CV Market Watch™: Weekly Crypto Trading Overview (February 15-22)
Bitcoin inched up to $4,000, boosted by the highest volumes in three months, but the rally quickly lost its momentum and prices stagnated.
Bitcoin (BTC) went through several tiers in the past week and finally touched $4,000, but the rallies were soon curbed amid persistently cautious markets.
Bitcoin (BTC) traded 9.78% higher this week, reaching $3,985.59 as of 11:00 UTC on Friday. It touched $4,000 on separate exchanges, but interest remains tentative. BTC also sees funds flow into altcoins and tokens, mostly the larger projects.
Throughout the week, BTC/USDT volumes expanded to command more than 70% of all trading, showing that new fiat inflows were still limited. BTC transactions picked up to exceed the equivalent of $7.3 billion in 24 hours, but the increased activity was due to crypto-to-crypto trades.
Ethereum (ETH) picked up pace, with volumes surpassing $3.6 billion in 24 hours. The asset traded at $147.98 as of 11:45 UTC on Friday, adding more than 20% in the past week. ETH now participates in more than 15% of all trading activity, boosting the prices of several altcoins.
XRP (XRP) inched up to $0.32, boosted by social media noise and the general market recovery, but it is still failing to regain the second position on CoinMarketCap.
EOS (EOS) had a spectacular week, adding more than 37% to reach $3.85 and displace Litecoin (LTC) from the fourth position by market capitalization. EOS sees expanding interest, especially boosted by inflows of funds from Ethereum (ETH).
Litecoin (LTC) rallied along with other large-cap assets, peaking above $52. On Friday, the coin retreated a bit, trading at $49.66, with a 16% gain in the past seven days.
Bitcoin Cash (BCH) also showed strength, adding 17.92% this week to $144.29.
Stellar (XLM) gained around 13% to reach $0.089 although the recovery is somewhat weaker compared to other popular assets. Still, the coin managed to displace TRON (TRX).
TRON (TRX) recovered to $0.25, but compared to other large coins, it has not seen significant rallies.
Binance Coin (BNB) traded at $10.85 ahead of the weekend, adding more than 16% in the past week. BNB got a boost from increased Binance trading, which picked up after the slump in January.
Cardano (ADA) moved up the charts with a price of $0.045, gaining 11% this past week.
Bitcoin SV (BSV) stood at $65.80, as the alternative chain still lacks some of the liquidity of larger assets.
Monero (XMR) rose to $52.10, up around 9% in the past week. However, it remains depressed despite talk of another ASIC-disabling hard fork and the potential to spin off one more asset from the Monero chain.
IOTA (MIOTA) reached $0.30 with an 11% weekly increase but once again falling behind more popular coins.
DASH (DASH) climbed around 11% over the past seven days to $86.35. The network is still facing the challenges of scaling and avoiding a 51% attack.
Maker (MKR) remained one of the booming coins, jumping 23% in the past week. It traded at $652.21, boosted by activity on alternative exchanges after the temporary closing of OasisDEX. MKR is also backed by up to 2% of the total ETH supply.
NEO (NEO) gained about 8% to reach $8.76, and the news of NEO3.0 was not sufficient to boost the price again to double digits. GAS, the NEO reward asset, added 20% this week, settling at $2.55 after a rapid spike and crash.
Ethereum Classic (ETC) was some 10% higher at $4.55, with dependence on Asian trading. The network has not shown any signs of problems after the 51% attack in January and continues to carry transaction levels similar to LTC or BCH.
NEM (XEM) stagnated at $0.43 as the vote to approve a plan for the project’s future is still underway. It has hit a rough patch, with the bear market taking a toll on adoption.
In the past week, a recovery in trading volumes led to expectations of a price revival. However, the gains remain fragile, and sell-offs are not to be ruled out. A proposal for a Bitcoin exchange-traded fund has been re-submitted for review, rekindling hopes of drawing institutional investors.
Tether (USDT) trading was once again extremely active in the past week, adding significant support to prices.
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.