CV Market Watch™: Weekly Crypto Trading Overview (June 21-28, 2019)
Bitcoin went through its most volatile week for 2019, wiping out $4,000 within a day.
Bitcoin (BTC) once again proved its pattern was to reach peak prices for a very short trading period, only to crash in an episode of dizzying volatility. BTC climbed to $13,800 within a day, only to crash to $10,500 on the same day.
Bitcoin (BTC) recovered to $11,888.36, up from lows around $10,500. BTC is now in extremely uncertain waters, with the possibility to either start rallying or to retreat to lower valuations.
The share of Tether (USDT) trading this week hovered around 58%, though each coin saw a robust turnover of above 10 times in 24 hours. BTC volumes peaked late on Thursday at $45 billion’s equivalent, an all-time record far outpacing any previously seen activity. Ahead of the weekend, volumes still reached $38 billion’s equivalent in 24 hours.
Ethereum (ETH) managed to climb above the $300 mark, boosted by 1 billion USDT printed on the Ethereum network. Still, ETH retreated during the Thursday sell-off, ending the week with a small gain of 6.5% to $306.11. ETH became the only altcoin with noticeable weekly gains after the crash wiped out most altcoins.
XRP (XRP) attempted to stay in the spotlight by announcing a partnership aiming at compliance with the latest Financial Action Task Force (FATF) requirements. XRP sank by more than 6% this week to $0.41. So far, XRP has failed to go anywhere near its peak, while BTC managed to go more than halfway to its all-time high.
Bitcoin Cash (BCH) moved into the spot of Litecoin (LTC), moving above the $400 mark. BTC was at $422.89 ahead of the weekend, losing just 1.67% this week.
Litecoin (LTC) was hurt by the late-week selling, retreating to $117.84, down 14% this past week. LTC lost its position to BCH. The asset did not follow the rally of BTC, as it had already achieved significant independent growth on its own before the big BTC rally.
EOS (EOS) sank to $6.01, losing more than 17% this week, as altcoins lost their support and BTC took center stage.
Binance Coin (BNB) hovered at $34.27, preserving most of the gains of the past months, losing around 8% this past week.
Bitcoin SV (BSV) is at $213.61, hardly changed, managing to keep above the $200 watermark.
Cardano (ADA) steadied at $0.085, displacing other coins by accident. ADA received some attention after Weiss Ratings increased its grade to B.
TRON (TRX) peaked around $0.038 at its one-year mainnet anniversary, but went to sink to $0.032, losing more than 6% this Friday, and 2% over the past week.
Stellar (XLM) lost 10% to $0.11, still hovering without significant change.
Unus Sed Leo (LEO) moved in the place of Monero (XMR), with a price of $1.81. The asset still lost positions in BTC terms, sliding from the 20,000 Satoshi range down to 15,000 Satoshi in a week.
Monero (XMR) sank to $98.46, losing around 9% this week, despite claims that anonymous coins may continue to have increased appeal.
DASH (DASH) remained at $163.16, with almost no net loss for the past week, though wiping out the mid-week gains above $185. Like most altcoins, DASH made quick gains mid-week, then went on to wipe out the climb.
NEO (NEO) performed a surprising move, growing by more than 24% since last Friday, to $17.93. NEO seems to be bucking the trend and moving on its own logic.
IOTA (MIOTA) sank slightly to $0.40, as the coin remains relatively stagnant, remaining stable due to the generally low trading activity.
Cosmos (ATOM) is losing steam, going down 11% this week to $5.79. The asset is out of the spotlight after the initial Binance enthusiasm following an unexpected listing.
Ethereum Classic (ETC) is at $7.95, down 11% in the past week, as ETC lost the boost from the pre-announced September hard fork upgrade.
NEM (XEM) rose to $0.097, adding 12% this week after the announcement of a KuCoin listing.
Thursday’s sell-off dashed some of the hopes for an altcoin rally. While BTC set yearly records, those price levels proved unsustainable, and the shock of losing above $3,000 within a day may have caused new bearish moods. Altcoins are still not going through a mass rally, and most are dropping in BTC terms. BTC dominated more than 62% of the entire market capitalization for digital assets, pressuring the prices of tokens and other coin projects. June is seen as a month potentially determining the direction of BTC for the rest of the summer months, though the monthly gains arrived only after a highly risky and volatile rally.
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.