Is Bitcoin going to $5500? A week in the markets: 21.08.18

[jings009]

Is Bitcoin going to drop to $ 5500? Are we seeing a dead cat bounce, or have we found the bottom?

After a week where some of the leading players saw massive downward swings as there was a collective pessimistic trend, the current bloodletting from the start of the week has abated and by the end of the week, 40 of the Top 100 are back in the green for the week.

Market cap recovered at the tail end of the week to be just above the level it started the week.

Bitcoin having a nervous week, just dipping briefly below the $6000 mark, being pumped back to health by Tether releasing two tranches of stored Tether tokens of $50 and $30 million through Bitfinex. Desired stabilization achieved, Bitcoin finishing the week at just under $6,500.

Ethereum having a very tough start to the week, dropping down to just above $250 and recovering but not enough to get out of the red,. It’s a 6.46% loss on the week, but nearly back above $300 now.

Ripple finally broke through their own bear run with the announcement of a deal with three crypto exchanges to use their XRP-powered platform to power cross-border payments and a listing on the Exodus exchange. Renewed investor interest and a bounce back to enjoy 12.53 % growth, now at 34 cents.

Bitcoin Cash, seeing UK Crypto Facilities taking BCH onboard for future trading, Vitalik saying he wanted to see the day where he can walk into a store and buy a BCH card, but no response above the average, 2.6% loss on the week.

EOS back in the green with 3.29% growth and back above the $5 mark.

Cardano recently having a pre-release sneak preview of their full product, no real reaction from the market and they have a hard week taking a 11% loss.

So let's get onto the big movements for the week, the winners and the losers.

Top performer of the week is TaTaTu, a recently launched media project where they pay you to watch content to power advertising. They find their slot in the Top 100 at 88, getting a massive 269% rise in a week. Their ICO was not a crowdsale but just private funding, claiming to be a massive $575 million.

Cortex were announced as about to be listed on the South Korean Bithumb exchange, which catapulted the price by 70% in one week.

Ontology seeing their live mainnet launch from Seoul on August 18th and a positive reaction of 65.20% weekly growth.

Vechain finally bouncing back, almost a Lazarus story, everybody writing it off recently, but it has a strong community and as it now seems to be coming out of its transition period, has been massively regaining ground and investor confidence, up 56% in a week.

Other players with big gains over the week, Veritaseum, Nano, Populous, Elastos, Nebulas, all seeing over 30% growth patterns up to 50%.

Biggest losers

Aurora, crashing across the week with a loss of nearly 30%, taking their price down to 2 cents.

Binance Coin suffering an adverse week and seeing a drop of 15%.

So the big question being talked about, is this sudden spurt of optimism and some coins showing prices radically pumping, is it the start of a reversal, or is it the dead cat bounce and next week we will see Tether unable to fight off the bears and Bitcoin drop down to $5500?

Read more: https://cryptovest.com/news/is-bitcoin-going-to-5500-a-week-in-the-markets-210818/

[Altcoinstalks User]

I think it won't reach $5500. Currently, Bitcoin is swaying around $6200 - $6500 which shows some kind of stability. Today is even a week high and this trend might keep going.