A week in the markets 18.09.18: Tezos goes mainnet, Ethereum off the life support

Are we heading for a long crypto winter, have we reached the bottom? Is September the month that ICOs dropped from popularity, what comes next?

In the last seven days we have seen the market pick itself up from one of the lowest points for a long time and start to recover in the second half of the week. Headlines have been dramatic across the regular press from declaring crypto as being over to declaring Bitcoin the outright winner and everything else is dying.

With the weekly market cap showing the present dip hitting its lowest point in the first half of the week, which is around the 186 billion mark. If we then step out into a year view to see the bigger picture and that low corresponds with the market levels for the beginning of last November.

As for Bitcoin dominance, it’s up, but step back to the year view and you can see the patterns do not indicate it is a knockout level for the other currencies and this would also be based on a very simplistic outlook that the crypto world is just about being a virtual currency and ignoring all the other intricacies.

Getting down the main players, Bitcoin, pulling itself back into the green and getting a 2.46% rise on the week.

Ethereum, well, they have been hitting all the headlines and everyone seems to have an opinion on this one. As Ethereum took a bigger bashing and dropped all the way down to 178, with Casper updates looking a year away, miners not happy with the move to PoS, and ICOs cashing out in the panic, there were big concerns where the bottom might be. For now, it looks like Ether has found its bottom and bounced back slightly and stabilized. Current price $220, but its recovery since the lowest point in the week has been almost a third.

XRP managing to settle their long-running dispute with R3 and not having too bad a week, just coming into the green at above 28 cents but while we have been talking all-time lows this week, let’s remember XRP’s all-time high, which was just under $4, meaning they have lost 93% of their highest value in January.

Bitcoin Cash, still in the midst of the war between developers and miners as they approach a probable hard fork. More mud being slung, this time from Bitmain. The market’s unimpressed at present, a poor week compared to the other top coins, down 6.33%

EOS performing quite well in the current market conditions, did dip to $ 4.80 levels but up 6.59% at $ 5.38 at present.

Let’s take a look at some of the big movements in the week, for gains and for losses.

The biggest gainer of the week is Aurora, which seems have been on a bit of a pump, jumping up 143% in one week, which of course doesn’t look manipulated at all.

Behind that is the bouncy ball contender MOAC managing to push its value up in one week by 42%.

 

Third place is interesting.  Here we see Tezos finally managing some good news. If you don’t remember, this was one of the bigger ICOs, $232 million, but lost a year in legal internal disputes. They have come through their Betanet testing relatively well, they have appointed PWC to oversee internal financials and are now launching their mainnet. A good week with 32% growth.

Nano having also a good week, possibly due to the launch of a related POS system for Nano, possibly just the general recovery plus a bit more, but up 25%.

For the biggest losses, well over the seven-day average, after bottoming out, the market figures aren’t too bad, as shown in the losses.

Biggest loss is Gas, down 14.60 percent and ending the week on $5.33.

Just behind them with similar figures are Mixin, holding steady for most of the week and then dropping right at the end finishing with a 13% loss

And behind that, Holo slipping by 12.66%

The big questions for the overall market now, are, have we really reached the bottom of the dip, and if so, what comes next, a long new winter? September is the month that may well be recorded as the month that ICO fundraising died, or many optimistic ICO investors realized the game was up and had been up for quite a while.

What is the next big thing to change the landscape, Security Tokens? and when?