The Weekly Results: Altcoins Growth Before the Launch of Bakkt

How was the week for Bitcoin?

Last week (September 14—September 20) the price of bitcoin fell on 1.4%, sifting from $10,365 to $10,218. Because of this, its capitalization decreased by $2 billion and it is $183 billion at the time of writing. Bitcoin dominance began to decline: if at the beginning of the week it was 70.3%, then at the end of the week the mark dropped to 67.5%. The bitcoin trading volume increased from $15 to $17 billion.

The general downward trend of the Bitcoin exchange rate is evident: for the first five days, the Bitcoin exchange rate closed at a slight minus. And on day 6, the situation changed: at first the sellers lowered the price by $500 to $9,600 in just one hour, then the buyers moved the price to $10,400 in 4 hours. You can see that the penultimate day of the week marked by a significant increase in both — purchase and sale volumes.

The daily volatility, except for the 6th days, was $200, which is the tiny mark for bitcoin. We circled the main marks to demonstrate the daily volatility by weeks.

Bitcoin locates in a downward triangle, and the price movements have a fading shape. The support level of $9,000 is strong enough, and the bears must increase their pressure to break it.

In two days, the main event of this year is expected — the launch of Bakkt. Most likely, the decrease in volatility and the absence of strong movements is due to this. The news has ceased to exert intense pressure on the exchange rate and lots of market players are inactive. They just observe the current situation.

There are the main news, which influenced the market:

• Football club Watford from the English Premier League added the Bitcoin logo to the players' shirts and opened the way for purchases of football attributes with the help of Bitcoin. The club's management said that it was doing to popularize Bitcoin.
• One of the largest Asian exchanges OKEx announced the delisting of anonymous coins Monero, Dash and Zcash. OKEx justifies this by the fact that it will continue to remove cryptocurrencies, which do not comply with government standards and violate laws.
  
• The bitcoin hashrate exceeded the 100 examinations per second. It indicates the popularity of mining this cryptocurrency. The network capacity has been continuously growing since the beginning of 2019 and has already increased by three times. Besides, currently, the income from commissions in the Bitcoin network for one day is more than $180,000. 

How was the week for coins from the Top-10?

As we can see, the Top-10 coins showed positive results. Stellar, Ethereum, and XRP stand out most strongly among them, each of which has grown by more than 10%.

Thanks to an increase of 31.5%, Stellar rose from 13th place to 10th, and the capitalization has increased in $400 million, to a mark of one and a half-billion dollars. Such crazy coin growth has happened because of Mike Kennedy, who previously headed Zelle — the primary payment service of the largest US banks — and nowadays he is the new Stellar CEO.

The worst growth, except USDT, was shown by Binance Coin, and this is surprising because several significant events took place this week at once:

• launch of Binance.US;
• stablecoin release BUSD;
  
• IEO Band Protocol. 

An attempt to attack the BinanceFutures clouded the week a bit when the market maker wanted to drop the price of bitcoin. But the liquidation of the positions of traders did not happen, because this platform uses the index price for liquidations and not the price of the futures themselves. It is Binance's development, which protects traders from just such attacks.

Bitcoin dominance dropped to 67.79%, and the share of all other altcoins from the Top-10 had been increased. The percentage of Ethereum increased notably: from 7.18% last week to 8.7% this week. The share of all other coins increased by 0.51%.

Top gainers

The most significant growth had been shown by ABBC Coin — 118.38%. It has happen, because of the following factors:

• listing coins on Digifinex;
• Stake Opening at Bithumb Global;
  
• ABBC Wallet Wallet Update;
  
• airdrop launch.
  

If you look at the graph of this coin, you can see that every month, starting in the spring of 2019, the price increases sharply. It is due to the high activity of the promotion team and developers. Each month, ABBC tries to stimulate the community to use the coin, which leads to such results.

The growth of the remaining coins from the Top-5 was also quite strong, so their average increase mark was 58%! The most significant growth in capitalization had been shown by Stellar.

Top losers

The leader in the fall was Aurora, which lost 22.3% of its value. This token drops almost non-stop, starting in June 2019. In late spring, the company announced partnerships, also, a bounty company was launched, which led to a sharp increase in token demand and the growth of prices. After that, a prolonged fall began. At the moment Aurora has lost more than 80% of the cost.

The average drop of the coins from Top-5 was 14.9%. This mark is smaller than it was last week — 20%.

A particular attention should be paid to KuCoin Shares. Last week it was the leader and was able to add 13.25%, but this week it lost 13.49%. As a result, the coin rate returned to the values ​​of two weeks ago. Such short-term growth has associated with trading competition and the burning of KCS tokens.

In conclusion

This week's flat bitcoin allowed many altcoins to grow. The community again began talking about the altseason. The rationale lies in reducing the dominance of bitcoin and the massive growth of cryptocurrencies from the Top-100.

There is a positive situation on the market in anticipation of Bakkt launch. However, talking about the new altseason is premature. Perhaps this is a trap before the next movement of bitcoin, as a result of which altcoins can fall to a new bottom.

The total market cap increased to $270 billion, coupled with a drop in bitcoin, which suggests that capitalization will be increased due to altcoins.

Bakkt will launch on Monday, which could bring several changes to the market. Knowing the features of the cryptocurrency industry, you need to be prepared for any variant of events, whether it is rising or falling.