CV Market Watch™: Weekly Crypto Trading Overview (August 9-16, 2019)
Bitcoin (BTC) had two of the month’s worst days this week, crashing by $2,000 in a rapid correction.
Bitcoin (BTC) erased last week’s rally, breaking under the $11,000 and the $10,000 range within hours, in a mid-week sell-off. Altcoins continue to drift or further erase their positions, with short-term exceptions.
Bitcoin (BTC) recovered to $10,090.56, after dipping to the $9,500 range on Wednesday. The leading coin is down 14.45% since last Friday, as sentiment switched to “extreme fear”, a level comparable to the end of 2018 and the depth of the bear market.
The share of Tether (USDT) stabilized around 69%, as BTC volumes and transactions calmed down. BTC’s market dominance hovered above 68%, but so far fails to break above the 70% mark.
Ethereum (ETH) is down to $184.68, leading the deeper correction of altcoins. ETH lost more than 13% since last week, despite still working as one of the most liquid altcoins.
XRP (XRP) fell through to $0.26, losing another 13%, with renewed threats of testing for security status in the USA. Traders’ comments see the coin as manipulated, potentially crashing to $0.02 if the market loses support.
Bitcoin Cash (BCH) survived the massacre better than other assets, losing around 3% to steady at $310.48.
Litecoin (LTC) continued to crash deeper, taking off 13% from its price, down to $74.46. LTC wiped out roughly 50% from its recent peak, as it lost the boost from the looming halving of the reward.
Binance Coin (BNB) lost about 10% to $27.33, as the coin is still boosted by the activity on the Binance Exchange.
EOS (EOS) slid to $3.56, wiping out another 10% this week, as USDT moved to position 7 based on market capitalization.
Bitcoin SV (BSV) had a smaller drop this week, down to $135.59. The coin’s network showed production of rogue blocks by some of the miners, after a recently planned hard fork.
Monero (XMR) slid to $80.24, erasing 13%, but still relatively strong compared to some altcoins.
Stellar (XLM) is down to $0.068, losing another 10% in the general altcoin crash.
Unus Sed Leo (LEO) found enough support to remain changeless at $1.21, and may be headed to becoming a top 10 coin.
Cardano (ADA) inched down by 7% to $0.047, staying near the top only due to the large coin supply. Otherwise, the asset is thinly traded and less visible.
TRON (TRX) unraveled to $0.016, with no boost from the recent launch of the SunNetwork. The asset is not giving any hopes of a recovery, at least during the current altcoin bear market.
DASH (DASH) fell to $93.77, losing around 9%, on comments that the coin was actually not widely used in Venezuela.
Chainlink (LINK) gained a slim 3% net this week, to stand at $2.31, as the coin abandoned the previous periods of unbridled rallies.
Tezos (XTZ) crashed by 17%, erasing the gains on the announcement of the much-awaited Coinbase listing. The coin stabilized at $1.20.
NEO (NEO) returned to $9.70, losing 7% this week.
IOTA (MIOTA) is at $0.24, losing around 9% in the past week.
Ethereum Classic (ETC) deflated slightly to $5.51.
Cosmos (ATOM) lost another 5% for a smaller weekly correction, standing at exactly $3.00.
The past week showed that despite the rallies starting in July, sentiment can change fast. Traders are still fearful, and the stagnant BTC prices do not trigger an altcoin rally. Loss of trust in altcoins seems to weigh on the prices in the longer term, as traders are more fearful of losses.
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.