Bitcoin has wrestled back its majority market share for the first time all year, outpacing ether and Bitcoin Cash.
Bitcoin has wrestled back its majority market share for the first time all year, outpacing ether and Bitcoin Cash.

Key takeaways

  • Although its weekly price is down, bitcoin managed to weather the cryptocurrency market storm.
  • Trading volumes increased by about 11% week-on-week, amidst a suffering cryptocurrency market.
  • The plunging Turkish lira causes a spike in bitcoin interest.

The world’s most popular digital currencybitcoin, has experienced much volatility over the past week.

Starting the week Tuesday 7 August at US$7,112.99, the token sank as low as US$6,226.22 in less than 24 hours.

From there, bitcoin enjoyed a solid resurgence, peaking at US$6,621.00 on Thursday 9 August before again slipping down to a low of US$6,125.43 on Friday 10 August, amidst a number of sharp market fluctuations.

The token jumped up to US$6,451.77 on Saturday before tumbling down again throughout “bloody” Monday.

At the time of writing, the coin was valued at just US$6,133.25.

Trading volumes over 24 hours were driven higher over the last week, up from US$4.68 billion to US$5.22 billion.

 

Author: Temitayo Olojede , temity@bitkonga.com

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