Market update
Bitcoin is down 5% for the week but up 6% over the past month. Bitcoin dominance (ratio of bitcoin market capitalisation to alt coin market capitalisation) is up to levels not seen since May 2017. ‘Altseason’ looks further away than ever with the top ten coins heading backwards this week. Ether dropped 8%, Ripple lost 5%, Litecoin (-9%), and Stellar (-5%).
Bitcoin is down 7.4% over the past week (and 20% over the past month) to $13,665. As of Friday, 58% of traders on CME’s futures market were betting the Bitcoin price will go down further. Interestingly, the whales are on the move today with 318,649 Bitcoin worth $4.3 billion, moved between wallets. What are they up to? The only bright spot in the top ten this week was EOS which gained 2.9%. Everything else was down. Ethereum (-2.2%), XRP (-3%), Litecoin (-3.8%), Bitcoin Cash (-0.5%). Stellar lost 5.5%.
