articleStartImage

Bitcoin seemed safely ensconced above $7,000, but Fridays are always somehow ominous on the currency markets- a few hours into the day, BTC was slaughtered, freefalling to $6,700, with no view of stopping as the recent bull rally seems to be unraveling quickly.

Bitcoin (BTC) proved that it is not anywhere near being a mature asset, with a sudden retreat from the above-$7,000 levels late on Friday. A few hours from a dramatic downward difficulty adjustment, Bitcoin also lost value as Bitcoin Cash rose in prominence during the past few days. What may happen to Bitcoin in the months ahead is anyone's guess- from a stabilized price at a lower range to total annihilation as the digital asset loses both the technological and the PR battle. BTC slid suddenly, wiping out more than 5% in the past 24 hours to $6,800, down a net of 6.98 % in the past seven days, which otherwise saw short-lived records. Bitcoin's dominance shrank to 57%.

Ethereum (ETH) remained untouched by the Parity case of tampering that locked in a total of around $280-300 million in ETH. ETH rose along with other altcoins after the SegWit2X team called off the hard fork just days ahead of the scheduled event, causing an influx of buy orders for altcoins. ETH traded at $307.29 on Friday, up a net of 3.16 % for the week.

Bitcoin Cash (BCH, BCC) revvs up for greatness, solidly in the third place by market capitalization, with a possibility to displace ETH soon, if not Bitcoin itself. Trading volumes picked up and peaked on Friday above $2.9 billion on increased interest from Korea and investors switching from the leading digital asset. 

Ripple (XRP) remained flat despite the pickup of altcoins, standing at $0.20, up half a percent for the last seven days as attention moved to other coins. 

Litecoin (LTC) jumped along with other altcoins, settling above $60 with a net weekly gain of 11%. LTC retreated somewhat on Thursday to head for the weekend with a price of $61.11. Litecoin has not seen pumps or promotions, as instead its creator Charlie Lee remains engaged in the discussion of the general future of cryptocurrencies. 

DASH (DASH) picked up again as exchange adoption continues to widen and Binance has announced a listing. DASH rose to a dazzling height around $333.16, growing by 23% in the past seven days and briefly touching $350. Trading volumes increased in the past days to $110 million. 

NEO(NEO) rose mid-week to above $30, but retreated to a weekly net gain of 11.23% and a price of $29.23. The coin lost 9.31% ahead of the weekend, breaking the rally. 

NEM(XEM) rose by more than 27% and continued to peak on Friday, growing to $0.21, but the Japanese project remained a bit far from the general market euphoria. 

Monero (XMR) rose again on news of new listings on Coinone and Binance, up more than 27% for the week to $109.24.  

Ethereum Classic (ETC) quickly broke away from the doldrums and headed for an all-time high. ETC added more than 32% to its price, standing at $24.29 on trading volumes not seen since September.

IOTA (MIOTA) rose quickly, compensating the losses of the past weeks. MIOTA grew by 33.89% in the past seven days, to a price of $0.49, a significant feat despite the 12% drop in the last 24 hours ahead of the weekend.

The Surprise Movers

BitConnect (BCC) is no longer in the top 10 of CoinMarketCap due to a recalculation of its outstanding coins. Currently, the coins on loan are not counted toward the outstanding assets, making the market capitalization of BitConnect smaller. But the price of the coins has been rising rapidly, in what is seen as proof of BitConnect being a Ponzi scheme. BCC sank to $262.13, as the cryptocurrency community noticed its price formation was not organic and in fact advised a removal from CoinMarketCap.

All altcoins moved upward from recently depressed prices, as Bitcoin is on the retreat, with Vertcoin (VTCC) and SALT attracting more attention in the past days, though going for a correction above 12% ahead of the weekend. 

The market overview is just a snapshot, as the cryptocurrency world is performing with unpredictable dynamics, both in terms of market and technology. Large price fluctuations are always possible. All eyes remain again on Bitcoin and Bitcoin Cash as they make their moves.