Cryptocurrency Markets: Weekly Trading Overview (20-27 October)
Bitcoin remains close to $6,000, easily going over the threshold. The coin seems unfazed by the SegWit2X.
Bitcoin conquered the $6,000 levels last weekend, and despite the mid-week slump, still seems capable of moves above that level. Altcoins are on the repair, but there are still jitters and selling orders sometimes take over.
Bitcoin (BTC) bounced in market dominance above 58.6% at one point, as the total market capitalization touched levels above $100 billion. But the net gains for the week were just 3.82%, due to the mid-week slump toward $5,500. Ahead of the weekend, Bitcoin traded at $5,911.83, adding 2.84% in the past 24 hours. Not even the Bitcoin Gold hard fork could shake the leading currency's positions, as the coin san into obscurity with a price for the futures at $126. The upcoming November hard fork may cause more trouble as the SegWit2X team still believes only one blockchain will survive and thus there may be a major change of the type of digital asset that is traded on the markets. BTC trading volumes jumped to $3 billion mid-week, but subsided to the usual levels of $1.5 billion.
Ethereum (ETH) remains below $30 ahead of the weekend, despite the brief climb. The coin has stabilized with a price around $300, losing 2.72% net over the week. Trading volumes subsided to below $300 million, although on active days trading has surpassed $1 billion.
Ripple (XRP) has big plans of reaching $2, but for now hovers around the $0.20 levels, down 6.29% for the week. Not even positive industry statements are working for now, as the coin steps backs from recent heights.
Bitcoin Cash (BCH, BCC) returned to the $350 levels, gaining more than 8% for the week. In the past 24 hours, BCH added 3.97% to $353.86. Over the months, more users are adding the coin to their wallets, and while some are selling, for others the coin has value as "internet money". Trading volumes increased somewhat to above $330 million, surpassing the activity of Ethereum. But otherwise, Bitcoin Cash has been comparatively stable in the past weeks, barring a short pump-and-dump most likely originating in the Korean markets.
Litecoin (LTC) did not manage to hold above $60, instead losing more than 6% in the past 7-day period to $55.50, with a trend to sink a bit more in the next few hours.
DASH (DASH) slid by 3% in the past week to $284.76. DASH has much less coins outstanding and remains relatively stable, while the team tries to popularize the digital asset as a usable electronic coin.
NEM(XEM) lost 10.65% over the week and sank toward $0.19, as the coin continues to unravel earlier gains at a peak f $0.32.
BitConnect (BCC) stole position 8 after it quickly gained, piggybacking on the popularity of Bitcoin and the record prices. The project has been on the crosshairs of criticism for a long time, for being a pyramid scheme. BCC grew by 7.81% last week, going to $217.80. However, some of the investors who have loaned the coin may not get the phenomenal returns, due to the terms of the BitConnect contract.
NEO(NEO) could not vault the $30 barrier, even with news of more exchanges adopting the coin. NEO lost 1.20% for the week to $28.34.
Monero (XMR) lost 3% to $87.43, as trading subsided again after the recent peak.
IOTA (MIOTA) survived despite the disastrous network freeze that locked access to wallets for days. But trading continued with exchange accounts, and MIOTA hovered above $0.4155. In the past 24 hours, the coin lost more than 8%, erasing most of the weekly gains.
Ethereum Classic (ETC) loses positions, sinking down to position 12 on CoinMarketCap. ETC lost more than 8% for the week to $10.42, despite the recovery of altcoins at the beginning of the week.
The Surprise Movers
Stratis (STRAT) added more than 44% last week as it pushed off the bottom at $2.89. The coin tries to regain positions and it moved quickly toward $5. STRAT tracked back by around 6% in the past 24 hours to $4.49. The coin got a boost from a new beta version wallet and updates from the team.
This week, Bitcoin Gold (BTG) began trading as futures, without actual existing coins. On the first day of trading, the price sank more than 60% and the Bitcoin fork now ranks at place 945 on CoinMarketCap, with a price of $126.
The market review is a snapshot in time, and the picture may change within hours. The next few weeks may see Bitcoin going over $6,000 easily, or sinking back sharply. The effect of the upcoming hard fork in less than three weeks may be unpredictable.