It was a week that commenced so well but left a sour taste in the mouth of many at the last minute. On social media, on Friday and Saturday for instance, many thought we were limping out of the ominous bear market.
Bitcoin continued its stability bearing, and by Tuesday it had given indications, there is the likelihood of it crossing the $4000 line. By Wednesday, the market cap was up $3 billion and was hanging around $136 billion.
By Friday, the total market value of the entire ecosystem was well over $140 billion with many digital currencies in the green books. Saturday evening brought a lot of stimulating news when BTC crossed the $4000 line lifting along altcoins.
On Sunday morning everywhere was green with Bitcoin price almost at the $4200 region. All of the top 10 Cryptos were making gains with only 11 drops on top 100.
Alas! Sunday evening brought a new story altogether as markets swooned throwing away over $15 billion. At 22:00 GMT+2 GMT blood was oozing out everywhere on CoinMarketCap as only eight coins out of the top 100 remained in the positive zone.
In other news, Jesse Lund the vice president of Blockchain and Digital Currencies at IBM has hinted Bitcoin price will ultimately hit the $1 million mark. In his opinion, the price will reach $5000 at the end of 2019.
Furthermore, Billionaire and Inventor, Elon Musk believes Bitcoin has a brilliant structure. The technology entrepreneur and CEO of Tesla asserted Cryptocurrency is a far better means to transfer value than fiat.
Top 10 Weekly standings at 22:00 GMT+2 Sunday
The consolation in the midst of the last hour market downturn is that all top 10 digital currencies made profits in the week. In a nutshell, a significant implication is that the week went well until the tsunami struck.
EOS wrestled the weekly highest growth rate in the top 10 from Ether bagging 27.64 per cent to sell at $3.63. It maintained the 4th position in the overall market cap listings.
Binance Coin made 11.36 per cent for its holders to become the 2nd biggest gainer of the week. It was sold for $10.15 to keep staying at the bottom of the top 10.
For the 3rd week of February, ETH accrued 8.36 per cent gainsclosing with a price of $141.20. Apparently, this month has been a good one for the Smart Contract pathfinder as it is still at number two holding $2 billion ahead 3rd placed XRP.
Stellar Lumen sustained the 8th position from the previous week. It accumulated 8.04 per cent garnering a market price of $0.085239.
Following closely is soon to be anonymous Crypto, Bitcoin Cash. In the past seven days, the Bitcoin fallout added 8.03 per cent to its portfolio supplemented by a price of $133.56.
Meanwhile, market leader Bitcoin flourished 5.12 per cent to make it up for last week’s 0.22 per cent loss to its investors. At press time, exchanges were offering it for sale at $3,837.89.
Litecoin made amends considering it lost 4.80 per cent last week, even though it was pushed away from the 4th rank by resilient EOS. The germination rate was 3.84 per cent bringing the price to $45.27.
The 7th most expensive Crypto in terms of market capitalisation, Tether, was up 1.02 per cent and a price of $1.01.
The least appreciations were 0.73 and 0.92 per cent registered by XRP and Tron sequentially. XRP sold at $0.304746 while Tron was $0.023912.