CV Market Watch™: Weekly Crypto Trading Overview (May 17-24, 2019)
Bitcoin showed increasing volatility, with prices showing the possibility for fast and risky drops.
Bitcoin (BTC) struggled to maintain the $8,000 range this week, also breaking up the rallies of various altcoins. Only separate assets managed to keep up the pace while leading coins retreated somewhat.
Bitcoin (BTC) saw deep crashes this week, going down from the $8,000 range down to the $7,600 level. On Friday, the asset traded at $7,995.41, showing the potential for a relatively fast recovery. Volumes have received a permanent boost, remaining above $24 billion’s equivalent in 24 hours.
The share of Tether (USDT) trading once again inched above 75%, down from lows of 62% in the past weeks. The share of dollar-based fiat trading has fallen again toward 10%. Trading activity has returned to Coinbase and Kraken, as well as Bitfinex and Bitstamp as the leading exchanges ahead of the weekend.
Ethereum (ETH) had another strong week, recovering on Friday for a net 5% gain over the period. ETH traded at $251.54, bouncing by 6% in the past day. ETH reached a weekly peak at $262.11.
XRP (XRP) remained steadily in position 3 based on market cap, retreating from recent peaks above $43. XRP is down to $0.38, adding just about 1% to its price this week, still keeping to the relatively sluggish growth trend.
Bitcoin Cash (BCH) had a relatively strong week, ending up 14% higher at $414.66, with trading recovering above $2.4 billion’s equivalent in 24 hours.
Litecoin (LTC) is at $95.05, bouncing 10% on Friday and 5% net this week, erasing the mid-week slump. The asset still gets a boost from the upcoming halving in August, as well as from significant trading inflows.
EOS (EOS) bounced to $6.28, recovering by 7% on Friday, as most coins and tokens bounced from the lows. EOS saw evidence surfacing of potential price manipulation during its ICO phase, but the project remains one of the most highly visible, ensuring price stability.
Binance Coin (BNB) continued to set records, growing a phenomenal 36% in a week for both dollar and BTC-priced peaks. BNB set new records on Friday, trading briefly above $34, later establishing its position at $33.66. BNB marks the increasing Binance activity and a recovery after the locked wallets period following a recent hack.
Stellar (XLM) shot up to $0.12, still remaining within a smaller range, with little hope of going back near the $1 levels.
Cardano (ADA) remains sluggish, keeping the $0.08 level, as the coin sees little inflows from the major sources of liquidity. Even the low price is not inviting upward speculation.
TRON (TRX) grew to $0.028, boosted by the popularity of the BitTorrent Token (BTT) and the general market recovery on Friday. The asset grew by about 8% this week.
Bitcoin SV (BSV) rose above $111 after the community greeted the claims of Dr. Craig Wright that he was the author of the Bitcoin white paper. The coin is up more than 69% net since last Friday, trading at $98.84.
Monero (XMR) traded at $85.86, growing slowly based on the boost from other major coins.
DASH (DASH) leapt to $158.64, growing more than 16% in a week, as the project keeps fighting for its popularity.
IOTA (MIOTA) grew a little to $0.39, still failing to attract major speculation.
Tezos (XTZ) traded at $1.61, moving against the markets after last week’s spike.
Cosmos (ATOM) stabilized at $4.42, keeping its more visible position after the recent Binance listing.
Ethereum Classic (ETC) remained stagnant at $7.22, failing to derive gains from the recent BTC recovery.
NEO (NEO) is at $11.60, adding a 5% net this week. The asset is keeping its own pace, away from the spotlight.
Ontology (ONT) stabilized at $1.35, failing to move to a higher price range.
Maker (MKR) is at $667.17, adding 6% this week, while the community voted to decrease the staking fee. The DAI coin was also added to Coinbase trading, for residents outside New York.
Bitcoin remained unpredictable and put a setback on what looked like an early altcoin rally. Binance-based assets kept establishing their dominance, with post-IEO tokens rallying. For now, there is no certainty what direction the price of BTC would take, and the coin is highly dependent on stablecoin markets.
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.