CV Market Watch™: Weekly Crypto Trading Overview (April 26 - May 1, 2019)
Bitcoin remained bound in a range, bouncing off $5,200 weekly lows to cross $5,500.
Bitcoin (BTC) rallied above $5,500 ahead of the weekend, sparking hopes of prices reaching $6,000 soon. In the past week, altcoins suffered while BTC managed to keep its position.
Bitcoin (BTC) reached a sudden peak of $5,863.14 on Friday, adding more than 7% in the past day on a sudden spike of $300 within hours. The spike follows predictions of a rally to $6,000 arriving soon. The Tether (USDT) premium is just $200, meaning BTC prices are fairly even across the board.
The Friday rally arrived on volumes of $17 billion, of which more than 76% were in the USDT pair. The dominance of BTC reached above 55% for the first time in months, suggesting the leading coin is on the move ahead of other assets.
Ethereum (ETH) spiked to $169.60 on Friday, up more than 8% net this week, on the back of the BTC rally. The Ethereum network is still a central feature in the crypto space, despite the criticisms.
XRP (XRP) returned to its usual level of $0.31, remaining one of the laggers on the market. Still, NASDAQ trading screens will now add XRP information to the data about other leading assets, targeting mainstream investors.
Bitcoin Cash (BCH) reached $295.43, adding about 10% this week as the recovery arrived ahead of the weekend.
Litecoin (LTC) returned to $79.95, suddenly adding 8% in the past day and more than 10% on a weekly basis.
EOS (EOS) returned to $5.14, boosted by the BTC rally as well. The coin remains relatively stable, with expectations of the June 1 event potentially boosting prices.
Binance Coin (BNB) remained at $23.63. The coin did not rally as hard on Friday, as previously it held a rather robust price over the weekend.
Stellar (XLM) inched up to $0.10, riding on the back of the more influential assets.
Cardano (ADA) recovered to $0.071, as the project is developing at its own pace and not generating extraordinary hype.
TRON (TRX) recovered to $0.024 after last week’s losses, and for now, seems far from a leap to $0.030. The TRON project also canceled the reward with TRON USDT following the news of a potential loss of funds and the announcement that Tether only backed 74% of all issued USDT with cash.
Monero (XMR) reached $66.50, with a slight boost on the general market recovery. The coin saw a record transaction level, after optimizing the inclusion of transactions in blocks.
DASH (DASH) rose to $122.86, adding more than 11% this week. The network’s hashrate is also setting new records.
Bitcoin SV (BSV) inched up to $55.22, hovering near its usual range. The coin is neither harmed, nor boosted by the ongoing claims of Craig Wright that he is the real Satoshi Nakamoto. Wright is currently more closely affiliated with BSV, stating it was the closest to the true vision of Nakamoto.
Cosmos (ATOM) was the big mover this week, splashing among the top 15 of coins after the asset was added to Binance. ATOM reached $5.00 on Friday after climbing the entire week, appreciating by more than 42% over the last seven days.
Tezos (XTZ) us up again to $1.31, adding more than 17% this week as the coin is gaining visibility.
IOTA (MIOTA) recovered to $0.31 after news of tests for the IOTA wallet to be added to Jaguar Land Rover vehicles.
Ethereum Classic (ETC) rоse to $6.04, displacing NEO. The asset is having a somewhat active trading profile on Korean exchanges, hovering close to the $6 level.
NEO (NEO) broke to $10.04 again, after news of the NEO 3.0 network roadmap. NEO will in practice relaunch its network for a faster, cheaper solution to compete with newer types of assets like EOS.
Ontology (ONT) added more than 15% net this week to $1.18, boosted by news of launching Paxos Standard (PAX) on its network.
Maker (MKR) stabilized at $568.45, growing by more than 13% this week. The DAI stablecoin is also an important dollar-pegged asset for multiple trading pairs.
The Friday rally is raising questions on whether BTC is ready to extend the gains to new highs, or is just a blip on the radar. There are still bearish attitudes about BTC revisiting levels under $5,000, but there are also more opinions that the year-long “crypto winter” may be over, with more activity and new projects challenging traders to make new gains.
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.