August 9: The summer crypto rollercoaster continues, as the market sees a healthy rebound into the green after sustaining major losses[1] yesterday.
On August 8 total market capitalization had shrunk to $219 billion –– its lowest level[2] since mid-November 2017. In today’s upward bounce, virtually all of the major cryptocurrencies have posted gains, as data from Coin360[3] shows.
Market visualization from Coin360[4]
Bitcoin[5] (BTC) is trading at a solid $6,500 at press time, up around 3.2 percent on the day. The leading cryptocurrency shot up around $300 within the space of two hours earlier today, from $6,229 to $6,528. Having since slightly corrected downwards, the coin is nonetheless trading $330 higher at press time than its 24-hour low at $6,144. Bitcoin’s weekly losses however remain at a stark 14 percent, with a more modest 3.5 percentage loss on the month.
Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index[6]
While today’s sprightly uptick may assuage some edgy crypto nerves, Dogecoin[7] creator Jackson Palmer[8] has been eyeing the recent plummeting markets, which many attributed to U.S. regulators’ announcement August 7 that they would be delaying[9] their decision over whether or not to approve a high-profile BTC exchange-traded-fund (ETF[10]).
In a thread[11] of tweets this morning, Palmer pointed to data showing declining daily transaction rates for Bitcoin[12], Ethereum[13] (ETH) and Ripple[14] (XRP), as well as a downtrend[15] in decentralized application (dApp) usage, as more noteworthy indicators of the “fragility” of the space.
