CV Market Watch™: Weekly Crypto Trading Overview (May 10-17, 2019)
Bitcoin performed a stunning rally to levels above $8,000, achieved within a day of the $7,000 landmark, only to crash back.
Bitcoin (BTC) returned to volatility, extending the gains from support levels near $6,000. The leading coin easily broke above the $7,000 level last weekend and went on to regain the $8,000 tier for the first time in about 12 months. But following an old pattern, BTC also crashed quickly, wiping hundreds from its price.
Bitcoin (BTC) had two consecutive weekend booms, continually breaking above to a higher range. This week, BTC climbed to a peak at $8,320.52, just before returning to the $7,300 range in a fast correction. The move re-sparked talks of a “Bart Simpson” pattern, the usual quick climb, a few days of stability, followed by a crash.
The current rally arrived with absolute record volumes of above $30 billion’s equivalent in 24 hours, peaking at above $33 billion. This time, the share of actual fiat in dollars increased to about 15% of volumes, while the share of USDT trading fell to about 62%. But it is still early to say if this means renewed investment interest, or another bout of concerted speculation using both dollars and stablecoins.
Ethereum (ETH) was the star this week, breaking above $200 and continuing to highs at $275.39. The asset traded with peak volumes, as funds flowed out of BTC. On Friday, ETH had kept 39% of its gains over the past week, trading at $241.01. The ETH rally also gives a boost to a handful of altcoins.
XRP (XRP) broke out of its usual range this week, riding on the general recovery. XPR added more than 28% net this week despite the setback. At its peak late on Thursday, XRP reached $0.47 in the daily high, only to drop to $0.38 on Friday.
Bitcoin Cash (BCH) went through a scheduled hard fork, which led to a temporary split in the chains, later to be fixed and consensus renewed. BCH traded at $369.95 after making gains above the $400 range mid-week.
Litecoin (LTC) recovered, trading at $89.19 on Friday, down from a peak at $106.21. The asset once again revealed its capability of rising to triple-digits, but mostly based on the success of BTC.
EOS (EOS) gained to $6.02, riding on the gains of other leading coins, especially ETH. The asset briefly displaces LTC on temporary fluctuations.
Binance Coin (BNB) had a wild week as the exchange remained locked for new deposits and underwent a maintenance period on Thursday. BNB traded at $24.93 on Friday, up more than 20% despite some setbacks. The asset peaked at $27.65.
Stellar (XLM) compensated for the previous slowness, shooting up from around $0.09 to as high as $0.14. The climb happened despite a glitch that blocked the consensus on the Stellar network for about two hours on Thursday.
Cardano (ADA) rose to $0.08, keeping 27% of the gains, after announcing a partnership with Polymath to create a chain for the issuance of compliant tokens.
TRON (TRX) remained more volatile this week, peaking at $0.33, only to crash early on Friday. The asset is at $0.026, still up around 27% on the week.
Monero (XMR) jumped to $81.87, mostly riding on the appreciation of BTC. The coin added 24% to its dollar price this week.
Bitcoin SV (BSV) rose to $57.16, adding around 5% this week, becoming one of the few net gainers in the past seven-day period.
DASH (DASH) remained robust at $137.34, rising more than 24% in the past few days, as altcoins rallied in the day after BTC reached $8,000.
Tezos (XTZ) had a field day, locking in 50% gains this week, to return to $1.70. The asset benefitted from its influential BTC pairings, peaking at $1.83.
IOTA (MIOTA) returned to $0.37 from lows around $0.26, adding more than 36% to its price.
Cosmos (ATOM) extended its rally on Friday, reaching $4.57 on continued growth. The asset added a net 16% this week, continuing to gain ahead of the weekend, establishing itself closer to top coins.
Ethereum Classic (ETC) returned to $7.23, up more than 29% this week, with a trend of volumes picking up.
NEO (NEO) grew to $11.17, still within its relatively low price range.
Ontology (ONT) added 27% despite the setback, trading at $1.33
Maker (MKR) went to $624.37, lifted by the rise in BTC and ETH prices. The crypto lending system still functions, despite seeing its fees shoot up to 19.5%.
Bitcoin had another strong week of rallying, and as expected, was followed by an abbreviated “altcoin season”. However, the leading coin remains volatile, with dominance fluctuating between 59% and 56% of the entire market capitalization for digital assets. Altcoins showed their performance is a mix of BTC positions and their own rallies in dollars, Satoshis, or in stablecoin trading.
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.