CV Market Watch™: Weekly Crypto Trading Overview (August 23-30, 2019)
Bitcoin (BTC) saw another 30-minute flash crash, finally settling around $9,500.
Bitcoin (BTC) crashed on Thursday, losing the $10,000 tier, and stopping the fall at around $9,500. The loss came as a dramatic 30-minute flash crash, wiping out more than $600.
Bitcoin (BTC) hovered above $10,100 for most of the week, but crashed late on Thursday. The asset slid to the $9,500 range, and recovered to $9.600.95 ahead of the weekend. BTC prices are at a crossroads, potentially seen as falling under the $9,000 tier.
The share of Tether (USDT) expanded from around 65% to above 75% as the sell-off meant the stablecoin became a safe haven. USDT activity is near its peak, signifying the importance of the asset for prices across the board. The BTC market cap dominance is at 69.1% as altcoins were shaken down deeper by the recent sell-off.
Ethereum (ETH) crashed deeply this week, abandoning all hopes for a return above $200. As network congestion once again underlined the faults of the project, ETH fell to as low as $164, before recovering to $170.45.
XRP (XRP) sank to $0.25, as the asset loses support and predictions of a heavier fall were discussed.
Bitcoin Cash (BCH) is at $282.82, losing another 6% net this week, going down on the general weakness of altcoins.
Litecoin (LTC) was the biggest loser this week, sparking expectations of further corrections. The coin sank by more than 13%, down to $64.65.
Binance Coin (BNB) corrected by 17% on a weekly basis, down to $22.55, despite the high activity of the Binance Exchange. The asset sank after Binance announced its crypto lending program.
EOS (EOS) lost 11% to $3.26. Despite being the network with the most transactions, the EOS market price sinks on weak BTC and ETH prices, with no special support to boost the price levels.
Bitcoin SV (BSV) slid to $128.46, down about 4.8% this week, despite the catastrophic court decision against Craig Wright, one of the coin’s biggest proponents.
Monero (XMR) lost more than 17% to $67.77, after an overdue correction.
Stellar (XLM) inched down to $0.063, losing 6%.
Unus Sed Leo (LEO) remained at $1.14, losing just 4%, avoiding the worst losses of most altcoins.
Cardano (ADA) is at $0.045, shedding another 8%.
TRON (TRX) tanked to $0.015, unable to recover its positions despite the network’s reported success in terms of accounts and transactions.
Huobi Token (HT) moved up the charts, with a price of $3.94, displacing other assets despite the 19% weekly loss.
DASH (DASH) lost 13% in the sell-off, down to $81.42.
Ethereum Classic (ETC) is at $6.28, losing 13% after a recent price spike. Despite the upcoming planned hard fork, ETC sank from a recent peak above $7.40.
IOTA (MIOTA) is up the charts after only losing 5%, down to $0.24.
Tezos (XTZ) sank by 13% to $1.01, abandoning the recent climbing trend.
Chainlink (LINK) wiped another 19% to $1.83, erasing the previous gains made while other altcoins moved sideways.
NEO (NEO) is at $8.82, down about 10% as altcoins once again postponed their reawakening.
Altcoins were immensely turbulent, as older projects shed gains made in 2019. BTC dominates the market, as its gains in 2019 showed significant strength, while older altcoins failed to spark renewed interest.
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.