CV Market Watch™: Weekly Crypto Trading Overview (April 19-26, 2019)
Bitcoin rallied above $5,600, before retreating on a series of negative news related to the Bitfinex exchange.
Bitcoin (BTC) rallied early this week, extending its gains above $5,600. But the spike was short-lived, as the markets showed a negative reaction to the news of potential losses for the Bitfinex exchange.
Bitcoin (BTC) traded around $5,277.78 on Friday afternoon, continuing on a slow sinking trend. This week, BTC reached peaks at above $5,642, but retreated as news surfaced that Bitfinex may have hidden losses, which are potentially affecting the Tether (USDT) market.
During the past week, the share of BTC/USDT trading was above 70% of all activity, pointing to the overwhelming influence of the stablecoin. BTC increased its market dominance to 54.7% of the entire market cap for all digital assets. Trading volumes remained high, although Friday saw significant outflows as traders locked funds into dollar-pegged stablecoins.
Ethereum (ETH) is on a downward trend, sinking to $155.20, down around 10% this past week. The coin is seen falling under $140, as the markets are losing the optimistic feeling.
XRP (XRP) crashed this week, wiping out 11% to slide to $0.29. The coin is failing to gain traction and was the worst performer for the first quarter of 2019.
Bitcoin Cash (BCH) lost to $263.72, down more than 12% this week, pressured by the losses in BTC. The coin failed to hold above the $300 range.
Litecoin (LTC) crashed to $72.56, down more than 11% on the week, dragged down by the other assets.
EOS (EOS) was down more than 14%, dragged down by low ETH prices and the general sentiment, sinking to $4.67.
Binance Coin (BNB) remained a rare gainer this week, remaining at $23.28, with a growth of about 2% net in the past few days. BNB still retreated from its peaks above $25.
Stellar (XLM) is back down to $0.09, losing more than 14% as tides shifted.
Cardano (ADA) returned to $0.068, losing more than 15% in the past week and erasing the recent gains.
TRON (TRX) lost 11% this past week to $0.023, stopping the recovery and entering the general downward trend.
Monero (XMR) stood at $63.03, with a 9% net weekly loss, unable to hold onto the recent highs.
DASH (DASH) is down to $110.22, losing 10% this week, as the coin lost the support from Korean trading and was affected by the loss in BTC prices.
Bitcoin SV (BSV) avoided the worst scenario after the delisting from Binance, Kraken, and Shapeshift. The coin stood at $53.51, down around 10% in the past week. Delistings may continue for this asset.
Tezos (XTZ) sank by 18% net, trading at $1.11 on Friday. So far, the coin seems unable to rally to above $3 to match the optimistic expectations.
IOTA (MIOTA) crashed by 15% this week, extending the losses to $0.26 on Friday. The project is almost forgotten as it has fallen away from the list of leading coins.
NEO (NEO) lost more than 16% to $9.24, showing signs of continued weakness.
Ethereum Classic (ETC) returned to $5.39, down around 14% this past week.
Ontology (ONT) wiped out the rapid gains, sinking down to $1.01, with a loss of more than 22%.
Maker (MKR) was among the bigger losers, crashing by 20% this week, down to $504.55. The asset is volatile as interest in supporting the ecosystem is shifting.
The past week saw BTC establish its dominance, causing the initial wave of crashes. Later, altcoins continued to sink in dollar prices, as BTC slid from the recent peak. Despite new USDT printings, trading is cautious, still not seeing a more significant price rally.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.