Bitcoin Stagnates at $8,000 as Altcoins Wake Up: Weekly Crypto Market Update

The past week was concerning for Bitcoin bulls, as the BTC price plunged below $8,000. The volatility around this price level and the technical behavior observed on the charts gave traders plenty of room to work with.

Fears of a potential return to the bear market also increased this week as the price continued to fall. There are, however, optimists who think that the correction is healthy for the market. In addition, the saga involving Tether and big market manipulation also added to the tension.

Altcoins are a mixed bag. There are some like Chainlink which rose around 30% and XRP which gained 7%. At the same time, their declines against Bitcoin halted, and some altcoins have even shown signs of bottoming out. In any case, 2019 has so far been rather bad for the altcoin markets.

Telegram’s cryptocurrency is also set to be launched soon, which could bring in fresh money and new hype. The hype surrounding Decentralized Finance (DeFi) is also gaining momentum as cryptocurrency moves towards a new fundraising model. However, it’s unclear whether this model will succeed or if it constitutes another bubble.

October started slow, and we are entering the last quarter of 2019. Three months is a lifetime in the cryptocurrency market, however.

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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