CV Market Watch™: Weekly Crypto Trading Overview (August 16-23, 2019)
Bitcoin (BTC) is now fighting to keep the $10,000 level, with altcoins drifting sideways.
Bitcoin (BTC) crashed though the $10,000 level briefly, but evaded once again the scenario of sinking to a lower valuation. Altcoins stagnated and slid further, still unable to recover ground since the recent 30% downward correction.
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Bitcoin (BTC) Dominates 90% of Adjusted Market Capitalization |
Bitcoin (BTC) managed to recover after another mid-week slump, to trade at $10,182.45 on Friday. BTC remained the second most-active asset, once again displaced by Tether (USDT), which overtook most of the market activity.
The share of Tether (USDT) shrank to about 65%, but the asset remains extremely important for BTC. The BTC rally lasted while USDT constantly increased its supply. Now that the USDT supply has stopped growing, BTC has stagnated around the $10,000 level. BTC volumes shrank to $15 billion’s equivalent ahead of the weekend. The market cap dominance for BTC remains around 68.4%.
Ethereum (ETH) recovered to $191.50, adding 3.95% net. ETH may be getting a boost from USDT coins moving on the Ethereum network.
XRP (XRP) recovered to $0.27, although still bound in its long-term downward slope.
Bitcoin Cash (BCH) traded around $311.83, still keeping its spot as the fourth largest coin by market capitalization.
Litecoin (LTC) slid slightly to $73.31, as the coin’s hashrate falls following the block reward halving. The coin was further pressured by reports of a recent dusting attack, intended to map out the network and link addresses.
Binance Coin (BNB) remained at $27.06, boosted by the upcoming sale of the Perlin token.
EOS (EOS) added about 3% to its price to reach $3.68, though still pressured along with other altcoins.
Bitcoin SV (BSV) slid just 1% to $134.98, remaining within its usual range.
Monero (XMR) inched up to $82.01, though on a rather slim weekly recovery.
Stellar (XLM) inched down to $0.066, stagnating at this level.
Unus Sed Leo (LEO) is down just about 2 cents from last week, standing at $1.19.
Cardano (ADA) added 7% this week, though still showing weakness at $0.049.
TRON (TRX) gained ground to $0.018, still failing to grow to a higher valuation.
DASH (DASH) is also almost unchanged at $93.50, despite an endorsement from Andreas Antonopoulos.
Ethereum Classic (ETC) was the big mover this week, adding 31% to its price in the past days, as the coin announced updates to encourage mining and chart a path different from Ethereum. ETC returned to prices around $7.24.
Chainlink (LINK) lost about 1% to $2.29, slightly boosted by the BTC price move.
Tezos (XTZ) lost another 4.5% this week to $1.13, deflating its gains from the recent Coinbase listing.
IOTA (MIOTA) added 7% this week to $0.26, climbing ahead of the weekend.
NEO (NEO) recovered to $9.93, remaining bound within its relatively low range.
Cosmos (ATOM) shed 6.5% to $2.64, also losing the recent hype.
BTC is once again moving away from a decisive price climb, but survives above $10,000. Altcoins remain stagnant, though separate project show hopes of rallies. ETH is at a crossroads, either surviving with increased strength, or sliding to a much lower valuation.
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.
