CV Market Watch™: Weekly Crypto Trading Overview (June 1-7, 2019)
Bitcoin fell and dragged down all altcoins, as the new week arrived with a correction that pulled the leading asset below $8,000.
Bitcoin (BTC) failed to keep the gains this week, as prices plunged below the $8,000 range during a significant sell-off starting on Tuesday. This event completed another growth-and-crash cycles for BTC, though there are indicators the coming months may see further appreciation.
Bitcoin (BTC) traded at $7,980.32 on Friday, sparking hopes of another weekend rally. The asset reached a low in the $7,500 range on Tuesday, wiping out around 4% this week, but still holds hopes for a recovery.
Tether (USDT) trading slowed down to 65% of all volumes, as Coinbase increased the activity of dollar-based trading. Still, USDT may gain importance as the coin increased its supply by 400 million in the past month, and Asian exchanges boosted their holdings significantly. BTC dominance over the entire market capitalization remained around 55.5%, as altcoins achieved a balance, with only separate short-term rallies. BTC trading volumes somewhat slowed down to around $20 billion in 24 hours.
Ethereum (ETH) stagnated at $249.45, losing around 3% on a weekly basis. ETH lost its appeal for now, as altcoins remained relatively stagnant.
XRP (XRP) stabilized at $0.42, despite the news of the GateHub hack that took away $9.5 million’s worth of coins. The asset has failed to achieve a stronger rally for now, as BTC stops to reassess its direction.
Bitcoin Cash (BCH) fell to $398.34, mostly after BTC moved to a lower range.
Litecoin (LTC) remained hot this week, growing by 8% on Friday to $113.04. LTC trading is picking up, with volumes above $5 billion’s equivalent in 24 hours, comparable to BTC volumes just a few months ago. Heightened Asian trading activity is boosting the coin.
EOS (EOS) crashed in the past days, after the announcement of the Voice social media failed to affect the price. EOS wiped out 15% in the past days, returning to $6.47 from highs above $8.
Binance Coin (BNB) is almost changeless at $31.84, boosted by the Binance dominance and increasing Asian trading.
Bitcoin SV (BSV) is at $197.64, consolidating some of the gains after a rapid rally took it above $275 in the past days. BSV remains highly volatile, inviting suggestions of deliberate speculation.
Stellar (XLM) kept its position at $0.12, managing not to fall through during the latest sell-off.
TRON (TRX) climbed up the charts, remaining at $0.033. The asset’s fame was boosted after Justin Sun won the bidding for the annual charity lunch with Warren Buffett.
Cardano (ADA) hovered around last week’s levels around $0.085, still seeing a relatively weak inflow of investments.
Monero (XMR) fell by around 3% to $88.14, as the coin lost its appeal following a general crackdown on anonymous coins.
DASH (DASH) wiped out 8% this week, down to $147.09. The coin keeps its relative volatility, and has remained at three-digit levels for a few months, surviving several sell-offs.
IOTA (MIOTA) lost 8.5% to $0.43, calming down after the news of a new consensus algorithm to replace the centralized consensus server.
Cosmos (ATOM) keeps picking up speed, growing by more than 14% this week to $6.52, a record price range. The project is seen as relatively unpopular and potentially yet to discover a new price range.
Tezos (XTZ) recovered to $1.34 on Friday, adding more than 12% in the past day. The mid-week shakedown still wiped out around 8% of the price.
Ethereum Classic (ETC) receded to $7.95, erasing around 8% this week.
NEO (NEO) rose up the charts, keeping the range at $12.07, as the coin receives a small boost from the talk of NEO 3.0, a new network and consensus architecture.
NEM (XEM) is at 0.086, down around 8% this week.
Maker (MKR) is at $746.48, up around 2.4% this week, as the lending system still works with the new lowered 17.5% interest rate. MKR remains one of the biggest DAO on the Ethereum network, offering a complicated investment scheme that also supports the DAI stablecoin.
Bitcoin slowed down to reassess the gains, with the $8,000 level remaining close. But threats of falling to a lower range are still a likely scenario. Altcoins are stabilizing, consolidating some of the gains. The influence of Tether (USDT) may increase, as inflows to Asian exchanges became more active, while the total supply of coins is growing.
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.