Market update
This week has been a rollercoaster ride. The Bitcoin price crashed along with global stocks (leaving the ‘safe haven’ narrative worse for wear) but both staged a comeback in the past 24 hours. A few hours ago, the Dow Jones closed 1284 points up for its biggest gain in history, in the wake of reports that central banks will take action to combat the coronavirus induced slowdown. Bitcoin has also surged 4.2% on yesterday. Sure, it’s still down 7.4% on a week ago, but things are no longer looking so grim. The top 10 are recovering, but remain down on a week ago: Ethereum lost 12.4%, XRP (-11.3%), Bitcoin Cash (-10%), Bitcoin SV (-7.9%), Litecoin (-18.2%), EOS (-9.2%) and Stellar (-14.8%).
Market Update 8th – 14th January 2020
Despite the possibility of the US/Iran conflict receding, the Bitcoin price is looking healthy, up 6.5% on seven days ago to trade above $12,200 at the time of writing. Daily trading volumes have more than doubled in the past week. But Bitcoin’s rise was easily beaten by Bitcoin SV, which is up a whopping 48.6% this week on wild speculation that Aussie Satoshi claimant Craig Wright might actually be able to access Satoshi’s BTC billions. XRP was the only top 10 coin in the red, down 3.6%. Ethereum was up 0.9%, Bitcoin Cash (11.1%), Litecoin (9.6%) and EOS (10%). Stellar, at No.12, lost 1.1%.
Bitcoin broke through the $11,000 mark earlier this morning to record the best price since late November. At the time of writing it was up 6.33% on a week ago and trading at $11,200. Everything else increased substantially including Ethereum (8.4%), Ripple/XRP (12.6%), Bitcoin Cash (16.5%), Litecoin (7.35%) and Stellar (7.4%). Bitcoin SV increased by 20.4%.