Bitcoin’s Volume Recovers as Augur Drop 18%, Tokens Take Huge Beating
发布时间：2018-07-24 15:59:12 发布人：TokenString
Bitcoin Volume Recovers But Tokens Struggle
On July 22, CCN reported that the volume of bitcoin has dropped by
more than 36 percent since July 20, within a 48-hour period, from $5
billion to $3.5 billion. The daily trading volume of other major digital
assets and stablecoins including ether and Tether (USDT) also dropped
by a similar margin, showing the lack of demand from investors.
However, in the past 12 hours, the volume of BTC surged from $3.5
billion to $4.9 billion, as a solid increase in price from $7,400 to
$7,700 sparked interest in the market. The sudden increase in the value
of BTC temporarily led some tokens such as Basic Attention Token (BAT)
and Augur (REP) to rise substantially.
On July 22, REP rose by over 35 percent against both BTC and the US
dollar, following a surge in volume from 70 BTC to 2,000 BTC on Binance,
the largest crypto exchange in the global market. Over a span of 24
hours, the price of REP fell 15 percent from nearly 0.006 BTC to 0.00435
BTC.
Bitcoin and Bitcoin Cash have been able to secure momentum with a 2
percent increase in price, while the rest of the market fell
significantly within a short period of time. Even tokens like 0x (ZRX)
and Decentraland (MANA), which have performed especially well against
bitcoin in the past week, fell by over 8 percent.
Aelf (ELF), Ontology (ONT), ICON (ICX), and Zilliqa (ZIL) fell to
their monthly lows, regardless of the strong movement of bitcoin.
Often, tokens follow the movement of BTC and ether, with intensified
movements on both the downside and upside. When BTC falls, tokens fall
by a larger margin and when BTC surges, tokens increase substantially.
Throughout July, tokens have struggled to find momentum even
throughout short corrective rallies of bitcoin, demonstrating a strange
behaviour against major digital assets.
The disappearance of the correlated movements between tokens and
major digital assets can be attributed to the tendency of investors in
the cryptocurrency market of allocating their funds to bitcoin amidst a
bear market, for stability and reduced volatility.
Positive Developments
This week, Facebook and Google, two of the largest social media and
advertising platforms, restored the ads of Coinbase, the biggest
cryptocurrency brokerage and exchange in the global market.
Analysts have stated that the recovery of Coinbase ads by the two
internet conglomerates have shown their intent to serve legitimate
companies and crackdown on fraudulent operations such as scam initial
coin offerings (ICOs) and token sales.
Acknowledging the good actors in the space and cracking down on
businesses that rely on malpractices is an important step towards
legitimizing and legalizing the entire cryptocurrency sector that could
ultimately affect the value of cryptocurrencies in the long-term.
Bitcoin Volume Recovers But Tokens Struggle
On July 22, CCN reported that the volume of bitcoin has dropped by more than 36 percent since July 20, within a 48-hour period, from $5 billion to $3.5 billion. The daily trading volume of other major digital assets and stablecoins including ether and Tether (USDT) also dropped by a similar margin, showing the lack of demand from investors.
However, in the past 12 hours, the volume of BTC surged from $3.5 billion to $4.9 billion, as a solid increase in price from $7,400 to $7,700 sparked interest in the market. The sudden increase in the value of BTC temporarily led some tokens such as Basic Attention Token (BAT) and Augur (REP) to rise substantially.
On July 22, REP rose by over 35 percent against both BTC and the US dollar, following a surge in volume from 70 BTC to 2,000 BTC on Binance, the largest crypto exchange in the global market. Over a span of 24 hours, the price of REP fell 15 percent from nearly 0.006 BTC to 0.00435 BTC.
Aelf (ELF), Ontology (ONT), ICON (ICX), and Zilliqa (ZIL) fell to their monthly lows, regardless of the strong movement of bitcoin.
Often, tokens follow the movement of BTC and ether, with intensified movements on both the downside and upside. When BTC falls, tokens fall by a larger margin and when BTC surges, tokens increase substantially.
Throughout July, tokens have struggled to find momentum even throughout short corrective rallies of bitcoin, demonstrating a strange behaviour against major digital assets.
Positive Developments
This week, Facebook and Google, two of the largest social media and advertising platforms, restored the ads of Coinbase, the biggest cryptocurrency brokerage and exchange in the global market.
Analysts have stated that the recovery of Coinbase ads by the two internet conglomerates have shown their intent to serve legitimate companies and crackdown on fraudulent operations such as scam initial coin offerings (ICOs) and token sales.
Acknowledging the good actors in the space and cracking down on businesses that rely on malpractices is an important step towards legitimizing and legalizing the entire cryptocurrency sector that could ultimately affect the value of cryptocurrencies in the long-term.
