My 5c on the upcoming week(s)
So it all started last thursday and what brought my attention was that the total market cap was hovering a little higher than 100B$ and, after decreasing a little bit further, as a lot of people were converting bitcoins into USDT or straight up pulling the money out , it started taking a plunge.
(What proves my point is that the bitcoin dominance has been having an upspike since the beggining of july.)
As you can tell, the volume of bitcoins traded decreased too. In my opinion, the following red days were due to the high decrease in the volume traded (as "low" as 1.9B/24h) as more and more people exited the markets to a "safe haven" called USDT.
Now, when I woke up on monday, I saw a 79B$ market cap on coinmarketcap. Of course, the market had went down further during the night to about 77B$.
The volume of bitcoins traded had diminished from 1B$/24h to about half of it. People then started buying into the market, which, in my opinion, was a mix of fresh money and whales taking a position for short-to-long term trade.
The volume daily volume traded consequently rose back up to 5.1B$/24h.
Why? Because the altcoins had taken a huge crash that night:
Ethereum - 186$
Ripple - 0.17$
Stratis - 2,38$ (ancient resistance of may)
Antshares - 5.18$
Bitshares - 0.116$
Siacoin - 278 Satoshis
Dogecoin - 75 Satoshis
BAT - 0.08$
I can continue this but you guys get the point. Those coins have all seem to have recovered a little because of that spike in volume.
I think all this happened also because of the surge in numbers of ICO's in may to july. And as those ICO's needed to somehow get their money out, they sold everything on the market, creating huge dips and sell walls on the markets.
Finally, I think that all this fresh money wont be able to withstand the pressure of the bears, at least for the incoming week. We shall see a further decrease in the volume traded and coins shall drop down a little further before hitting other important supports and bouncing back a little further.
With this said, I wish you guys the best of luck in the weeks to come and to try and accumulate as many coins as you can.
Peace
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