Bitcoin Stagnates At $8,000 As Altcoins Are Waking Up: Weekly Crypto Market Update

We saw a week full of concerns for Bitcoin as it plunged below $8,000. The volatility around this price level and the technical behavior on the charts gave traders room to do their business.

We can see that the fear of a potential return of the bear market also increased this week as the price continues to wane. There are, however, optimists, who think that the correction is healthy for the market. In addition, the saga around Tether and big market manipulations also added up to the tension.

Altcoins are in a mixed trend. There are some of them, like Chainlink which went up around 30% and XRP which gained 7%. At the same time, their decline against Bitcoin halted and some altcoins even show signs of bottoming. In any case, we can conclude that 2019 has so far been rather bad for the altcoin market.

Telegram’s cryptocurrency is also to be launched soon which could bring in fresh money and new hype. Also, the hype around Decentralized Finance (DeFi) is also gaining momentum through the ecosystem as cryptocurrency fundraising is moving towards a new model. However, the question of whether or not this model will succeed or it would be another bubble remains.

October started slow and we are entering the last part of 2019. In the cryptocurrency market, however, this is just enough to get a whole new picture.

Market Data

Market Cap: $221.5B

24-Hour Volume: $62.1M

BTC Dominance: 66.6%

BTC: $8,227

ETH: $181

XRP: $0.27

BTC Shorts (BFX): 8.9K BTC

BTC Longs (BFX): 25.1K BTC

Market-Update-50-min

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