CV Market Watch™: Weekly Crypto Trading Overview (February 1-8)
Bitcoin still held above $3,400 and proved attractive to miners, as hashrates returned to levels not seen since November.
Bitcoin (BTC) remained nearly stagnant over the past week, hovering near $3,400, a level which continued to prove profitable for miners as hashrates increased again.
Bitcoin (BTC) traded at $3,444.59 as of 12:00 UTC on Friday, with volumes above $5.4 billion. For now, the news of QuadrigaCX exchange closing has not impacted the price negatively.
BTC is still supported to a great degree by Tether (USDT), with the percentage of trades slowly expanding. The share of USDT trading peaked at around 67% this week, sliding to 62% on Friday.
XRP (XRP) remained around $0.29 with minor changes this week, as the asset receives only temporary boosts from social media noise.
Ethereum (ETH) remained in the three-digit range, growing slightly to $108.60. ETH has stabilized, although daily transactions have fallen significantly, down to about 480,000 in 24 hours, from the usual levels above 700,000.
Litecoin (LTC) was the surprise mover, shooting up ahead of the weekend after days of tentative growth. LTC added more than 10% on Friday, reaching $37.63, as the asset awakened from a long sideways drift.
EOS (EOS) remained stable at $2.43, adding about 2.7% this week, as the network remains the fastest with millions of transactions each day. For now, market prices are relatively stagnant.
Bitcoin Cash (BCH) recovered to $119.03, yet still slid down the charts, displaced by the climb of LTC.
TRON (TRX) returned to its usual level of $0.26, as the expectations of the BitTorrent snapshot and airdrop on February 11 are failing to lift prices.
Stellar (XLM) lost more than 7% to reach $0.07, as the project is on a downward trend and despite multiple exchange listings has lost its momentum for now.
Bitcoin SV (BSV) dropped slightly to $63.45. The asset is slowly gaining ground, being added to wallets and exchanges, but the price has been unable to recover to above $70.
Cardano (ADA) stayed near the lows of $0.038, as the asset is still outside the spotlight and no significant developments are coming from the project.
Binance Coin (BNB) rallied this week, reaching $8.20 this Friday, boosted by news of an upcoming decentralized exchange. The asset also rose in response to increased trading activity.
Monero (XMR) is up slightly to $44.83, still stagnant as confidentiality coins go to new lows.
IOTA (MIOTA) consolidated at $0.25 after last week’s losses, as the project is seeing general pessimism.
DASH (DASH) is up slightly to $68.52, again remaining range-bound.
NEO (NEO) is back up to $7.11, though unable to break out higher and line up among hot digital assets again.
Ethereum Classic (ETC) is at $3.94, virtually unchanged against last week, despite news of a robust developer team ready to improve the coin.
NEM (XEM) slid another 7% this week to $0.037 as the asset continued to lose its appeal.
In early February, the stagnation on the markets continued, again with separate altcoin rallies. BTC does not budge even on renewed hope in the form of an ETF application. However, for now, the market avoids a new capitulation event, and prices are stable and relatively predictable. As the infrastructure grows with new exchanges and projects, digital assets seem ready to stay, although the optimism of the previous months is seen as an anomaly, impossible to be easily repeated.
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.