Top Cryptocurrency Price Analysis: BTC Slowly Recovers After This Week Lows. Friday, August 17
Top Cryptocurrency Price Analysis
Bitcoin is undoubtedly shaping the price charts of other cryptocurrencies, as one can easily notice that in most cases when BTC is going up the rest of the market also responds positively. The same goes for negative Bitcoin movements, which can make some coins lose even 50% of their values.
Last week was rather tough for the whole market and there were few significant price spikes and falls. On August 10th, BTC fell from $6,500 to $6,136 in a matter of hours. It remained there for a day, then recovered suddenly back above $6,400 region. On August 14th, it dropped again this time breaking below the $6,000 mark, with a low of $5,984. The effects of the recovery bounce can be seen today, as it rapidly increased in value to reach the $6,500.
BTC/USD Price Chart, Friday August 17th:
Ethereum is one of the top cryptocurrencies which has worried the most its holders and investors. Trading confidently above $500 last month, with a low of almost $250 in August means that it has lost half of its value. On August 10th, ETH fell from $360 to $308, however there wasn't any significant recovery despite many coins increasing in value around August 12th. On August 14th, ETH managed to drop from $320 and hit $257. It is now struggling to recover, with a daily price increase of +4% and current value of $300.
ETH/USD Price Chart, Friday August 17th:
LTC seems to be the most stable cryptocurrency among the top ones. It began the week above $60 and the lows brought it to $56 on August 11th and then $51 on 14th. As of today, it's back to the $56 region and seems to be slowly going up, however it may take some longer time before it is able to exceed $60 again, as LTC seems to prefer a more sideways chart movements.
LTC/USD Price Chart, Friday August 17th:
August 10th set the price of XRP around $0.34, the following crash brought it down to $0.3 and then $0.26 accordingly, as the chart shapes and movements are very similar to the other cryptocurrencies. Therefore, as of today Ripple's XRP is back again to the first fall region and is on it's way to recover to the last week prices. This pattern shows a bit of regularity in this very volatile cryptocurrency market. As in many cases August 17th prices resembles the lows of August 10th and 11th.
XRP/USD Price Chart, Friday August 17th:
Despite EOS following the pattern, it seems to struggle the most from all of the top cryptocurrencies. It's early after the mainnet launch and the community struggle with some problems and differences about where the project should head. However, the region of $5 is still a safe harbour for EOS token and it seems to always come back there. Sometimes from higher values, sometimes from lowers like in this case where it fell to $4.30, yet few days after it has already passed $4.92.
EOS/USD Price Chart, Friday August 17th:
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