The market had looked set to continue to move sideways this week, and generally maintained a total value in line with last week’s average figure; however, a late night slump has seen the total cap dip significantly. The week began with the total valuation floating at around $218B during the early hours of Monday, and this increased to $221B later in the day, and Monday ended with the market retaining this valuation.
Tuesday also proved to be quite stable as the total valuation moved within a $3B range across the day, and after opening up with a valuation of $221B the day ended with the market operating at around $219B.
Wednesday continued the trend as the market once again moved within a $3B range, however, the total cap fell to around $217B as the day came to an end, and despite this stability, the early hours of Thursday brought a sharp decline as the market fell by 6.5%, and moved from $217B to $203B in just three hours.
Trading remained relatively consistent during the early part of the week, as the daily trading volume stayed close to around $11B to $12B until Wednesday. The late dip has seen the volume rise to over $13.5B and the 24 hour daily trading volume currently stands at $13.6B while the total market valuation stands at $202B.
As ever, Bitcoin has influenced the overall market trend, and this was evidenced by the stability of BTC over the first half of the week. BTC began trading at a price of $6,580 and increased slightly over the day to trade at around $6,660 as Monday ended.
The stability continued over Tuesday as Bitcoin was trading for just $10 less at around $6,650 at the end of the day. Wednesday brought some more significant movements as Bitcoin lost $100 in value early on before going on to recover by the evening. This set up Thursday morning’s dip as the price fell by 4.5%, and moved from around $6,600 to $6,300 in a few hours.
Up until that point, trading had remained relatively stable, with the 24 hour trading volume generally ranging from $2.75B to $3.1B. This increased significantly in the early hours of Thursday and the 24 hour trading volume currently stands at $3.8B, and BTC is trading at $6,281 and retains a market cap of $108.82B. Bitcoin also enjoys a dominance of 53.9%.
We can observe a significant discrepancy between the price of Bitcoin on exchanges that support Tether (USDT) and exchanges that don't due to the fact that the controversy surrounding Bitfinex and Tether has heated up yet again – BTC is currently trading at $6,287 at Bitfinex, $6,280 on Binance and $6,282 on Huobi, while it is trading at $6,206 on Coinbase Pro, $6,192 on Bitstamp and $6,197 on Gemini. This is widely thought to be a consequence of Bitfinex's current issues with processing fiat currency withdrawals and deposits, which is making more traders sell their USDT for BTC. USDT is also trading at $0.982 (below its $1 peg) at Kraken, an exchange that offers a direct USDT/USD trading pair.
Ethereum generally followed the same price movements and opened the week trading at a price of around $225 early on Monday. The price went on to climb to $230 and ETH then traded within a $3 range until Wednesday when the price fell back to $225 during the morning.
The price then stabilized as Wednesday ended with ETH trading at the same value, however, Thursday saw the price fall by approximately 8.8% and drop from $225 to $205 in just two hours. A further decline saw ETH trading at around $200 at breakfast, as the currency continues to look for support.
Similar to BTC, ETH trading was relatively stable early on, as the daily trading volume veered between $1.2B and $1.5B up until Wednesday, however, a growth in trading means that the 24 hour trading volume currently stands at $1.87B and ETH is trading at $200 and enjoys a market cap of $20.49B.