Weekly Results: Altcoins Followed The Bitcoin's Fall

How was the week for Bitcoin

Last week (August 24 - August 30), Bitcoin showed a negative trend and eventually fell from a value of $ 10,152 to $ 9,458, so the decline was 6.7%. As a result, the coin's capitalization decreased by $ 11 billion and amounted to $ 170 billion. However, the dominance of Bitcoin continues growing, and at the end of the week, it amounted to 69.1%. Trading volume increased slightly and amounts to $ 16 billion a day.

As we can see from the chart, the price has been trading for a long time in the range of $ 10,000 - $ 10,500, and only on 28 August, the price broke through the support level, which stayed for two weeks and fixed under it.

The Bakkt Institutional Cryptocurrency Exchange announced that it intended to provide storage services for Bitcoins from 6 September in anticipation of the launch of the platform itself. But this had almost no effect on the market situation.

It also became known that the ex-director of Coinbase will support interests of Libra and lobby in US departments.

In contrast with Libra, China is actively developing its cryptocurrency, with which it can bypass Western sanctions. In August, it was rumored that this would happen in November, but the Chinese government denied this information. 

How was the week for coins from the Top 10

As we can see, all coins showed negative dynamics, and the average drop is quite high - 8.69%. The fall of Bitcoin has affected most of the remaining coins. For the third week, the top 10 coins have shown negative dynamics of price growth.

If we exclude the stablecoin Tether, then Stellar fell the least (4.81%). Next to it is BItcoin SV, which fell 4.99%.

For the second week in a row, the leader in the fall in the top 10 coins is Binance Coin (BNB), which this time lost a fifth of its value. Recall that the All-Time-High (ATH) indicator of this coin is $ 39, it was installed at the end of June, and since then the coin has lost almost 50% of its value.

The dominance of the top 10 coins has decreased slightly and is currently 90.17%.

Top Gainers

Synthetix Network (33.57%), HedgeTrade (16.94%), Solve (11.54%), Egretia (9.24%) and MaidSafeCoin (7.07%) became the leaders of growth this week in the Top 100.

The leaders showed rather weak results, which tells us once again that this week the market fell significantly and most of the coins followed it.

Synthetix team began to add actively new protocols to their platform, which helped to increase community activity and, in particular, the price of the token.

Top Losers

Many of the top 100 coins fell significantly in the market, among the worst cryptocurrencies were Aurora (33.6%), Algorand (29.08%), Grin (26.33%), Ren (26.01%) and GXChain (23.64%).

Thus, the average drop for these coins was 27.73%, which is a very high indicator.

Many of these coins are in the list of the worst for two weeks in a row: Algorand, Ren, GXChain.

Conclusion

The total market capitalization has decreased by another $20 billion and is now at around 246 billion. The total trading volume also decreased slightly, which is $ 53 billion by 30 August. 

The week was pretty calm for the market, but on Wednesday, Bitcoin broke through its key support level of $ 10,000 fixed under it. After that, all the coins followed it and fell not only against dollar, but also against Bitcoin.

For the third week in a row, the market continues falling. Perhaps next week, many traders will resume their active bidding after the summer holidays, and we will find out what to expect in the upcoming months.