Crypto Mid-Week Recap – November 8, 2018

Crypto Mid-Week Recap – November 8, 2018

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First Half of the Week Sees Positive Trend

The week has followed a positive trend so far as the market continues to rebound from the previous week’s dip in valuation. The total cap stood at around $210B during the early hours of Monday, and jumped to $212B before pulling back slightly.

Despite fluctuating over the day the market was able to maintain its early valuation as Monday ended with a total cap of $212B. The positivity continued over Tuesday as the total cap grew to $217B before pulling back slightly, however, the market went on to reach $218B which represented a growth of 2.8% and remained healthy as the day closed out.

The market’s more recent stability returned on Wednesday as the total valuation moved within a $2B range over the day and fluctuated between $220B and $218B, and despite seeing the market touch the $220B mark, Wednesday opened and closed with a total valuation of $219B.

During the early hours of Thursday, a slight reversal has begun to take place as a drop of around 1.8% saw the total cap fall from $219B to $215B, although the market appears to be stabilizing. Trading has been consistent so far this week, as the daily volume has veered between $14B and $16B. After opening up at $14B on Monday, the daily volume peaked at $16B on Wednesday before pulling back slightly. The 24 hour daily trading volume currently stands at $15B while the total market valuation stands at $217B. 

Bitcoin Creeps Upwards But Can't Surpass $6,550

Bitcoin has recorded a slight rise so far this week and commenced by trading at around $6,450 early on Monday. Despite fluctuating in price, BTC generally moved within a $50 range over the next 48 hours, and this period of relative stability was broken briefly when BTC fell to $6,385 on Tuesday lunchtime. After recovering over the day, BTC reached a price of $6,415 as Tuesday came to a close.

This recovery helped to set up some more significant price movements on Wednesday as BTC grew by 1.6% and moved from $6,420 to $6,525 in just a few hours. BTC went on to peak at around $6,540 during the morning before pulling back slightly later in the day, however BTC continues to stay close to $6,500.  

BTC traders have been slightly more active this week as the daily trading volume has stuck close to $4B for much of the week so far, with Wednesday generating just over $4.5B worth of trades. The 24 hour trading volume has declined since then and currently stands at $3.75B while BTC is trading at $6,522 and retains a market cap of $113B. Bitcoin also enjoys a dominance of 52.1%. 

Ethereum Displays More Volatility But Is Still Sticking Close to $200

Ethereum has proved to be more volatile so far, and started the week trading at around $210, and after fluctuating closed out the day at around $207. However, ETH continued to rise over the next 48 hours and moved by 4.3% from $207 to $216 on Tuesday.

After pulling back, ETH went on to hit $220 on Wednesday after it grew by 6.2% over the two day period. However, Ethereum was unable to continue the positive momentum and fell back to around $217 before declining further in value during the early hours of Thursday. 

Despite the growth in price, ETH trading has remained consistent and generally moved within a range of $400m so far. The daily trading volume stood at around $1.6B on Monday and declined on Tuesday before hitting $1.75B on Wednesday. The daily volume has declined slightly and the 24 hour trading volume currently stands at $1.4B and ETH is trading at $216 while retaining a market capitalization of $22.25B.

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