CV Market Watch™: Weekly Crypto Trading Overview (June 28- July 5, 2019)
Bitcoin remained volatile, crashing under $10,000, then recovering the $11,700 level.
Bitcoin (BTC) had a harsh week with lots of questions, as the price tanked as low as $9,700 on a mass sell-off on Monday. BTC once again had a volatile weekend where it spiked above $12,000, only to lose support. Later, BTC climbed back above the $11,000 tier.
Bitcoin (BTC) retreated to $11,300 on Friday, down from the $11,700 level reached late on Thursday. BTC remained volatile but kept most of the gains made in June.
The share of Tether (USDT) remained around the 60% mark, and most of BTC trades were concentrated on Asian exchanges. Trading volumes hovered around $25 billion’s equivalent in 24 hours. The leading asset is down 3.2% this week, though its dominance over the market has grown to 62.3%.
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Binance Crypto Exchange Switches to Ethereum-Based Tether (USDT) |
Ethereum (ETH) broke below the $300 level, reaching a weekly low at $272.60. On Friday, the asset held at $293.60, losing around 3% this week. Possibly, ETH could get a boost from the increasing supply of Ethereum-based USDT, which has grown to 1.2 billion coins. More stablecoins may add extra liquidity to the ETH markets and boost trading and price action.
XRP (XRP) crashed by 7% this week to $0.38, failing to make a difference as the asset moves on its own logic. XRP is still potentially pressured by sales from large-scale holders.
Litecoin (LTC) inched up to $120.12, becoming one of the few gainers among top 10 coins. LTC is still far from the $130 range, but the halving in August may add another boost to prices.
Bitcoin Cash (BCH) fell to $406.46, getting a boost from a growing transaction count. The asset has stagnated around the prices from November 2018, when it went through a hard fork, which ended up producing Bitcoin SV (BSV).
EOS (EOS) moved down to $5.85, still showing weakness. EOS may get a boost from the upcoming official launch of EOSFinex in July.
Binance Coin (BNB) moved around $33.11, after sinking under the $30 during the mid-week sell-off. BNB remains one of the most actively used assets, with bullish predictions seeing the token go as high as $60.
Bitcoin SV (BSV) fell to $201.46, down 5% this week, as altcoins remained under pressure.
TRON (TRX) is back in the top 10, though the price sank to $0.032. The asset remains one of the most prominent in its social media presence, but the price has remained in the same range for nearly a year.
Cardano (ADA) crashed by more than 10% to $0.07, as the asset still fails to receive a liquidity boost.
Stellar (XLM) lost another 8% to $0.10, failing to rally despite the IBM partnerships and potential increased usage for its protocol.
Unus Sed Leo (LEO) fell to $1.73, down 5% this past week. The asset is another fixture among leading coins, though raising doubts on whether the price action is organic. So far, Bitfinex has burned more than 500,000 LEO.
Monero (XMR) crashed by 9% this week to $88.38, on the general slide in altcoin prices both in dollar terms and against BTC.
DASH (DASH) fell slightly to $155.06, losing 4%. The project focuses on its security, recently releasing an update for its master nodes program.
NEO (NEO) stabilized at $17.38, losing around 2% net this week. The coin has managed to lock in some gains, and now awaits the NEO 3.0 consensus protocol, scheduled for 2020.
Chainlink (LINK) climbed up the charts this week, adding 54% net to its price to reach $3.50. The coin peaked at $4.09 on June 30, and is one of the most successful altcoins this year. Touching record prices and volumes, LINK continues to attract the spotlight, boosted by Binance trading.
IOTA (MIOTA) lost around 3% to $0.39, and the coin is seen as lagging behind all trends, still in waiting for an altcoin season.
Cosmos (ATOM) continued to slide, losing another 3.5% to drop to $5.48.
Ethereum Classic (ETC) remained almost unchanged at $7.80, keeping the gains from the recent announcement of the coming September update.
Tezos (XTZ) moved closer to top coins, adding more than 19% to its price to reach $1.73, after announcing its platform would be used by a Latin American investment bank to tokenize real estate.
BTC still went through the pattern of a weekend rally followed by sell-offs as the new week started. The leading coin dominated price action, with the expected altcoin season delayed for now. BTC is still considered unstable and may need to defend the $11,000 level for another week.
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.
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