August 10: Crypto markets are tentatively holding gains today, as they stake their recovery from the week’s earlier plummet[1]. On August 8, total market capitalization had shrunk to $219 billion –– its lowest level[2] since mid-November 2017 –– but today has seen that figure peak as high as $233 billion.
Market visualization from Coin360[3]
Bitcoin[4] (BTC) is attempting to hold the $6,500 support at press time, trading at around $6,485 and up a fraction of a percent on the day. The leading cryptocurrency has seen a 24-hour high around $6,610, but has been trading jaggedly over trading hours, briefly dipping as low as around $6,332, before spiking upwards to re-attempt $6,500. Weekly losses remain at a weighty 13.8 percent, yet on the month Bitcoin is up around two percent.
In an interview with CNBC, head of technical research at Renaissance Macro Research Jeff deGraff said[5] that “game‐over” for Bitcoin is on the cards if BTC/USD break year-to-date support levels.
Bitcoin’s 24-hour price chart. Source: Cointelegraph Bitcoin Price Index[6]
Ethereum[7] (ETH) is currently trading around $360, losing around one percent on the day to press time. The altcoin’s attempt to break through to a higher price point were concentrated during early hours, spiking as high as $369 before dropping back below the $360 mark. The hours just before press time have seen another push upwards, yet these fleeting gains have failed to hold. Ethereum’s losses on its weekly chart are around a stark 13 percent, with monthly losses just under 18 percent.
Ethereum’s 24-hour price chart. Source: Cointelegraph Ethereum Price Index[8]
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