Last week cryptocurrency market saw some drastic changes in trading volume as well as price of Cryptocurrencies and tokens. After split of Bitcoin chain, bitcoin cash emerged as a new altcoin. As Bitcoin cash (BCC) launched into exchanges its price went to sky but just for one or two days and then it crashed badly.
But, when all this Bitcoin dilemma settled market started to rise again to touch the heights, it touched previously in May and June. Within one week Bitcoin’s price crossed its all time high giving a major boost to crypto economy. S0, here we came up with a brief market analysis from 1st to 7th August. Here are some top gainers of the week.
(12 out of 15 Coins listed in this article went more than 50% in last 5 Days. $OMG went 300% after our coverage. Still you have chance to invest into right coins. Read and share this article to your friends who are looking to invest in altcoins.)
- Price on 1st August : $ 1.29
- Price on 7th August : $3.06
- Highest price in week : $3.70
- Percentage growth : 137%
OmiseGO (OMG) a public Ethereum-based financial technology based token saw a growth of 137% in its price after 1st August. OMG made a lot of people recover their losses caused by July market crash. After OMG spree, traders were ready to get in the game again as they had recovered their losses.
Elastic (XEL) :
- Price on 1st August : $ 0.22
- Price on 7th August : $0.71
- Highest price in week : $0.74
- Percentage growth : 222%
Elastic(XEL) a Decentralized Supercomputer based token saw a growth of 200%. This trade made people book some good profits. And then, the rush of market was felt when it crossed $100 billion mark.
Safe Exchange Coin (SAFEX) :
- Price on 1st August : $ 0.006
- Price on 7th August : $0.02
- Highest price in week : $0.025
- Percentage growth : 233%
SEC was another coin that touched moon in this week. And the crypto economy has been settled now.
- Price on 1st August : $2500
- Price on 7th August : $3363
- Highest price in week : $3363
- Percentage growth : 34%
Right now Bitcoin is performing the best ever with breaking all previous records. On 23rd July 93% of miners signaled for activation of Segwit2x in Bitcoin which led to consequences like split and price hike of Bitcoin. Now, tomorrow on 8th August Segwit is going to activate in Bitcoin which will take it new heights.
After activation of Segwit, there will be an all new Bitcoin with highest price ever, increased block size, a more powerful network and with a strong hold in Crypto market. The good days have come for crypto economy because now, the growth is not going to stop. With Bitcoin leading the market, this entire crypto economy is all set to take over the world.
Effect on altcoins: Bitcoin might reach the $3800 mark by end of this week and $4000 by the end of this month. But, the activation of Segwit will affect other altcoins. Growth of other altcoins will be a bit slow compared to growth in first week of August. We believe last two weeks of August will be a good time for altcoins to grow rapidly and at the end of the month we can expect market cap to touch its all time high $130 billion mark.
Market Analysis of the First Week :
When August started Market cap was around $93 billion. Then market started to rise and rise, at the end of first week market cap touched its all time high $117 billion in just 7 days! Seems like days of May and June are back to make us all rich. Major factors that caused this growth is implementation of a permanent solution for Bitcoin scaling issue which had been an issue of debate for years. Yeah, it resulted into chain split but still we are lucky that Bitcoin got 93% of majority.
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