CV Market Watch™: Weekly Crypto Trading Overview (March 29 - April 5 2019)
Bitcoin staged a surprising rally, climbing above $5,300 before crashing once again, in a move that was seen as a concerted market manipulation with strategically placed orders.
Bitcoin (BTC) saw a wild week where volatility returned with a vengeance. The leading coin suddenly added as much as 20% to its price, making one-day gains of hundreds of dollars on Wednesday. The asset continued to expand as the markets market record volumes, touching levels above $5,300.
Bitcoin (BTC) hovered around $4,980.38 ahead of the weekend, after sliding significantly late on Thursday. The BTC rally was seen as a one-off event after market analysts noticed that the price spike was caused by strategically placed orders on a handful of exchanges. Later, algorithmic trading extended the effect of the high bids.
The share of Tether (USDT) is around 75% on Friday, after this week saw increased fiat activity. BTC trading volumes peaked around $22 billion in 24 hours, retreating toward $17 billion on Friday.
Ethereum (ETH) rose to $163.89, boosted by 16% net this week. ETH sees significant BTC inflows, allowing for the resultant dollar price appreciation.
XRP (XRP) is up to $0.36, gaining more than 19% this week, although the asset did not gain dramatically against BTC.
Litecoin (LTC) regained position four on the charts, as it is one of the assets most strongly reacting to the growth in BTC prices. LTC added more than 43% to its price this week, rising to as high as $97. On Friday, LTC traded at $87.70, keeping most of the gains despite the price slide on Thursday.
Bitcoin Cash (BCH) briefly rose to the fourth position on CoinMarketCap, but lost the placement as the price corrected from the peaks above $330. Still, BCH is up more than 70% net this week, trading at $288.59 on Friday.
EOS (EOS) is at $5.28, up 23% in the past week, gaining to a new price range following the boost of increased BTC volatility.
Binance Coin (BNB) rose based on the success of the entire market, up around 14% this week to $19.17. The Binance exchange also saw increased activity with volumes above the equivalent of $2.3 billion in 24 hours.
Stellar (XLM) slowly rose to $0.12, adding around 16% this week, but the asset actually crashed in BTC terms mid-week.
Cardano (ADA) gained more than 30% to stand at $0.09, adding to its price both in dollar terms and against BTC.
TRON (TRX) reached $0.029 and stalled, trading at $0.027 on Friday. Despite the positive news about the network, the asset is relatively flat and has not revisited a higher price range in months.
Bitcoin SV (BSV) is at $84.04, growing by more than 30% this week.
Monero (XMR) returned to $67.49, adding more than 26% to its price, but is still pressured by BTC and by the loss of interest in anonymous coins.
DASH (DASH) revisited triple-digit prices, gaining 33% to $130.36 on Friday. The coin continues on its crusade of being a widely known payment processing asset.
IOTA (MIOTA) benefitted only slightly from the price activity, rising to $0.34, up around 14% this week.
NEO (NEO) rose to $13.08 boosted by high BTC prices, adding 39% to its price. For now, the asset is not promising a bigger recovery and the current price levels have to prove their sustainability.
Ontology (ONT) rose to $1.59, still adding to its positions based on increased volumes and fund inflows.
Maker (MKR) inched up to $776.49, moving on its own market logic, up about 10% this week.
Tezos (XTZ) is at $0.97, just touching the $1 levels. The asset is up around 14% this week, still tentative despite the popularization of the network.
The BTC market cap dominance rose briefly to 52%, then fell again to the 50.2% level. BTC reminded that the markets are unpredictable and that the coin is the leader when it comes to determining the prices of altcoins. LTC movements were a big surprise this week, as the previously stagnant coin seems to be returning to the spotlight.
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.