CV Market Watch™: Weekly Crypto Trading Overview (February 8-15)
Bitcoin gained to levels above $3,600, but for most of the week assets remained stagnant, with rare exceptions.
Bitcoin (BTC) managed to keep above the $3,600 range, experiencing an increase in mining operations, showing that those prices may be favorable to break even. Altcoins stagnated or retreated, and rallies were rare.
Bitcoin (BTC) added more than 4.4% this week to trade at $3,637.76 as of 13:00 UTC on Friday. The asset remained relatively stagnant all week.
Over the entire week, BTC/USDT volumes were above 67% of all trading, once again underlining the influence of the Tether stablecoin. BTC trading expanded to near $6 billion’s equivalent in 24 hours, sparking hopes that the bear market may be on the mend. However, the speculative effect of USDT trading may break the price recovery.
Ethereum (ETH) regained the second position on CoinMarketCap, growing by more than 11% this week. ETH reached $122.93, showing significant price strength, and expanding its significance within trading pairs.
XRP (XRP) remained at $0.30, with no significant price boost this past week. XRP may have received a blow as a potential “coin for banks” after JP Morgan announced it is creating a closed blockchain solution for instant settlements with clients.
Litecoin (LTC) seems to have priced in the news of the MimbleWimble technology for confidentiality, as well as partially the upcoming halving of the block reward. LTC stabilized again at $42.68, adding 11% to its value this week.
EOS (EOS) reached $2.81, growing by more than 12% in the past week. EOS got a boost from ETH inflows, and the increased ETH price translated into a boost for its competitor, EOS.
Bitcoin Cash (BCH) inched up to $122.39, so far remaining stagnant as the attention returned to BTC.
TRON (TRX) fell to $0.024 after the BitTorrent Token (BTT) airdrop ended, and the enthusiasm dissipated.
Stellar (XLM) traded around $0.079, adding 4.46% on Friday after news of the StellarX acquisition by the Canadian exchange Coinsquare.
Binance Coin (BNB) completed another week of booming up, although it failed to move to double-digit prices. BNB traded at $9.26, up more than 12% in the past seven days.
Bitcoin SV (BSV) settled at $63 with a drop of about 6% this week, despite news of finally being awarded to Coinbase users, following the forking of Bitcoin Cash (BCH).
Cardano (ADA) recovered to $0.04, a slight improvement ahead of the weekend, based on the general strength of BTC.
Monero (XMR) gained this week, at one point breaking above $50. XMR is expecting another hard fork to disable newly created ASIC, suspected to be inflating the network hashrate again. XMR traded around $48.01 ahead of the weekend.
IOTA (MIOTA) gained to $0.027, still keeping to its usual levels.
DASH (DASH) lined up among the top gainers, adding 15% to its price. DASH reached $80.08, following reassurance that NiceHash did not sell enough mining power to attack the network.
Maker (MKR) lined up among top coins this week. The asset, boosted by ETH collateral, rallied to above $535 this week, as liquidity returned following the OasisDEX maintenance.
NEO (NEO) recovered to $8.15, growing by nearly 13% in the past week, again boosted by the gains in leading coins.
Ethereum Classic (ETC) gained to $4.14, although still not seeing a more significant rally.
NEM (XEM) gained about 9% this week, as the voting started on a funding proposition and a future roadmap for XEM during the bear market. XEM recovered to above $0.04.
Despite the negative news of the Cryptopia hack and the closing of QuadrigaCX, the digital asset market seems to be holding up well in February, with some of the assets recovering or showing short-term strength. While the markets remain risky, short-term altcoin rallies have seen assets gain more than 10%, moving away from recent lows.
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.