It is that time of the week once again where we take a closer look at a number of cryptocurrencies to see how they have performed on the markets across the last seven days. We have to warn you that it is going to be grim reading as each and every one of them has suffered losses this time around, some far worse than others but all pretty bad in general.
This report has tracked the performance of six of the most popular cryptocurrencies from between 00.01am on Saturday the 4th of August and 23.59pm on Friday the 10th of August.
You can always get a general gist of how things are going to pan out through this report from looking at the performance of Bitcoin first and foremost. Previously BTC enjoyed combined price increases of 30% before our last report in which it lost 9% of its value. Things still seemed to look quite decent at that point but unfortunately, its been a bit of a disaster week for any of you holding this cryptocurrency as an investment.
Sunday and Wednesday are the two days that saw the largest drops in value which has meant that BTC which was previously valued at $7475.66 last week was sat with a value of$6,440.27 as of Friday night.
Ethereum had followed the trend set by Bitcoin in the two weeks before last weeks loss of 11% but on a much smaller scale so this week’s losses of just over 13% are going to hurt a lot more. It has not been a good seven days that is for sure with the ETH cryptocurrency falling in from $413.07 to $358.72.
Wednesday was the day which saw Ethereum suffers it largest drop as it fell from a value of around $400 to that of $370 within just a matter of hours. What is disappointing is that the early signs are showing that the next seven days could prove to be tough as well.
If you thought things were looking bad for Bitcoin and Ethereum, you will be astonished at the huge losses that Litecoin has endured in the last week. Having been valued at $84.49 in our last report having experienced a minor drop in value of 2% on the week before, LTC has gone on to lose a staggering 27% of its value.
$23.01 has been shaved of its value to be now left with a value of $61.48 on the cryptocurrency markets. Wednesday once again looked to be the day that caused the most damage and now investors will be hoping of a reversal of their fortunes for our next weekly crypto report.
It is really starting to look like one of the worst weeks possible for holders of cryptocurrencies with Monero also showing a massive loss in value. A drop in value of 19% on its own is bad enough but when you combine that with the 14% it lost in our last report, it has been nothing short of a disastrous couple of weeks for this cryptocurrency.
It was valued at $120.99 when we left it in our last report but having lost around $24 in the last seven days, it was left with a value of $97.68 on Friday night.
Things are going from bad to worse in terms of the loss in value of many cryptocurrencies this week with NEO being another to suffer a torrid seven days. In fact, make that a torrid 14 days as it suffered a loss of 17% last time around and has now lost another 23% this week as well.
Neo had a value of $27.59 when we left it last week and like so many other cryptocurrencies, it seemed to lose its value gradually before seeing a chunk of it being lost on Wednesday. It was not able to recover too much in time for the cutoff for this report and was left valued at $21.08.
If you were hoping to see at least one cryptocurrency gain in value throughout the week just gone, you are out of luck as Ripple has also seen a huge drop in value. 23% of its value has been lost in the last seven days with it going from $0.4394 to $0.3340.
When you combine that with the 3.5% loss in value that it suffered the week before it makes for sorry reading for anyone holding onto this cryptocurrency. You never know though, it could enjoy a reversal in our report next week.
It is amazing to think that the smallest loss in value we have seen among the cryptocurrencies we have been following this week is an astounding 13%. In weeks gone by that kind of amount would be the biggest loss rather than the smallest but with losses in the mid-twenties being common this time around, it is certainly a week to forget for cryptocurrencies in general.
We do have to remember that just a few weeks back these cryptocurrencies were enjoying some very positive weeks so there is a good chance that we could see similar next week or in the next couple of weeks.
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