Crypto Trading Overview: Bitcoin & Altcoins Update
Bitcoin (BTC) managed to break above $12,000, but faced headwinds and increased volatility.
Bitcoin (BTC) managed to break above $12,000, but faced headwinds and increased volatility.
Bitcoin (BTC) decisively broke away from the $9,500 level, avoiding drops to a lower range. The leading coin broke above $12,000 in one dramatic move mid-week, but later erased the gains and settled above $11,500.
Bitcoin (BTC) Mining Marked Another Record, Money Transfers Peak
Bitcoin (BTC) traded around $11,725.77, up more than 11% this past week. The leading coin saw slightly increased trading volumes near or above $20 billion’s equivalent.
Tezos (XTZ) Arrives on Coinbase
Ethereum (ETH) started to slide this week, as altcoins weakened overall. ETH traded at $210.27, sliding by 4.9% this week. The slide on Friday alone erased around 6% in 24 hours.
XRP (XRP) returned to the $0.29 range, wiping out around 6% this week, as altcoins continued weakening.
Litecoin (LTC) unraveled after the halving on August 5, which arrived slightly ahead of schedule. LTC fell to $85.33, moving to a lower price range, and distancing from the triple-digit prices.
Bitcoin Cash (BCH) fell to $316.05, erasing around 5% on Friday and 3% net since last week. The coin now aims to preserve its positions above $300.
Binance Coin (BNB) is the only gainer this week beside BTC, up to $30.28 after the announcement of another upcoming IEO. BNB rose despite the news of KYC information leaking.
EOS (EOS) lost more than 9% this week, accelerating the drop on Friday, to $3.92.
Bitcoin SV (BSV) crashed to $139.46, down 8.46% this week. The network showed a growth of transactions, but not due to value transfer. The Bitcoin Sv network was busy handling transactions generated by a weather app.
Monero (XMR) went up the charts, becoming one of the few assets to grow this week. XMR added more than 8.5% to $91.38.
Stellar (XLM) slid another 10% to $0.074, further underlining the weakening of altcoins.
TRON (TRX) remained around $0.021, despite the upcoming launch of the SunNetwork and the DappChain on August 10.
Cardano (ADA) crashed to $0.047, erasing most of its gains of the past months.
Unus Sed Leo (LEO) unraveled to $1.22, down around 4% this week, still seeing some support. For now, altcoins are mostly sliding gradually, after a recent 30% correction in July.
DASH (DASH) is at $103.65, threatening to move again to double-digit prices.
Tezos (XTZ) remained strong, reaching $1.49 on news of the trading launch on Coinbase.com. The asset is still down around 3% this week.
Chainlink (LINK) recovered to $2.33, still a long stretch from its recent rallies.
NEO (NEO) retreated to $10.66, breaking its tentative rise, down more than 12% in the past week.
IOTA (MIOTA) corrected further to $0.25, losing another 11% from its price.
Ethereum Classic (ETC) clung to the $5.77 level,
Cosmos (ATOM) crashed by more than 15% net this week, erasing its previous rapid gains, down to $3.10. As with other assets, the fall accelerated ahead of the weekend.
BTC expanded its market cap dominance to 69.5%, the highest level since the spring of 2017, as altcoins stepped back. BTC prices remain more stable, while the majority of altcoins are losing positions. The earlier altcoin rally in April and May is now almost erased, with expectations that BTC will be the driver of investment and trading.
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.