Crypto Markets Show No Friday 13th Fear as Assets U-Turn on Previous Losses
Cryptocurrency markets staged a modest comeback Friday, July 13, following a week in which Bitcoin (BTC) lost over 5 percent against the dollar and Ethereum (ETH) over 7 percent.
Data from Cointelegraph’s price indices and Coin360 show a rebound from weekly lows of $6,180 for Bitcoin, which had hit highs of $6,792 July 8.
Market visualization from Coin360
At press time Friday, BTC/USD is trading around $6,250 up just about one percent on the day, this week’s downward momentum failing to crack support around the $6,000 barrier.
Bitcoin’s general price pattern continues to reflect a curious pattern of sudden losses followed by de facto flat performance, a cycle which commentators have failed to fully explain.
Accusations of market manipulation by actors ranging from whales to Tether token production have not seen sufficient evidence, with recent research denying theories major bagholders are dictating market performance.
Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index
For Ethereum, prices have continued to broadly fluctuate around Bitcoin, Friday’s reversal also seeing about one percent gains against a broader weekly decline around 6.2 percent. At press time, ETH/USD is circling $437.
Ethereum price chart. Source: Cointelegraph Ethereum Price Index
The return to form of the two largest cryptocurrencies has in turn produced copycat behavior from the majority of the top 50 cryptoassets, with most seeing 1-4 percent gains today. EOS rose over 4 percent Friday, while Dash is up a notable 8.4 percent, leading the top 25 coins.
Bancor’s BNT token, which lost around one third of its value this week after its issuer reported a hack, has so far failed to reverse its losses, up a modest 0.8 percent today.
As Cointelegraph continues to report, many commentators from the cryptocurrency industry and beyond continue to hold a bullish stance on prices in the medium term.
A report last month by Chinese exchange Huobi saw the majority of respondents to its survey forecast a “substantial” increase by the end of the year, 71 percent believing markets will expand by over 30 percent of current levels.
TenX’s Julian Hosp went further, this week committing to a Bitcoin price target of $60,000 by the start of 2019.