC) down 6.97%
- Ethereum (ETH) down 5.52%
- Ripple (XRP) down 14.44%
- Bitcoin Cash (BCH) up 3.75%
- EOS (EOS) down 0.50%
- Litecoin (LTC) (LTC) down 7.28%
- Cardano (ADA) down 19.93%
- Stellar (XLM) down 18.88%
- IOTA (MIOTA) down 16.78%
- TRON (TRX) down 14.30%
It's worth noting that this week's losses are lower than last week's gains so if you bought from the top 10 two weeks ago you're probably slightly ahead. Although if you'd sold before the weekend you would have netted a decent profit.
Other big gainers
Last week, the big gainers among the top 100 coins boasted gains of over 15%. But this week, things are a little more subdued.
Bytecoin, ranked at 16th by CryptoMarketSignal, delivered a gain of almost 66% over the week. Its supply of coins is fully distributed so there is no more mining to be done. Claiming to be an "untraceable cryptocurrency", Bytecoin has had a big pump over the last day or so. That seems to be in response to trading in BCN opening up on three exchanges, including Binance, and possibly a finger on the scales somewhere.
Ranked just inside the top 100, Huobi Token (HT) has seen a strong move of 40.3% over the last week. But the more widely known Zilliqa (ZIL), which is ranked at 23 by market cap, has moved up by a respectable 39.6% over the last week although it has had a drop of just over 10% in the last day suggesting some pumping and dumping has been going on. Nexo (NEXO) is ranked similarly, in the 90s, and followed the pattern of a big week that ended with a big fall.
Dentacoin (DCN) has followed a similar pattern to ZIL, gaining just over 30% for the week overall – having lost 10% in the last day. It's ranked 62 in the top 100. But, unlike ZIL which CryptoMarketSignal ranks strongly in their risk/reward system, DCN is a higher risk proposition in its view. I've been seeing a lot of news from Dentacoin's creators. They claim to be the first blockchain concept designed for the global dental industry with the aim of improving dental care worldwide and making it affordable through crowd power. It's an admirable goal but it's still early days for this coin.
The lesson of the week
In times of overall market falls, such as we've seen this week, a good place to look for gains is new listings in popular exchanges. Over the last couple of weeks, there have been big gains as coins enter exchanges such as Binance. And while those rapid gains are often followed by sudden drops, well timed trades can lead to quick windfalls.
But, as always, it's important to watch what's happening closely, as a new listing isn't necessarily a guarantee of big gains.
Disclosure: At the time of writing, the author holds BTC, EOS, ETH, XLM, ETN, LTC, ADA and XRP.
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