Welcome to This Week in Crypto – Feb 4th 2018
Hello? Is there anyone left out there in the cryptocurrency markets? Hopefully all the weak hands have exited the market this week – Bitcoin and every other major coin have had huge sell-offs as we continue into the latest correction.
The market cap dropped from $590 billion last week to $385 billion (-34.7%) – one of the biggest declines in the cryptocurrency market in the last twelve months. Although a sharp correction, the market is still now worth more than it was at the start of December 2017.
Bitcoin: The original coin took a big hit this week with a slide of nearly a third $11,743 to $8,031 (-31.61%)
Ethereum: Eth has held strong so far this year, but this week it took a hit from $1,238 to $805 (-34.97%)
Ripple: The coin drops below the $1 mark finally with a decrease from $1.27 to $0.80 (-37%)
Bitcoin Cash: Dragged down by the rest of the coins, Bitcoin Cash fell from $1720 to $1101 (-35.98%)
Cardano: This coin had the biggest fall now down from $0.66 to $0.37 (-43.94%)
- Total cryptocurrencies: 1,512
- Market cap: $385,970,935,855
- BTC dominance: 35.3%
Top 20 cryptocurrencies as by market cap:
Market cap changes by coin for the last week:
It is all a bit dark this week, as misreported news that India was to ban all cryptocurrencies (actually, they are just going to regulate them) caused the markets to dive (India is not one of the biggest cryptocurrency markets anyway!) – Bitcoin dropped in price down to late November 2017 figures, still massively up from January 2017.
Hot on the trails of Bitconnect, DavorCoin receives its’ first Cease and Desist order. Kodak have postponed their much-hyped ICO. Long Island Blockchain cancelled their order of 1,000 Bitcoin antminers (seems they couldn’t raise the cash)
Some good news finally, Canadian Regulators have approved the first blockchain ETF, allowing investors in Canada the ability to buy into the blockchain tech sector. This paves the way hopefully for the US to follow in the next few months. UPS filed a patent which describes them possibly accepting cryptocurrencies to rent / unlock a locker.
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We’ll be back next week with another update on Sunday, 4th February!