CV Market Watch™: Weekly Crypto Trading Overview (April 5-12, 2019)
Bitcoin returned to more volatile trading, as prices peaked above $5,400 for a brief stint.
Bitcoin (BTC) saw another week of added volatility, breaking new price records and extending a tentative rising trend that is bucking the bear market for a few weeks now. The recovery has seen prices stabilize around $5,000, though with doubts whether those price levels are sustainable/
Bitcoin (BTC) spent the entire week above $5,000. On Friday, the leading asset traded at $5,084.22, after reaching a weekly peak at $5,421.65. The current market prices are marking a rising trend in the past month, extending the gains in March.
The share of Tether (USDT) remained around 70% for the past week, as dollar trading returned. Trading volumes remained above $17 billion’s equivalent in 24 hours.
Ethereum (ETH) was also volatile, reaching a weekly peak at above $184. On Friday, the asset sank to $165.84, closer to its usual range, with only 1.2% net weekly gains.
XRP (XRP) fell toward $0.32, once again pressured by a Thursday correction.
Bitcoin Cash (BCH) rose up the ranks as it managed to stabilize, trading around $286.60. The asset peaked at $328.44 last week, boosted by the spike in BTC prices.
Litecoin (LTC) failed to gain to triple-digit levels, and fell to $80.23 on Friday, down about 8% net this week. LTC sank in dollar terms after retreating against BTC. On Friday, the coin started to inch up, displacing EOS again.
EOS (EOS) stabilized at $5.43, adding about 3% in the past week, and regaining positions against LTC, briefly displacing the coin from its position.. EOS inched up after a listing to Coinbase Pro.
Binance Coin (BNB) sank to $17.87, losing about 9% this week, coming down from an overheated rally that took the asset above $19.
Stellar (XLM) lost 7% this week to hover around $0.11, retreating after the recent peak above $0.13.
Cardano (ADA) stepped back to $0.084, losing around 6% this week on a mix of losses against BTC and the general market weakness.
TRON (TRX) managed a rare rally above $0.031, but later went on to sink to $0.027. The asset is expecting the launch of TRON USDT, the new version of the leading stablecoin. On Friday TRX unraveled further to $0.026.
Bitcoin SV (BSV) crashed back to $73.33 after Binance suggested that the aggressive community behavior may cost its listing.
Monero (XMR) rallied on Friday, adding 5% to $67.37, but the coin is far from a larger breakout as mining has slowed down again and the crackdown against mining scripts continues.
DASH (DASH) kept some of the gains to stand at $123.03 on Friday, sinking around 6%.
IOTA (MIOTA) hovered around $0.32, losing around 7% in the past seven trading days.
NEO (NEO) returned to $11.54, ending the period of upward movement. Altcoins once again sank in BTC valuations.
Ethereum Classic (ETC) rose up the ranks, adding a net 9.5% this week and peaking above $7. On Friday, the asset retreated a bit to $6.30. ETC rose as high as $7.92 last week, on volumes comparable to peak times in December 2017.
Ontology (ONT) wiped out 15% to return to $1.35, as the sharp rally of the asset meant a rather sharp crash.
Tezos (XTZ) briefly broke above $1, reaching $1.04, but retreated toward $0.96 on Friday.
Maker (MKR) crashed deeply as it lost positions against BTC, sinking down to $627.50, down 18% on a weekly basis as the crash deepened on Friday.
The past week saw assets move in all directions. Separate altcoins held rallies, especially Crypto.com (CRO), which moved against the trend. But for most altcoins, the rally in BTC terms switched directions. Now, BTC is watched again as the central asset defining all others, as it will have to defend the $5,000 position once again.
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.