CV Market Watch™: Weekly Crypto Trading Overview (December 6-13, 2019)
Bitcoin lowered its range, as the $7,300 support turned into resistance, sparking bearish attitudes.
Bitcoin (BTC) fell below the $7,300 support level, establishing a new tier just above $7,200. The move downward took a few days, and signalled the return to bearish attitudes.
Bitcoin (BTC) fell to lows around $7,170 this week, but did not enter a downward spiral. BTC is once again locked in a range, and traded at $7,244.45 on Friday. BTC saw its volumes weaken to around $15 billion during less active days, returning to above $17 billion ahead of the weekend.
The share of Tether (USDT) decreased to 70%, with futures markets adding to the price discovery. BTC dominance decreased to 66.6% as some altcoins staged short-term rallies.
Ethereum (ETH) traded at $144.28, slowly expanding its volumes to above $7.3 billion per day. ETH still faces increasing demand from DeFi projects. ETH held stable despite reports of the Istanbul hard fork breaking smart contracts.
XRP (XRP) stagnated around $0.21, with the asset now becoming a long-term bet for true believers. XRP is on track to become one of the worst performers of the year.
Bitcoin Cash (BCH) retreated to $208.24, stabilizing as altcoins started to look for rallying opportunities.
Litecoin (LTC) stepped back to $43.89, entering another period of stability. The coin’s hashrate has fallen significantly, as mining is less attractive.
EOS (EOS) is down to $2.62, after Weiss Rating cut the estimation from B to C- due to centralization.
Binance Coin (BNB) sank only slightly to $14.89, as the week saw most altcoins take a pause.
Bitcoin SV (BSV) is down to $92.63, possibly on its way out of the top 10 of coins.
Tezos (XTZ) was the big moved this week, positioning itself within the top 10 as the price climbed continuously. XTZ reached $1.79, later retreating to $1.72, adding more than 36% week-on-week.
Stellar (XLM) is out of the top 10 with a price of $0.52 as the asset is losing its appeal.
Cardano (ADA) is at $0.036, still stagnating with no significant milestones in sight.
TRON (TRX) remained at $0.014, after a recent scandal with Justin Sun’s banishment from the Weibo social media platform.
Monero (XMR) stepped back to $52.98, still locked close to its usual range.
Unus Sed Leo (LEO) sank to $0.88, with no support to go closer to the $1 mark where the asset held on for a long time.
Cosmos (ATOM) is at $4.05, after a fast recovery, displacing ChainLink (LINK) as one of the most active altcoins.
BTC attitudes still exhibited “extreme fear”, and the bulls-and-bears battle happened below the $7,300 mark. BTC is seen dipping under $7,000, but with little probability of going under $6,000. Altcoins staged short-term rallies, though some assets remained stagnant due to lack of activity.
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.