Market Overview
As of August 20, the cryptocurrency landscape isn’t what you’d call a garden of roses. Almost all of the top twenty coins by market capitalization have succumbed to the red, with Bitcoin (BTC) aimlessly hovering around the $10,700 mark.
Bitcoin’s Performance
Bitcoin isn’t about to throw in the towel just yet. At press time, it’s been dancing around a subtle gain of 0.26%, settling at approximately $10,735. It kicked off the day near $10,697, took a dramatic plunge to a low of $10,564, but managed to reach a high of $10,965. Talk about a rollercoaster ride!
Record Hash Rate
In more positive news for BTC, it broke another record with its hash rate hitting an impressive 82.5 TH/s as reported on August 19. This is particularly noteworthy as the coin has been smashing through hash rate records this summer like a kid at a piñata party.
Ether Experiences Slight Dip
Moving on to the silver medal of cryptocurrencies, Ether (ETH) isn’t having the best day either. It’s recorded a slight drop of 0.86%, trading at $196.93. In an unfortunate turn of events, ETH is also feeling the pinch with weekly and monthly losses clocking in at 7.47% and 14%, respectively. Ouch!
Alts and Market Capitalization
In a curious turn of events, the only bright spot on the list of top-twenty cryptocurrencies is Ethereum Classic (ETC), which has made gains of 10.63%, trading at around $6.05. Meanwhile, Chainlink (LINK), Dash (DASH), and Bitcoin SV (BSV) are taking a hit, down 5.77%, 2.97% and 2.73% respectively. Overall, the total crypto market capitalization hovers around $277.5 billion, up from a low of $253.5 billion earlier in the week—talk about a glow-up!
Market Sentiments
Market sentiments remain mixed. Veteran investor Mark Mobius has found a connection between cryptocurrencies and gold, suggesting that crypto could potentially help boost gold prices. Meanwhile, U.S. Secretary of State Mike Pompeo raised eyebrows (and perhaps some hair) by stressing the need for regulations on anonymous transactions, proposing BTC be treated the same way as conventional electronic transactions.
