CV Market Watch™: Weekly Crypto Trading Overview (March 15-22, 2019)
In March, the cryptocurrency markets made a decisive recovery, marking a months-long growth streak, as multiple altcoins pushed up from their lows.
Bitcoin (BTC) gained positions above $4,000 and remained relatively unmoved this week, as altcoins continued to stage rallies, boosted by rising trading volumes.
Bitcoin (BTC) managed to stabilize and hold above $4,000 this past week, gaining 2.49% to $4,032.69. The asset remained stable and became the background for bullish rallies for several altcoins.
The share of Tether (USDT) reached a peak above 83% this week, keeping close around 78% in the past days. The stablecoin keeps boosting BTC liquidity, with volumes ahead of the weekend above $10 billion’s equivalent.
Ethereum (ETH) stabilized, touching the $140 level again. The asset remains important as a liquidity booster for altcoins. Ahead of the weekend, ETH traded at $137.51, rising about 1.5% this week.
XRP (XRP) kept close to the $0.31 price it has revisited for weeks, as the asset is not generating new speculation for now.
Litecoin (LTC) stood at $59.46, keeping its new range stable, with the possibility to rise to $60 at any point.
EOS (EOS) was at $3.66, with a small weekly gain, as the blockchain focuses on attracting distributed app users.
Bitcoin Cash (BCH) lined up among the big gainers as it pushed up from recent lows, touching the $160 level. On Friday, the asset traded at $155.53.
Binance Coin (BNB) slid to $14.97, despite the exchange’s success and the continuation of Binance Launchpad token offers.
Stellar (XLM) retreated to $0.10 despite news of IBM’s partnerships with banks that could boost the usage of Stellar’s technology.
TRON (TRX) once again stagnated at $0.22, despite the growing user base of the TRON network.
Cardano (ADA) grew by more than 15% this week to $0.057, following the footsteps of other assets in what starts to look like a new altcoins season.
Bitcoin SV (BSV) inched down to $66.55, as the asset lost popularity. In the past week, the Coincheck exchange gave up on distributing the coin and instead planned to sell and reimburse traders in Japanese yen.
Monero (XMR) reached $53.70, as the asset remains out of the spotlight, but the USDT pairing on Binance may be boosting trading liquidity.
IOTA (MIOTA) reached $0.31, continuing to gain distance from the recent lows.
DASH (DASH) grew a bit to $91.61, as the coin lost some of the hype, but the project works on security and on spreading to a wider user base.
Maker (MKR) grew to $720.26, gaining activity each week as more ETH is staked into the ecosystem.
Ontology (ONT) managed to “flip” NEO after a boost in prices and circulating supply. ONT traded at $1.35 on Friday, up 23% this week, after touching heights above $1.40.
NEO (NEO) stood at $9.26, still unable to perform a more significant rally.
Ethereum Classic (ETC) grew by 11% this week, rising to $4.94. The asset is also moving away from lows, although for now failing to become a rallying asset, unlike newer coins where enthusiasm is still high.
NEM (XEM) fell to $0.049, as the previous week’s recovery turned out to be temporary.
BTC’s market dominance stabilized at 50.9%, as altcoins shower higher volatility. The digital asset market showed recovery, although valuations still remain far from peak prices. Digital asset projects are boasting of reaching milestones or competing products, as blockchains show the possibilities for reaching users.
The influence of USDT remains high, affecting BTC prices, but also boosting altcoins.
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.