CV Market Watch™: Weekly Crypto Trading Overview (March 8 - 15)
Bitcoin spent another week in limbo, as worries about the future direction are still not leading to a major move either up or down. Altcoins managed sudden growth, but the gains were fragile.
Bitcoin (BTC) remained near the $3,900 level for the entire week, seemingly frozen in a pattern resembling the previous period of stability in the fall of 2018, when prices hovered close to $6,000. Traders also see March as the beginning of an altcoin season, when tokens and smaller coins are showing robust growth or the occasional short-term rally.
Bitcoin (BTC) spent another stagnant week with negligible change, trading at around $3,930.60 ahead of the weekend. With the leading asset stagnant, altcoin rallies were cut short in dollar terms, but the stability helped markets.
The share of Tether (USDT) remains high, exceeding 81% mid-week, and hovering just below the 80% mark in the past days. The presence of the stablecoin is the biggest factor for BTC price stability and the potential for movements. It is also behind the active BTC trading, with volumes exceeding the equivalent of $10.7 billion on Friday. Sentiment for BTC remains cautious, as interest is centered on a few select assets.
Ethereum (ETH) hovered around $135.01, remaining robust due to high trading volumes above $4.8 billion in 24 hours. The Ethereum network got a boost from a lowered difficulty, but the lowered reward of 2 ETH per block is making miners give up.
XRP (XRP) is still at $0.31, as the talk of banking partnerships is failing to cause even a short-term rally.
Litecoin (LTC) remains strong, though consolidating in the past week. LTC traded at $57.91, on the back of improved marketing and renewed public appearances by Charlie Lee.
EOS (EOS) fell slightly to $3.56, as the network has not come up with significant news this week.
Bitcoin Cash (BCH) gained about 5% this week, to $137.44, getting a boost from the potential to be more volatile than the leading coin.
Binance Coin (BNB) remained high up in the charts, as the Binance exchange remained central to the crypto ecosystem. BNB rose to $15.26, adding more than 5.7% this week.
Stellar (XLM) rallied this week on a series of announcements, including a renewed logo and corporate identity, as well as expectations of bank partnerships. XLM peaked at $0.11 mid-week, but fell to $0.10 on Friday, gaining 23.5% for the past seven days.
TRON (TRX) lost about 1% this week to $0.022, as the asset hardly got a boost from Justin Sun’s appearance on CNBC with an optimistic message.
Cardano (ADA) added 16% to $0.049, attempting to move up from recent lows under $0.04.
Bitcoin SV (BSV) stagnated at $66.67, as the project is still creating puzzlement and is yet to gain the interest of traders.
Monero (XMR) rose by 4% this week to $52.91, gaining a USDT pair on Binance.
IOTA (MIOTA) added 7.5% this week to trade at $0.30, joining the altcoin rally.
DASH (DASH) spiked to $91.09, adding around 9% in the past seven days, as inflows from BTC move into major altcoins for higher returns.
Maker (MKR) retreated to $658.25, as the project keeps inviting increased activity to boost the level of the DAI stablecoin.
NEO (NEO) increased slightly to $9.28, following the general market trend.
Ontology (ONT) displaced Ethereum Classic (ETC) as the coin based on NEO returned above $1. ONT has doubled since it held the $0.50 level in February.
Ethereum Classic (ETC) inched up to $4.43, as it stagnated to a predictable level.
NEM (XEM) was a surprising gainer, adding 21% this week in a recovery above $0.05, after the project announced it may continue as a leaner organization.
BTC’s market dominance fell from 51.7% last week to 50.8% of the total market capitalization. This marker is a sign of the shift in balances, as altcoins gain more weight on the markets. Major altcoins keep steady or make gains, and smaller tokens and coins also perform significant rallies. Volatility remains high, as coin and token pumps still show the market is rife with speculation.
The weight of stablecoins is ensuring the trade remains liquid, despite the withdrawal of fiat funds and a shift to crypto-to-crypto trades.
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.