Crypto Ups and Downs on 6 - 12 Mar

In this article we present the overview of the gainers and downers among cryptocurrencies with the highest market capitalization during the week on March 6 - 12, 2018
12 March 2018   1027

From this article you will learn about the most unpredictable ups and downs of cryptocurrencies. We have analyzed the crypto market, and researched the most popular tokens and coins with market capitalization over $1M. In the charts below you can find all relevant information regarding the leaders of growth and fall during past 7 days.

This week was much less successful for the coins and tokens with high market capitalization, than the previous one. Currently SaluS is the leader of our charts as it rose 25.60% within past 7 days, and it is a much less successful result in comparison with the last week gainers charts, when most of the coins grew more than 50%. MinexCoin is also rising, it managed to increase 21.26%, having grown from $26,56 on March 6 to $32,61 on March 12, while its market capitalization grew from $91 million to $112 million.

The Biggest Gainers

Name Market
  Cap
Price 
in $
Volume
 (24h)
Change %
(7 days)
Storj 149 988 933 1,12 9 207 640 + 3.26
MinexCoin 111 737 792 32,27 345 869 + 21.26
XPA 101 399 000 0,101399 79 992 + 4.16
SaluS 85 857 601 84,99 9 218 970 + 25.60
Credits 77 832 224 0,602697 2 859 580 + 7.39

Nevertheless, past week was not so fortunate for some cryptocurrencies. A lot of coins and tokens fell down in price and market capitalization, losing popularity among the users.

The Greatest Downers

Name Market
  Cap
Price 
in $
Volume
 (24h)
Change %
(7 days)
MediShares 59 926 943 0,123941 3 020 720 - 43.30
IoT Chain 51 096 430 1,05  6 620 330 - 43.61
DATA 42 419 099 0,009971 3 552 370 - 44.70
AirSwap 35 255 550 0,235037 1 704 210 - 48.02
Cobinhood 34 769 487 0,097028 301 126 - 43.62

The greatest downer of this week is AirSwap, which fell 48.02%, having its market capitalization decreased from $64 million to $35 million only within 7 days. Moreover, DATA has also had a rather unsuccessful week, as it fell 44.70%, having its price drop from $0,017 to $0,009 from March 6 to 12. The market capitalization of Cobinhood dropped from $58 to $34 million, while the market capitalization of IoT Chain fell down from $87 million to $51 million.

Bear Market to Hit Mining Hard

BitMEX research division presented an analysis of the impact of market decline on the mining industry
11 December 2018   63

The cryptocurrency market has experienced a marked decline over the past weeks. The BitMEX research division presented an analysis of the impact of these events on the mining industry. Bitcoin hash rate has fallen by 31% since the beginning of November, which is equivalent to the capacity of 1.3 million Bitmain S9 devices. From this, BitMEX concludes that miners as a class are in a difficult situation, however, they may have different conditions, and those who pay more for electricity, are forced to turn off their equipment first, while others may still be quite viable.

The decrease in the price of Bitcoin by 45% since the beginning of November has already caused two recalculations of the complexity of mining to the lower side - by 7.4% and 15.1% on November 16 and December 3, respectively. The first recalculation turned out to be the largest since January 2013, the second - since October 2011.

Bitcoin mining revenue fell from $ 13 million per day in early November to $ 6 million per day in early December. The fall in the size of the miner's encouragement turned out to be even more rapid than the fall in the price of cryptocurrency. This is due to the delay in recalculating the complexity of mining. For the six-day period ending December 3, 21.8% fewer blocks were mined than expected, since the miners left the network before recalculating the difficulty. As a result, in addition to reducing the size of the miners' encouragement in dollar terms, due to lower asset prices, they received 21.8% less bitcoin awards.

One of the popular reasons for the recent decline in the cryptocurrency market is that miners sold bitcoins to cover their costs of hash warsin the Bitcoin Cash network. The monitoring platform Boltzmann recorded an unusually large sale of Bitcoin by the miner on November 12, that is, 3 days before the hard fork of Bitcoin Cash.

BitMEX assumes that the actions of miners over the past weeks could have played a significant role in reducing the market, however, recommends not overestimating their value and reminds that in a bearish trend, prices continue to fall regardless of asset movements and news.