by Marco Rossi
This week the market and the crypto-market have had some restless and jittery days with both gold and Bitcoin going down and with silver outperforming gold for the first time after a long time.
Indeed, BTC closed down last week, reaching a low of $9,650.07 and showing an overall downward trend.
If you read CoinGenius’s previous reports you might be wondering: “But wait… Isn’t it good that Bitcoin went down?” Well, yes, BTC needs to loosen its grasp on the market. But that is not the only variable necessary to complete the equation: we only need the other coins to close the gap existing between them and BTC.
This week, though, the card deck of the crypto market shuffled a bit giving us some good prospects and a bunch of crunchy news on the latest ‘crypto-trends’.
Let’s take the most traded coins, after Bitcoin, into account — ETH, LTC, and XRP — and let’s unfold their performance with the following charts:
The ETH/BTC ratio plummeted between Aug 28 and Aug 29, just to recover slightly, although not fully, and stopped at $0.0179.
However, it might recover soon if Ethereum keeps implementing new strategies for a better awareness of its coin against the BTC. We could actually see an improvement in the ratio pretty soon, starting from this week.
LTC might be an exception in this case since it’s halved its rewards on Aug 25.
The recession in its BTC could be seen as a consequence of the recent halving, thus leaving space for a possible recovery in the long term. Although this happened in a wrong moment, since it contributed to the overall recession of the market cap of these days, it also means the LTC is a valuable candidate to climb the market ladder and widen its total cap in the market.
On a lighter note, XRP closed flat, positioned at $0.000027 in relation to BTC, not contributing with a an improvement of the general market cap, but not harming it either.
However, there is also another side of the story to consider.
The overall market cap followed the drop pof the BTC, wtinessing a recession of 4.8% drop in these last days — 4.6% if we exclude BTC.
Unfortunately, this further proves that the market is still dependent on one only asset and its not mature enough to have a trend of its own, far from the performance of BTC.
However, what we have seen in this report also stresses a very interesting turn of events in the macro trends of the markets — both the crypto and the traditional ones.