The total cryptocurrency market dropped from $278 billion to $256 billion over the last week. Currently the market is recovering back to $262 billion. During the week Bitcoin briefly dropped to $9800 then quickly recovered back above $10000. Bitcoin’s market dominance reached as high as 69.6% last week which means altcoins are getting less and less attention. Many have blamed the Chinese ponzi scheme called PlusToken for the recent price drops. PlusToken has managed to collect at least $4 billion from its investors. Dovey Wan, founder of blockchain based investment company Primitive Ventures, pointed out that Bitcoin’s dip under $10000 might have been directly linked to PlusToken’s large amount of Bitcoin sell-off and urgently called on exchanges to blacklist them. However investigations by researchers at TokenAnalyst, London-based cryptocurrency analytics firm showed that PlusToken operators couldn’t have caused the recent price drops as they did not move significant funds during the price drop.
Most coins have dropped recently. Ether dropped by 15% to $186 since last week. Ethereum is updating its code on the 4th of September. It will be the 8th hard fork for Ethereum which has two parts. The first part will be rolled out this fall and the second part will be activated in the first quarter of 2020. Bitcoin Cash dropped below $300 during the last week. Currently it’s trading at around $304. Litecoin broke down to $70 last week. Following its recent halving event, Litecoin miners shut down their mining machines as they struggled to make a profit.
Large corporations and even central banks continue to show interest in different forms of digital currency initiatives. Mark Carney, Bank of England's governor suggests that a network of global central bank digital currencies can replace the US dollar. Glenn Fogel, CEO of booking.com predicted that cryptocurrencies will continue to grow and become more widely accepted across the globe, specifically outside the United States.