CV Market Watch™: Weekly Crypto Trading Overview (August 31-September 6, 2019)
Bitcoin (BTC) bounced off the lows, erasing the latest crash and entering bullish territory.
Bitcoin (BTC) languished only shortly around the $9,500 bottom, quickly regaining positions above $10,000 in a fast move, as usual. The BTC price growth, for now, continues to depress altcoins, which are failing to attract renewed interest.
Bitcoin (BTC) recovered its recent losses, trading at $10,861.33, with an almost constant upward movement on Friday. The asset bounced strongly from last week’s crash, adding more than 13 % week-on-week.
The share of Tether (USDT) remains above 75% of all BTC volumes, pushing up the price after another printing of 15 million USDT and more coins sent to exchanges. The BTC price dominance expanded to 71.15, levels not seen since the altcoin rally in the summer of 2017.
Ethereum (ETH) recovered to $177.65 on the back of BTC, adding around 4% this week, but accelerating its gains on Friday.
XRP (XRP) continues to face doubts that Ripple is depressing the price by concerted selling. The asset remained stagnant at $0.25.
Bitcoin Cash (BCH) is at $299.98, growing by 6% this week. The asset managed to recover somewhat, though still facing uncertain sentiment.
Litecoin (LTC) logged one of the worst weeks in its history, but rebounced ahead of the weekend. LTC trades at $67.67, up around 4% since last week.
Binance Coin (BNB) continues to outperform on positive Binance news, jumping by 6% on Friday, to $23.04. Binance plans to launch its native stablecoin, as well as establish a US branch later in September.
EOS (EOS) is at $3.34, with a very slight improvement over last week.
Bitcoin SV (BSV) is up 5.80% this week to $134.80, after the coin was briefly more profitable to mine compared to BTC.
Monero (XMR) is at $79.06, gaining 76% after a deep correction, but also on the back of improved BTC positions.
Stellar (XLM) unraveled further to $0.060, largely following the stagnant path of XRP.
Cardano (ADA) traded at $0.044, failing to get a boost from the upcoming crypto lending program on Binance. Locking up ADA may yield rewards, based on a recently established passive income on the exchange.
Unus Sed Leo (LEO) lost 7% this week, as the coin lost support and succumbed to skepticism. The asset is at $1.06, threatening to break down below the IEO price.
Huobi Token (HT) moved to $4.07, continuing to rise as the native token of the Huobi Exchange.
TRON (TRX) remained at $0.015, despite the news of being used as a base pair for BitTorrent Token (BTT) and WINk (WIN).
Ethereum Classic (ETC) remained volatile, but recovered a net 12% this week. The asset trades at $7.04, with expectations of growth ahead of a planned hard fork coming within days.
DASH (DASH) recovered to $82.35, shaken down after recent news of delisting from CEX_io.
IOTA (MIOTA) sank down to $0.24, as the project lags in presenting its much-awaited independent consensus mechanism.
Tezos (XTZ) was without change at $1.02, while the network is still attempting to grow its transactions and distributed apps.
NEO (NEO) jumped to 9.22, displacing hotter projects.
Chainlink (LINK) inched down to $1.81 following last week’s deep correction.
Altcoins are looking more bearish as previously promising projects failed to recover. At the same time, BTC is crossing off bullish indicators, with the potential to continue upward. Stablecoins are becoming more important within the crypto space, with most major dollar-pegged or dollar-backed altcoins growing their supply to boost liquidity on leading exchanges.
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.