Recap of the Week 11/13/17 - 11/19/17

The past week was almost uneventful when compared to the events of the previous seven-day period. However, with the proposed SegWit2x hard fork behind it, Bitcoin went on to post some stellar figures that helped to restore confidence in BTC.

Bitcoin opened up the week trading at a price of just under $6000 but only grew in strength as the week progressed and eventually reached new all-time high prices. The peak in 24-hour trading volumes actually took place on the Monday as BTC experienced around $6.2B worth of trading. This involved a large number of traders buying back into BTC and helped push the price above the $6000 mark, with BTC closing out the day at a price of just over $6500.

This set the tone for the rest of the week and investors continued to display renewed faith in Bitcoin; as a result, the price of BTC broke $7000 on Thursday and it went on to end the day at a price of just over $7800. Friday saw the peak price with BTC breaking the $8000 mark for the first time. BTC hit an all-time high price of $8004 before falling back, and despite the retracement in price, BTC had grown approximately 27% when compared to its previous week’s figures and it now trades at approximately $7700. Bitcoin enjoys a market cap of around $129B and has a market dominance of just over 55%, with the total market cap for the sector standing at around $232B. 

 The stabilization of the high cap market also resulted in price increases for a number of other currencies. The price of Ether climbed slowly and increased by roughly 14% when compared to the previous week. The price of ETH sat at around $307 on Monday and grew steadily before reaching a weekly high price of $349 on Saturday. These figures helped Ethereum break $30B in terms of market cap and once again establish its number two position just behind Bitcoin. ETH currently trades at around $360 and has a market cap of approximately $34B.