CV Market Watch™: Weekly Crypto Trading Overview (March 1 - 8)
Bitcoin inched up toward $4,000 ahead of the weekend, setting expectations for another attempt to rally above that level.
Bitcoin (BTC) climbed above $3,900 on Friday, setting expectations for a weekend rally. Altcoins managed to post stronger gains, with separate weekly growth spurts doubling the prices of a handful of assets.
Bitcoin (BTC) added a slim 1.35% last week, trading at $3,924.09 ahead of the weekend. It appears to be staging another rally above the $3,800 range, with the usual pattern of appreciating on weekends due to low volumes.
In the past week, the share of Tether (USDT) increased to as much as 79% of all BTC activity and hovered around 77% on Friday. This ratio shows that the stablecoin is the chief source of liquidity on crypto markets, affecting both BTC and altcoins. BTC volumes remain high at the equivalent of $9.9 billion, twice the usual level of $5 billion that persevered for months. This time, however, BTC is even more dependent on USDT.
Ethereum (ETH) stagnated after the completion of the Constantinople hard fork although volumes remained above $4.2 billion’s equivalent. The asset traded at $137.30 ahead of the weekend.
XRP (XRP) remained at $0.31 as attention moved to altcoins going through rallies.
Litecoin (LTC) once again displaced EOS from number four, becoming one of the most dramatic gainers in 2019. LTC hit a weekly peak at $59 last week and on Friday traded at $56.90 on Friday, gaining 18.95% over seven days.
EOS (EOS) edged up slightly to $3.76 but failed to cross the $4 mark.
Bitcoin Cash (BCH) slid to $130.23, losing about 2% for the week, and may soon cede its position to Binance Coin (BNB).
Binance Coin (BNB) continued its strong rally as its price is set on the highly active BNB/USDT market. BNB added as much as 29.95% over a week to reach $14.46. The coin gets a boost through the renewed activity on Binance, as well as the concentration of USDT in the exchange’s wallets.
Stellar (XLM) hovered at $0.086 with a slight weekly gain as the network has been overlooked in recent months.
TRON (TRX) fell to $0.022 despite the growing popularity of the network. TRX trading is concentrated on Binance, but the asset has extremely low volatility.
Cardano (ADA) inched down to $0.042, remaining stagnant due to the project being obscure compared to other networks.
Monero (XMR) grew to $50.75 as the network underwent a hard fork to disable ASIC mining once again. XMR, however, remains stuck around the $50 level.
Bitcoin SV (BSV) slowed down, trading at $67.28 amid losing the spotlight and fighting to establish itself as an alternative asset.
IOTA (MIOTA) lost a cent to $0.28, with no renewed interest despite the potential for altcoin rallies.
DASH (DASH) was at $83.13, with negligible change over the week and no significant news from the project.
Maker (MKR) continued to rise despite the mid-week loss of the DAI dollar peg and a crisis on using the collaterals to stabilize the coin. It traded at $686.00, with a weekly gain of 1.64%.
NEO (NEO) rose to $9.00 on Friday although the coin fails to chart a stronger gain. The network has been affected by the success of TRON.
Ethereum Classic (ETC) was almost unchanged at $4.32, with no signs of a rally as the asset now moves in a tight range.
NEM (XEM) deflated to $0.041 amid the project facing uncertainty and the NEM Foundation showing signs of losing its financial footing.
BTC’s market dominance fell to 51.7% as minor altcoins rallied strongly. LTC continued to gain attention as one of the older and better-respected coins, sparking expectations of a new surge to triple-digit prices. The markets have seen increased nominal volumes, but this is based on stablecoin activity, not the inflow of new funds.
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.