Cryptocurrency Markets: Weekly Trading Overview (23 Aug-1 Sept)
The week when the chicken flew to the moon- Litecoin took off to record heights as talk of $100-$200 prices renewed.
After a deep correction of several tokens late last Sunday, the week went on to serve up surprise activity in IOTA and Ripple, while investors witnessed the squabble between Bitcoin and Bitcoin Cash.
Bitcoin (BTC) grew by 9.3% for the seven-day period, only pausing briefly around $4,500. Bitcoin stood on Friday at $4,755.52 with a 3% gain in 24 hours. The weight of Bitcoin on the whole currency market fell further from 46% to 45%. Market capitalization shifted to $78 billion, leading to comparisons with large companies like Disney.
Bitcoin Cash (BCH, BCC) is showing erratic behavior as the network still faces miner issues with exploiting the difficulty levels for fast profit. BCH sticks out like a sore thumb in the top 5, as it fell 7% on an otherwise very positive week across a large part of the cryptocurrency market. BCH stands at 596.26 and it's a game of nerves whether the token has its own value or is only a tool for miners to reap quick gains.
Ethereum (ETH) shook off the price lows and seems set to conquer $400 again. Trading volumes often fell below $1 billion, but the price climb was smooth and gradual. The token added more than 16% on the seven-day period, accelerating toward the end of the week.
Ripple (XRP) ended another week in the green despite volatility, but this time added only 13% to its value, returning to the 25-cents levels. Volumes picked up again to above $500 million per 24 hours, as XRP heads into weekend territory with a robust attitude.
Litecoin (LTC) was the big surprise this week. The currency performed more like a "rock", with very careful price gains. And then Litecoin proved that the "chicken" can fly really high. The much-expected price gain happened on Thursday and Friday, as Litecoin broke records on consecutive days, first going above $60, then above $70 and easily as high as $75 with no signs of stopping. LTC added another 16% in the last 24 hours to stand at $75.31. Trading volumes picked up, growing up to three times, mimicking the trading levels for Ethereum.
IOTA (MIOTA) could not keep the number 5 position in terms of market capitalization and fell further to position 8. As of Friday, MIOTA traded around $0.86, down just 0.3% on the week. Trading volumes remain relatively slow at $19 million. The currency went as lot as $0.75 mid-week.
NEM(XEM) is on another upward leg of its journey, adding more than 25% for the period. NEM stands at $0.32 with trading volumes of $16 million.
NEO(NEO) is struggling to prove its worth as "The Chinese Ethereum". The token could not keep up with the rest of the gang, shaving off 25% on the week. showing that Asian markets have their own set of risks. NEO continues to correct the peaking trend, moving away from its $50 record. NEO trades at $32.31, losing another 3% in 24 hours.
DASH (DASH) kept position 7 in the top 10 of CoinMarketCap and solidified it with a 21% gain over the past week. The price ascent has been gradual after the previous choppy week of peaks and valleys. DASH now stands at $382.15, easily within the $400 range, with steady trading volumes around $42 million per 24 hours. Currently, more than 32% of DASH trading comes from Bithumb against the Korean Won, meaning a fresh inflow of cash, but also the possibility of sell-offs.
Monero (XMR) grew strong this week, adding another 45% to reach a price above $140. Volumes remain around $100 million, and XMR is now into the second week of its wild bull run. XMR may have increased appeal as an anonymous currency. XMR is extremely hot right now, and we have to wait and see if it solidifies the price gains.
Ethereum Classic (ETC) remains at position 11 in terms of market capitalization. ETC added 7% on the week, at $16.46. ETC seems to have solidified some of the price gains and to begin a new, smoother climb.
The Surprise Movers: Sometimes, coins roar up in the chart, easily scaling the top 50 or even top 20.
Lisk (LSK) doubled its value once again, adding 97.46% in the past days, with a strong gain ahead of the weekend. LSK grew by 20% on Friday, reaching $7.95. Trading volumes reached $68 million, but mid-week grew to records above $100 million. LSK is a new post-ICO token that is traded on Bittrex and Poloniex and its low price invites speculative interest in easy growth.
Biggest losers: it was difficult to find a losing coin this week, but NEO may be the top loser, turning direction just as other tokens were running hot. But then again, NEO had to rest from a very rapid price climb.
Ahead of the weekend, there were no signs of fatigue as all the earners kept adding to the price on an influx of funds. Bitcoin may scale the $5,000 level easily next week, and Litecoin could still impress. Ethereum dreams big again.
The weekly overview is just a timed snapshot of the market. Cryptocurrency markets move within hours or minutes, and volatility is high. Never invest in a cryptocoin or a token unless you are ready to lose your holdings in part or in whole due to volatility.