Bitcoin has risen 37% in the last three months while altcoins lose their value. Only Bitcoin and Bitcoin SV have registered a positive trajectory of + 4%.
The last week of August 2019 was relatively quiet regarding the price fluctuation of the top 5 cryptocurrencies. Bitcoin rose 4% whilst Ether, Bitcoin Cash, Ripple and Litecoin fell at least 3%, according to a report by Coin Metrics. The data analysis firm notes that the behavior of the cryptocurrency market helps confirm Bitcoin’s dominance.
The main assets decreased during the week of September 5th, with the exception of Bitcoin (+ 4%) and Bitcoin Cash SV (+ 0.4%). Bitcoin’s superior performance continued during this period of time, it has even rebounded and recovered all its losses, while the other crypto assets remain significantly bearish.
Market capitalization decreased for the top 5 cryptocurrencies, which are shown in red in the Coin Metrics table. However, there was an increase in the transaction count, except for Ether, which had a loss of 0.2% under this line.
Another prominent fact in the report, regarding the state of the top 5 cryptocurrencies’ network, is related to the increase in the number of addresses with at least 10 BTC. On September 1st, 157,216 addresses were registered with that balance, which represent one percent of all Bitcoin holders, thus reaching its all-time high.
Additionally, there are currently 614,500 addresses containing between 1 and 10 BTC. Meanwhile, about 0.5% of all Bitcoin addresses contain between 10 and 100 BTC.
Like Bitcoin, the Ethereum network has also reached an all-time high, since as of September 1st 5,923,953 ETH addresses have had at least a ten billionth of the offer, equivalent to at least 0, 0108 ETH (USD 1.86), given the ETH offer of 107,568,118.
Bitcoin Cash (BCH) had an increase in active addresses and transactions, which has increased over 200%. However, the adjusted BCH transfer value only grew 3.5%. Although the BCH had a large increase, both in transactions and transfers, these transactions are likely to include relatively small amounts of BCH.
Ether, the second cryptocurrency, with a capitalization of USD 18.9 billion, has been oscillating in a narrow range with a bearish bias. The ETH/USD has remained virtually unchanged both on a day-to-day basis and since the beginning of Wednesday, having receded from the recent high of USD 182.97 reached on Tuesday.
Meanwhile, Ripple was priced in the red (USD 0.261014) on September 4th, with a fall of 0.80%. The XRP/USD price action remains in consolidation mode, also moving in a bearish structure.
No Tamper Signals
According to Coin Metrics analysts, futures exchange houses, mainly BitMEX and CME, are important trading rooms, in which there is significant trading activity due to the ability to use leverage for long or short positions. In an attempt to obtain benefits in the futures market, these factors have led some operators to try to influence the movement of prices in the spot market.
However, the report does not show signs of market manipulation regarding the sale of August 28th, despite some examples of such activity in the past.
The first sign of increased trading activity was recorded in the currency market (BTC/USD) during the 20-second interval, around 17:54 UTC. Three large sales orders were executed at USD 10,240 (72 BTC were sold, equivalent to about USD 740,000).
By Willmen Blanco