CV Market Watch™: Weekly Crypto Trading Overview (December 13-20, 2019)
BTC bounced off the lows at $6,500, so far avoiding a fast slide to $5,000.
Bitcoin (BTC) fell through several layers of support, sinking closer to $6,500, but bouncing soon after the lows were reached. BTC re-established stability above $7,000, through fearful attitudes remain.
Bitcoin (BTC) had another week of price swings, crashing in the first half to lows above $6,545. But within a day, BTC returned to levels close to $7,200. On Friday, the leading coin traded at $7,214.26, with volumes above $22 billion’s equivalent in 24 hours.
The share of Tether (USDT) slid further to 60%, as the altcoin moved into futures markets, lending, and altcoin markets. BTC futures become more influential for price discovery. BTC expanded its dominance to 68%, also achieving robust volumes above $32 billion’s equivalent during the mid-week rally.
Ethereum (ETH) crashed to a lower level as altcoins suffered a sell-off. ETH slid as low as $123, before recovering the $128.99 level, still down around 10% on a weekly basis. ETH is going through another hard fork soon, to disable the difficulty time bomb.
XRP (XRP) re-established itself at $0.19, with lows at $0.18, as the coin keeps unraveling for an almost 50% annual loss.
Bitcoin Cash (BCH) fell to $198.98, down nearly 10% on a weekly basis, as the coin lost positions in the past months.
Litecoin (LTC) recovered to $40.45, though with bearish predictions of returning to $20 levels, due to lack of support.
EOS (EOS) retreated to $2.50, remaining stagnant. The EOS network remains congested, and the coin lost dApp users in the second half of 2019.
Binance Coin (BNB) is at $13.55, with a 9% loss on a weekly basis, following almost all altcoins that corrected significantly.
Bitcoin SV (BSV) crashed close to $80, before recovering to $88.93, also on the back of BTC recovery. BSV received news of the BitGo wallet deciding to discontinue the asset and not support the Genesis hard fork.
Tezos (XTZ) retreated to $1.56, correcting after the rally to $1.79. This time, XTZ did not escape the all-market sell-off, although the coin sees more optimism in comparison to other asssets.
Stellar (XLM) is down to $0.046, not stemming its slide, down another 12% in the past week.
TRON (TRX) sank again to $0.013, but replaced Cardano (ADA) on its position based on market cap. Despite the hype, TRX prices remain stagnant.
Unus Sed Leo (LEO) remained at $0.86, gaining slightly on Friday, displacing other assets as its price is relatively constant.
Cardano (ADA) retreated to $0.033, erasing another 10% of its value. ADA is headed for ending the year with a net loss of about 25%, and a 70% slide from the summer peak prices at 10 cents.
Mindol (MIN) was the outlier entering the top 15 of coins. The thinly traded asset saw a series of pumps, which lifted the price from $0.28 in November, to as high as $4.57, with a constant climb up the charts. MIN remains extremely volatile, often losing as much as 50% within an hour, and its price is highly divergent depending on exchange. The coin revisited the top 15 only briefly, erasing the gains within minutes.
Monero (XMR) lost more than 10% this week, to $47.33, after Riccardo Spagni announced he is stepping down as lead developer.
Cosmos (ATOM) returned to $4.24, becoming one of the big gainers in 2019, adding around 3.24% in the past week while other coins slid.
Assets remained volatile in the final stretch of 2019. BTC again dominated the market, while weaker altcoins established their losing positions this year. Surprises are still possible, though, as BTC is being controlled by bets on its future moves.
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.