CV Market Watch™: Weekly Crypto Trading Overview (February 22 - March 1)
On the weekend of February 23-24, Bitcoin saw a spike-and-crash pattern, remaining stagnant for the rest of the workweek. Let’s take a look at how the crypto market performed over the last few days.
Bitcoin (BTC) lost the $4,000 level once again, after a dramatic weekend where the price spiked above $4,200, then crashed within hours.
Bitcoin (BTC) lost 2.95% last week, sliding to $3,865.95, down from above $4,200 during a trading anomaly last weekend. The asset remains stagnant, though the Bitcoin network, mining and other signifiers of usage remain relatively robust.
Throughout the week, BTC/USDT volumes expanded remaining between 65% and 70%, signifying the impact of Tether. BTC trading sees volumes of over $8 billion in 24 hours, but those are not entirely dependent on cash. Instead, BTC activity also accounts for USDT as well as altcoins, and actual fiat liquidity remains low after more than a year in the bear market.
Ethereum (ETH) retreated despite the successful launch of the Constantinople upgrade. ETH slid by 7.5% this week, down to $137.77 ahead of the weekend. ETH trading is still highly liquid, with volumes above $4.2 billion, pointing to the importance of ETH as a base currency for multiple pairs.
XRP (XRP) hovered at $0.31, virtually unmoved by the addition to Coinbase Pro and the launch of trading.
EOS (EOS) survived at $3.60, after last weekend’s rally, losing a net 7.6% in the past 7 days. The coin rallied above $4.40 last weekend but crashed along with other assets on Sunday.
Litecoin (LTC) stood at $47.38, retreating from the recent highs above $52. LTC continues to show relatively low volatility.
Bitcoin Cash (BCH) stood at $133.08, as the asset has lost its appeal, with BTC trading and mining displacing the alternative chain.
Stellar (XLM) retreated to $0.08, despite remaining one of the four digital assets accepted for ICOs in Thailand.
TRON (TRX) slid to $0.023 following the upgrade to version 3.5. TRON was also listed as the second-best asset based on the ranking of the Chinese government, based on the project’s technology, innovation, and creativity. Still, TRX market prices remain largely stagnant.
Binance Coin (BNB) inched up to $10.96 as the exchange continues to attract volumes. BNB rose following the news of the Fetch.AI project listing and on generally increased activity, as Binance remains one of the go-to exchanges.
Cardano (ADA) slid by around 4.8% to $0.043, as the platform has been slow to release its smart contract functionality.
Bitcoin SV (BSV) jumped to $67.99, still remaining bound under the $70 level as the network is yet to prove its qualities and achieve adoption.
Monero (XMR) lost to $49.52, as the asset is just days away from another ASIC-disabling hard fork. XMR is losing its popularity as an anonymous coin, especially after the expected closing of the Coinhive browser mining script.
IOTA (MIOTA) lost about 2% to $0.29, as the coin sees generally small movements.
DASH (DASH) lost about 2% to $84.32. The project announced a new type of nodes, but the price has not seen a rally above $100 for a while.
Maker (MKR) is still an anomaly, rising against the market this week to $672.46. MKR uses ETH collateral to grow its ecosystem.
NEO (NEO) inched up to $8.94, but the asset has not managed a rally in a while, displaced by newer, more active networks.
Ethereum Classic (ETC) slid by 6% this week to $4.29, mostly based on the crash of BTC prices.
NEM (XEM) slid to $0.042, as the project aims to repair its future and is holding a community vote on the strategy to move forward after the effects of the bear market.
The behavior of BTC prices showed that attempts at manipulation were still possible, creating dramatic spike-and-crash patterns. The past week saw asset prices stagnate, while crypto-to-crypto trading became more active, as BTC and altcoins are still a source of speculative gains.
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.