CV Market Watch™: Weekly Crypto Trading Overview (July 5-12, 2019)
Bitcoin almost revisited the $13,000 level, but shed the gains within just a day.
Bitcoin (BTC) remained extremely volatile, starting another rapid climbing trend on Monday where the price almost touched the $13,000 level. BTC established itself as the leader, dominating as much as 65.5% of the entire market capitalization for all digital assets. Most altcoins are sinking further, dashing the hopes for a rally.
Bitcoin (BTC) traded at $11,426.13 on Friday, with almost no gain against last week, though volatility moved the price between a weekly low at $11.148.50, and a high of $13,129.53.
The share of Tether (USDT) hovered close to 60%, as dollar-based trading also boosted the price. Trading is still highly dependent on Binance and a handful of crypto-only exchanges. BTC trading volumes remained near $30 billion’s equivalent, making the recent rally the most liquid in history.
Ethereum (ETH) sank further under $300, despite the inflow of funds, as hopes of an altcoin rally diminished. ETH lost another 5% to trade at $270.96, with grim predictions for a further price drop.
XRP (XRP) wiped out 17% of its price to slide to $0.32, as the asset once again loses hopes of a higher valuation.
Litecoin (LTC) weakened by 13% in the past week, sliding to $103.39, as the appeal of the halving fails to support the price and BTC takes up altcoin resources.
Bitcoin Cash (BCH) also lost more than 13% in the past seven days, down to $348.46.
Binance Coin (BNB) survived the sell-off well, climbing up the charts. BNB traded at $31.76, as the Binance exchange announced it is ready with its margin trading platform.
EOS (EOS) was among the top losers, suffering from the weakening in BTC and ETH. EOS slid to $4.75, wiping out more than 17% of its price.
Bitcoin SV (BSV) fell to $159.41, losing more than 19% in the past days. BSV managed to keep above $200 for weeks but capitulated as altcoins lost their appeal.
TRON (TRX) returned to lower valuations, crashing as low as $0.27. TRX lost 10% net this week to $0.028.
Stellar (XLM) went ahead in the charts, despite wiping out 10% of its price in the past week, to $0.089.
Cardano (ADA) wiped out 15% to tank to a lower valuation of $0.065.
Unus Sed Leo (LEO) stepped back to $1.51, down around 10% to follow the general direction in altcoins.
Monero (XMR) remained at $88.52, so far avoiding the losses. XMR had a previous sell-off, and the price is now stagnating.
DASH (DASH) is at $146.04, down just 5% this week, though the BTC price has been unraveling fast in the past weeks. DASH warned of a vulnerability in Mydashwallet.org.
NEO (NEO) is at $14.74, down more than 14% in the past week.
Chainlink (LINK) ended the days of rapid climbs and corrected by more than 21% to $2.77. On Friday alone, LINK wiped out 7%.
IOTA (MIOTA) shed 11% to trade at $0.34, as the project is once again away from the spotlight.
Cosmos (ATOM) crashed by more than 18% in dollar terms, to $4.44, proving once again that gravity-defying altcoins were only a temporary phenomenon.
Ethereum Classic (ETC) stood at $6.67, down more than 13%.
Altcoins remained volatile this week, as previously hopeful projects saw a capitulation. BTC looks to be sucking out resources from the altcoin markets, causing losses of 20-25% in Satoshi terms. An altcoin season, predicted to follow the spike in BTC, is so far not in the immediate future. All attention is on BTC now, as the coin may fight for higher valuations, but is also threatened by another slide.
BTC continues to add value quickly, as trading is now run by experienced participants and high stablecoin liquidity allows dramatic price moves.
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.