Crypto Ups and Downs on Jan 30 - Feb 5

In this article we present the weekly overview of the biggest gainers and the greatest downers among cryptocurrencies with the highest market capitalization
05 February 2018   2225

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 pretty sucessful for such major cryptocurrencies as Revain, DigixDAO and Tether. For instance, DigixDAO token increased from $229 to $491 within only 4 days, and then fell down to the point of $255 as of February 5, which nevertheless gave a 16,91% price rise to the token within a  week.

The biggest rise was shown by Revain token, which grew 51,87% with past 7 days, having risen from $1,05 to $1,45 while its market capitalization increased from $199 million to $268 million.

The Biggest Gainers

Name Market
  Cap
Price 
in $
Volume
 (24h)
Change %
(7 days)
Tether 2 218 493 269 1 3 016 390 000 + 0,44
DigixDAO 514 602 000 257,30 54 467 900 + 16,91
Bitcore 275 965 11 24,98  1 657 300 + 2,30
Revain 265 124 741 1,44 5 631 330 + 51,87
bitCNY 50 611 144 0,168371 84 162 200 + 12,11

Nevertheless, past week was not so fortunate for some of the cryptocurrencies. The great number of coins and tokens decreased more than 50%, falling down in price and market capitalization.

The Greatest Downers

Name Market
  Cap
Price 
in $
Volume
 (24h)
Change %
(7 days)
ICON 1 338 707 969 3,51 55 620 900 - 58,14
Ardor 399 540 857 0,399941 12 105 400 - 57,30
Medibloc 107 591 641 0,036270 2 038 060  - 57,66
PACcoin 60 631 123 0,000024 317 528 - 65,66
Unikoin Gold 50 134 518 0,373146 680 842 - 57,08 

The leader of fall of this week is PACcoin, which fell 65,66%, having market capitalization decreased from $188 million to $61 million only within 7 days. Moreover, ICON, the token which has a huge market cap of more than $1 billion, has also had a relatively unsuccessful week. ICON fell 58%, having its price lower from $9,6 to $3,6 from January 30 to February 5.

SEC May Approve BTC ETF in 2019

This thought was told by Bill Barhydt, chief executive of bitcoin payment start-up Abra
05 September 2018   414

In an interview with CNBC, the head of Abra, Bill Barhydt, said that the SEC had not yet approved the bitcoin-ETF because the initiators of the launch of these funds "do not meet the expectations" of the agency.

I think the issue with the SEC, quite frankly, is that the people who are doing the applications don't fit mold of who the SEC is used to approving. I used to work for Goldman Sachs, but if you look at how I'm dressed you probably wouldn't know it. So I probably, unfortunately, couldn't go like I am here to a meeting at the SEC to say I'm applying for the ability to issue an ETF.
 

Bill Barhydt

CEO, Abra

According to Barhydt, the applicant must "look, smell and behave" as the SEC wants to approve the application. He also believes that the application for the launch of ETF from a reputable financial company will be approved rather than from a start-up.

He also expressed confidence that the first publicly cryptocurrency ETF will appear next year.

It's going to happen in the next year, I would actually make a bet on it. There is too much demand for it.
 

Bill Barhydt

CEO, Abra

In late August, the SEC rejected an application for the ProShares Bitcoin ETF and ProShares Short Bitcoin ETF. At the same time, a similar fate awaited several applications for the launch of Bitcoin-ETF from Direxion and GraniteShares.