The Crypto Report: Signs of stability for Bitcoin and Ethereum as crypto holds steady

If no news is good news, then it’s been a positive week for the crypto markets.

Global market capitalisation traded within a tight range, with Friday’s opening value of US$1.08tn a slight 1.8% down from Monday.

Bitcoin dropped by 1.4% throughout the week while Ethereum followed suit by shedding 1.5%.

There are signs that the market is stabilising after a prolonged period of intense volatility, according to Bloomberg’s senior commodity strategist Mike McGlone, who suggested that Bitcoin could phase into a “directional tilt” akin to US Treasury Bonds.

Today’s biggest gainer was the Flow blockchain, having soared nearly 40% in the past 24 hours to bring its market cap up to US$2.7bn.

Developed by Dapper Labs, Flow’s rally coincided with a major partnership announcement with Instagram.

The Waves blockchain saw a 9.5% rise while Trust Wallet’s TWT token added 8.2%.

Ethereum scaling solution Optimising was among the biggest daily losers, having shed 4.6% from its market cap, while Filecoin, THORChain and lending platform Nexo also sustained moderate losses.

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