Cryptocurrencies Bounced Adding $12-B to the Market Cap

Cryptocurrencies Bounced Adding $12-B to the Market Cap

Cryptocurrencies Bounced Adding $12-B to the Market Cap

$BTCUSD

Friday, gigital currencies posted 3 sessions running in the Green, with all major coins trading in positive territory.

Bitcoin the #1 digital currency, has popped back above 6,500, last trading at 6,519.09, up 4.1% since Thursday at 5;00p. Eastern Time on the Kraken crypto exchange.

Currently, Bitcoin is trading at 6,565.41,+241.60, or +3.82%, as of 11:37p BST, the market is open

It has been a happy 72-hours for digital currency owners that suffered a setback earlier in the week after a selloff wiped $20-B off the value of all cryptocurrencies in just 24-hours.

Friday’s across the board rally has added $12-B to the market cap of all cryptocurrencies, according to data from CoinMarketCap.

Ether (ETHUSD, +3.73%) which runs on the Ethereum network, has borne the brunt of the August selloff, hitting an 11-month low Tuesday.

A leading crypto analyst Tom Lee said in a research note that the introduction of Ether futures by the Bitmex exchange might explain the recent decliner of the world’s 2nd largest digital currency.

Mr. Lee said the Ether decline “is more due to the Bitmex futures/swap launch…and the impact of fundamentals is substantially less than perceived. Liquidity still remains a critical factor in performance of digital assets, not surprising, given the early stage nature of these markets.”

The introduction of the 2-way trading (Long/Short) liquidity had attracted Short selling, which likely can be attributed to the weakness of Ether.

The Altcoins

Coins other than Bitcoin, all traded higher on Friday.

Bitcoin Cash BCHUSD, +3.97% is up 7.5% at 559.40

Litecoin LTCUSD, +3.10%has added 6.2% to 58.66 and

Ripple’s XRP XRPUSD, +6.88% is trading at 34c, up 15.1%.

Futures ended the week on a positive note.

The Cboe Global Markets Inc.’s (NASDAQ:CBOE) September contract XBTU8, +1.02%  closed the session up 1.4% at 6,472.50 while.the CME Group Inc (NASDAQ:CME) August contract BTCQ8, +0.94% finished the session up 1.2% at 6,480.

Have a terrific weekend

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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