Is Bitcoin going to $5500? A week in the markets: 21.08.18

Published on 21 August 2018 by Cryptovest Staff

Is Bitcoin going to drop to $ 5500? Are we seeing a dead cat bounce, or have we found the bottom?

After a week where some of the leading players saw massive downward swings as there was a collective pessimistic trend, the current bloodletting from the start of the week has abated and by the end of the week, 40 of the Top 100 are back in the green for the week.

Market cap recovered at the tail end of the week to be just above the level it started the week.

Bitcoin having a nervous week, just dipping briefly below the $6000 mark, being pumped back to health by Tether releasing two tranches of stored Tether tokens of $50 and $30 million through Bitfinex. Desired stabilization achieved, Bitcoin finishing the week at just under $6,500.

Ethereum having a very tough start to the week, dropping down to just above $250 and recovering but not enough to get out of the red,. It’s a 6.46% loss on the week, but nearly back above $300 now.

Ripple finally broke through their own bear run with the announcement of a deal with three crypto exchanges to use their XRP-powered platform to power cross-border payments and a listing on the Exodus exchange. Renewed investor interest and a bounce back to enjoy 12.53 % growth, now at 34 cents.

Bitcoin Cash, seeing UK Crypto Facilities taking BCH onboard for future trading, Vitalik saying he wanted to see the day where he can walk into a store and buy a BCH card, but no response above the average, 2.6% loss on the week.

EOS back in the green with 3.29% growth and back above the $5 mark.

Cardano recently having a pre-release sneak preview of their full product, no real reaction from the market and they have a hard week taking a 11% loss.

Coin Performance Details

  • Bitcoin: Had a nervous week, dipping briefly below $6000 before being boosted by Tether injections, finishing just under $6,500.
  • Ethereum: Started tough dropping to just above $250, recovering but ending with a 6.46% loss, nearly back above $300.
  • Ripple: Broke through its bear run following a deal with three crypto exchanges and a listing on the Exodus exchange, bouncing back with a 12.53% growth to 34 cents.
  • Bitcoin Cash: Saw UK Crypto Facilities taking BCH onboard for future trading and a comment from Vitalik, but ended with a 2.6% loss.
  • EOS: Recovered to post a 3.29% growth and moved back above the $5 mark.
  • Cardano: After a pre-release sneak preview of their full product and little reaction from the market, experienced an 11% loss.

Weekly Market Movers

  • TaTaTu: Top performer of the week – a newly launched media project that pays you to watch content, showing a massive 269% rise. Their ICO was private funding, claiming to be a massive $575 million.
  • Cortex: Announced imminent listing on the South Korean Bithumb exchange, catapulting the price by 70% in one week.
  • Ontology: Saw a live mainnet launch from Seoul on August 18th with a positive reaction, posting a 65.20% weekly growth.
  • Vechain: Made a strong comeback after being written off recently, with a solid community rallying investor confidence for a 56% weekly increase.
  • Other players: Veritaseum, Nano, Populous, Elastos, Nebulas all saw growth between 30% and 50% over the week.
  • Aurora: Crashed over the week with a loss of nearly 30%, taking its price down to 2 cents.
  • Binance Coin: Suffered an adverse week with a 15% drop.

So the big question being talked about, is this sudden spurt of optimism and some coins showing prices radically pumping, is it the start of a reversal, or is it the dead cat bounce and next week we will see Tether unable to fight off the bears and Bitcoin drop down to $5500?

All eyes on the ball for the week to see bears or bulls!