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Midweek Crypto Recap – January 31, 2019

As we come to the end of January, the bear market continues to retain its hold as the market has dropped significantly in value already this week. After a decline began late on Sunday, the total market valuation stood at $118B on Monday, and proceeded to drop to around $112B by the early evening.

This represented a drop of 5% and proved difficult to recover from as Monday ended around the same figure. Tuesday showed some signs of recovery as the total cap jumped to $113B early on, only to fall back to $111B later in the day. A further recovery saw the total cap fluctuate at around $112B for the remainder of the day.

The positive trend continued over Wednesday as the total cap grew by 2.6% to hit $115B during the afternoon; despite a late night dip, the day still ended with the market close to $114, and a jump to $116B took place during the early hours of Thursday. The market has since begun to pullback and looks set to fluctuate around $112B once again.

The daily trading volume stood at around $13.5B on Monday, and grew over Tuesday to hit $15B. This has proved to be the peak so far as the volume retraced over Wednesday, and the 24 hour daily trading volume currently stands at $13.5B while the total market valuation stands at $113B.

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itcoin dips, but defends $3,400 level

Bitcoin has also dipped in value already this week and began the week trading close to $3,580. The price fell to $3,460 around lunchtime, and dipped again to briefly touch $3,435 during the evening. However, a late recovery saw BTC end Monday trading at $3,460 once again.

Tuesday saw BTC drop by 1.7% and fall to $3,400, before rallying in the evening to hit $3,450. The price has continued to move within a $50 range since then, and fluctuated between $3,425 and $3,475 for much of Wednesday. The day ended with BTC staying close to $3,470, however, the price has retraced by around $30 overnight.

Bitcoin’s daily trading volume stood at around $3.5B on Monday, and hit $4.3B on Tuesday. However, the daily volume has since fallen back under the $4B mark, and the 24 hour trading volume currently stands at $3.65B while BTC is trading at $3,442 and retains a market cap of $60.28B. Bitcoin also enjoys a dominance of 53.3%.

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Ethereum avoids double-digit territory

Ethereum opened up trading at around $114, and lost around $10 in value as the price fell by 8.7% and dropped to $104 by Monday afternoon. A late spike saw ETH end the day trading at around $106, and the price fell back once again to hit $103 during the early hours of Tuesday.

ETH then recovered slightly over the day to hit $106 in the evening and close out the day trading at a similar figure. Wednesday proved to be more positive as ETH jumped by 2.8% to move from $106 to $109. After ending the day trading at $108, ETH then touched $110 during the early hours of Thursday before pulling back during the morning.

Ethereum’s daily trading volume stood at around $1.75B on Monday and hit $2B on Tuesday before declining from Wednesday. The 24 hour trading volume currently stands at $1.54B and ETH is trading at $106.3 and retains a market cap of $11.13B.

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Written by Ravi

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