CV Market Watch™: Weekly Crypto Trading Overview (December 20-27, 2019)

BTC ended a turbulent year, where no clear narrative emerged as prices saw bearish and bullish attitudes fighting it out.

Bitcoin (BTC) established its relative stability level once again close to $7,300. In the past week, the coin rose above $7,400 briefly, but did not continue with a decisive rally. The leading asset heads for the year-end with a tamer gain of about 100%, though so far giving up on a more significant rally.

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Bitcoin (BTC) traded at $7,282.28, after hiking close to $7,400 without breaking out. BTC saw relatively active volumes around $25 billion in the past 24 hours, but the Bakkt futures trading slowed down. BTC marked a net loss in the past quarter so far, sinking from the $8,100 range in October, despite a brief hike to above $10,000. Now, BTC will have to choose a direction for 2020, as it is still not immune from bearish pressures toward $6,000.

The share of Tether (USDT) expanded to around 73% as activity picked up. BTC market cap dominance expanded again to 68.8%, as smaller altcoins sank, and Ethereum (ETH) deepend its downward trend.

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Ethereum (ETH) is threatened by a continuing slide. The asset moved to $126.27, but remains depressed, with slower volumes toward the end of the year. The Ethereum network is preparing for a hard fork on January 1, to once again roll back the mining ice age.

XRP (XRP) remained unchanged at $0.19, heading for the year-end with a 50% net loss for 2019.

Bitcoin Cash (BCH) is at $193.40, adding 2.21% this past week. The asset is up just around $30 in comparison to prices in early 2019. BCH failed to return to its previous stability level at $400 before the split with BSV, and stopped below $300 during the summer rally.

Litecoin (LTC) remains at $40.83, up from lows near $25 at the start of the year. But the asset is far from its peak before the halving, as it has no close chances of touching the $140 level again.

EOS (EOS) inched up at $2.58, overall without a change since the end of last year. The coin has remained within a tight range, pressured downward in the last quarter as the EIDOS mining scheme overtook the network.

Binance Coin (BNB) is at $13.26, still up close to three times since last December’s lows under $4. The asset remains robust, despite sinking from the summer peak, and has multiple use cases added in 2019.

Bitcoin SV (BSV), already past its first anniversary, is back to $88.41, far from the initial peak at above $217 at the end of 2018. BSV had ambitious aims to displace BTC, but remains another altcoin, despite the promises it would create noise in early 2020.

Tezos (XTZ) is back at $1.38, possibly taking a breather, and has sank by more than 10% in the past week. In 2019, the asset reawakened, going to a peak above $1.79. Now, 2020 arrives with optimism, but the asset remains volatile and has not conquered $2 yet, as altcoins are still viewed with caution.

Stellar (XLM) stood at $0.045, down from $0.11 at the start of the year, lining up among the biggest losers. The project failed to take off and fell prey to low volumes and possibly dumping.

TRON (TRX) remains stuck at $0.013, and the past year has been a long slide with a relief rally to $0.033 mid-year. The asset ends 2019 with a net slide from the $0.020 level, and a 60% loss against BTC.

Unus Sed Leo (LEO) was one of the new arrivals among high market cap coins. The asset was launched in an IEO on Bitfinex, and sold in private placements. LEO spent a long time close to $1, with a single pump to $1.99. Now, the asset slowly unravels, and has sank to $0.82. Critics saw the launch of LEO as a way for Bitfinex to socialize the loss of $850 million still locked with CryptoCapital.

Cardano (ADA) sank to $0.033, with almost no change in 2019, as most traders lost hope the project would do anything significant.

Monero (XMR) kept losing steam, shrinking to $45.60 after Riccardo Spagni left his position as lead developer. XMR lost positions this year, as stricter regulations led to delistings. The coin is almost unchanged in dollar terms, but down around 40% against BTC.

Cosmos (ATOM) was among the big movers this year, expanding to $4.63 on a seemingly endless, slow appreciation. ATOM started trading this year, rallying twice close to $7. Now, ATOM has outpaced ChainLink (LINK) and presents a unique altcoin opportunity.

In 2019, most assets failed to rally in the predicted manner, and the year-end actually came with corrections. Altcoins kept sliding, losing positions, as BTC came to the front again. In 2019, growing futures trading established a new price discovery mechanism for BTC, swaying positions based on futures bets, instead of spot market manipulation.

The year 2020 approaches with cautious optimism, while expecting potential downfalls, as the market is yet to prove its legitimacy. BTC has seen predictions for next year ranging from lows of $1,000 to $2,000 in the one extreme, to repeating a peak near $20,000. The end of 2019 is in uncharted territory, as BTC may take years to reach a new peak. However, the market has established itself, offering short-term opportunities and long-term bets, though risky, for the performance of multiple crypto coins and tokens.

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.

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