It is that time of the week once more where we take a brief look at the performance of a number of the more popular cryptocurrencies on the market in the past seven days. We have to say that it is pretty grim reading for most of them but the shining light is a small increase in value for Bitcoin after suffering a poor few weeks previously.
This report will focus on these cryptocurrencies performances between Saturday the 11th of August at 00.01am and Friday the 17th of August at 23.59pmand will give you a brief rundown of their gains and losses in that time.
Although BTC has only enjoyed a very small increase of just under 1% in the last week at the cryptocurrency exchanges, it will certainly be a welcome one considering the losses it had endured in the previous two weeks. In that time Bitcoin had lost a combined value of 23% which took a big chunk out of the 30% increases it had enjoyed the two weeks before that.
This stable week will certainly have given investors a bit of a rest bite and they will now be hoping that this cryptocurrency can build on that throughout the next week. As it stands, BTC is valued at $6,498.79 which is slightly up on the $6,440.27 in our last report.
There has been no such luck of enjoying a stable week for Ethereum though as this cryptocurrency has gone from bad to worse in the last few reports. In the last two weeks prior to the one in this report, ETH had lost 11% and 13% respectively but now another 16% of its value has been lost. That is a massive 40% in three weeks.
In our last report the Ethereum currency had a worth of $358.72 but now, just a week later, it is sat with a value of $298.25 after it lost just over $60 of its value.
Litecoin had just suffered one of its worst weeks as a cryptocurrency when we left it in our last report after it had lost a huge 27% of its value. If you were hoping for things to be a little better this time around, they are or they are not, depending on how you see a 4% loss in value.
A loss is still a loss but 4% is a big reduction in what it had lost previously. Its value has gone from $61.48 to $58.81 in the last week and we will now just have to see if it can start clawing back some of that value in time for our next report next week.
Practically all of the major cryptocurrencies lost value in our last report but it has to be said that the 19% that Monero lost was among the biggest of the losses. Investors would have been hoping for some gains to offset those losses this week but unfortunately, this crypto has once again lost value with those being to the tune of 10% this week.
Last Saturday XMR was valued at $97.68 but just a week later on Friday night at 23.59pm, it had a new value of $87.95. Monday and Tuesday were the two days that experienced the biggest drops and despite a mini-revival, these losses were not gained back in time for the cutoff.
Unfortunately, there is no good news to report for NEO either as this is another cryptocurrency that has had a tough week. You have to really feel for anyone holding a large amount of NEO as the two weeks prior to this crypto report, it had already lost a combined 40% of its value, add this on top and it has lost of its value in just three weeks.
Sitting on a value of $21.08 last week, Neo now has a value of $18.51 after a dreadful 2018 so far.
Ripple was another cryptocurrency among the biggest losers last week as it had lost a spectacular 23% of its value and things have not got much better this time around either. Another 7% of its value has been lost on the markets to bring it down from $0.3340 to $0.3107.
Like most of the other cryptocurrencies that lost value, most of XRP’s was lost early in the week on Monday and Tuesday. The only positive is that it has been gaining in value quite sharply throughout Saturday.
Apart from Bitcoin, it has been a very tough week for the major cryptocurrencies this past seven days with almost all of them suffering in various degrees. In fact, in 2018, in general, has been a bad year for most of them apart from a few fleeting weeks of growth here and there.
Will this continue throughout the next week? There is only one way to find out and that is to come back to read our next weekly report next Saturday.
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