It’s time for another weekly recap! Due to external issues, the release of this week was delayed by a day, but we will return to the regular schedule next Saturday! As usual, we will analyze the 10 best tokens by market capitalization and the 10 best performing tokens during the week, so let’s go right ahead:
Top 10 Cryptocurrencies - Market Value
1 - BTC: $8532.68, with a change of -0.15% since yesterday and -14.48% since last week.
2 - ETH: $216.08, with a change of -0.74% since yesterday and -21.61% since last week.
3 - XRP: $0.2281, with a change of -0.44% since yesterday and -19.68% since last week.
4 - BCH: $307.4, with a change of 0.40% since yesterday and -23.75% since last week.
5 - USDT: $1.003, with a change of 0.10% since yesterday and 0.10% since last week.
6 - BSV: $222.96, with a change of 5.02% since yesterday and -24.48% since last week.
7 - LTC: $57.53, with a change of -1.07% since yesterday and -27.96% since last week.
8 - EOS: $3.489, with a change of -0.91% since yesterday and -20.72% since last week.
9 - BNB: $18.91, with a change of -1.97% since yesterday and -17.57% since last week.
10 - XTZ: $2.602, with a change of -5.21% since yesterday and -26.39% since last week.
A week of bad signs has just ended and it left us with big drops all across the market. BTC dropped below $9,000 a few days after going under $10,000. Altcoins got hit even harder than that, with most of them reaching decreases of over 20%, which translates into the market as a whole losing nearly $50 billion.
This comes as a surprise, since traditional stock markets and other assets are also plunging in value due to the big and quick decrease in both production and consumption due to the fast spreading of coronavirus. Since alternatives like BTC seem to thrive when traditional markets are struggling, some analysts believe that this down-period for cryptocurrency is only temporary and will be reverted soon, a theory supported by rumors of the U.S. Federal Reserve cutting interest rates in the near future.
The reason why it is still hard to predict how cryptocurrency could or will react to the spread of coronavirus is the uneven spread pattern it has shown. Regions like Australia, which are considerably near to East Asia, are yet to be affected by the virus while there seems to be an increased risk in Europe originating from Italy. This makes it so exchanges and companies based in unaffected regions to not see such drastic changes, and other crypto HUBs like Malta are being treated with more caution by enthusiasts and investors. Other examples include U.S.-based exchanges like Coinbase and Kraken, which have experienced big increases in trading volume in the last few days. It will be a matter of time to properly assess how coronavirus will end up affecting cryptocurrency in the long term.
Top 10 Cryptocurrencies - Performance
1 - AKRO: $0.003944, with a change of 106.01% since last week.
2 - BHT: $0.0476, with a change of 62.29% since last week.
3 - TPAY: $0.07126, with a change of 61.59% since last week.
4 - KNC: $0.8026, with a change of 55.95% since last week.
5 - ZPT: $0.001536, with a change of 49.89% since last week.
6 - COV: $0.09532, with a change of 45.37% since last week.
7 - PMA: $0.0001706, with a change of 40.99% since last week.
8 - RSR: $0.004947, with a change of 33.95% since last week.
9 - BOX: $0.003228, with a change of 32.78% since last week.
10 - MXC: $0.003498, with a change of 25.20% since last week.
This means that our special feature for next week will cover Akropolis, a protocol that aims to modernize the most informal parts of the global economy, which is a market that could eventually reach billions of dollars and is in dire need of technology implementation so it avoids being left behind by formal economy.