Cryptocurrency Market Still Positive on the Week as Bitcoin Holds $7,300
The crypto market closed out the week slightly positive, as large-cap and privacy cryptocurrencies squeaked out small gains, while exchange tokens were relatively flat.
According to data provided by AltDex, a new cryptocurrency index platform that builds market cap-weighted benchmarks across coin categories, the markets looked to have peaked mid-week before selling into the weekend.
The AltDex 100 Index (ALT100), a single-gauge of the large-cap cryptocurrencies and tokens, jumped from 91.03 to 100.95 over the last week, representing a 10.89% gain. The major constituents of the ALT100 include Bitcoin (48.76%), Ethereum (17.46%), Ripple (6.79%), Bitcoin Cash (5.16%), EOS (2.73%), and Stellar (1.95%).
The AltDex Privacy Coin Index (ALTPRV), which ranks and monitors cryptocurrencies and tokens focused on privacy or security, increased from 91.14 to 97.21 (+6.7%) over the last week. The major constituents of the ALTPRV index include: Monero (44.55%), Zcash (16.91%), Bytecoin (11.98%), Verge (7.25%), MaidSafeCoin (4.04%), Komodo (3.31%), BitcoinPrivate (2.96%) and ZenCash (2.57%).
The AltDex Exchange Token Index (ALTEXC), which ranks and monitors the industry’s leading crypto exchange tokens, was relatively flat on the week, moving from 89.6 to 88.05 (-1.72%). The major constituents of the ALTEXC include Binance Coin (29.78%), 0x (14.77%), BitShares (13.57%), Waves (7.48%), and KuCoin Shares (6.59%).
Overall, it looks like the sell-off is beginning to accelerate as we head into the weekend. Interestingly, as the altcoin dump intensifies, likely due to many investors cashing out their earnings from the miniature altcoin bull run that we experienced over the last 10 days, the price of bitcoin has held above $7,300. This might indicate that investors aren’t fleeing to stablecoins, but to bitcoin, which may be a positive indicator moving forward.
More: AltDex Indices
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.