CV Market Watch™: Weekly Crypto Trading Overview (May 3 - 10, 2019)
Bitcoin broke above the $6,000 level while establishing its dominance over altcoins.
Bitcoin (BTC) continued to rally despite potentially damaging news following a theft of coins from Binance.
Bitcoin (BTC) boomed on Friday, trading at $6,297.97, as trading volumes picked up above $18 billion in the past 24 hours. BTC managed to break the $6,000 level, despite predictions for another crash to new lows, with more suggestions that the second quarter of 2019 led to overcoming the bear market.
But the current BTC rally is happening with the support of Tether (USDT), which makes up around 75% of all BTC trades, occasionally rising to a share of 80%. The spike in BTC prices happens despite the fears about the solvency of Tether and Bitfinex.
Ethereum (ETH) attempted to revive, reaching a weekly high of $180.39, still unable to get closer to the $200 barrier. ETH traded at $173.20 ahead of the weekend, on volumes above $7 billion in 24 hours, adding around 3% this week.
XRP (XRP) sank to $0.29, as it became clear the asset is the only loser in the first quarter of 2019, unable to make the recovery that came easy to other altcoins.
Bitcoin Cash (BCH) hovered at $286.34, with no significant change, as altcoins lagged behind the leader of the pack.
Litecoin (LTC) is at $76.70, still getting a boost from the halving of the reward coming in about three months.
EOS (EOS) sank again to $4.83, on a general sell-off for altcoins, as the asset hovers in a relatively tight range.
Binance Coin (BNB) sank to $19.93 after a significant hacking attempt stole above 7,000 BTC from the Binance exchange, breaking its reliability track record.
Stellar (XLM) is down to $0.092, somewhat copying the lackluster performance of XRP.
Cardano (ADA) crashed to $0.063, once again proving that the asset is only boosted by short-term hype.
TRON (TRX) inched down to $0.023, keeping near its usual range. The asset was mostly unaffected by the news that a wallet flaw could have overloaded the entire network.
Monero (XMR) was almost changeless at $66.73, once again pressured by the generally bad week for altcoins.
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) retreated to $114.37, losing about 4.5 % this week as the coin sank in BTC terms. The coin lost its position after the temporary rally of BSV.
IOTA (MIOTA) hovered around $0.27, erasing the gains of the previous week.
Tezos (XTZ) was volatile, losing 13% this week to $1.15, still going up the charts slightly.
Cosmos (ATOM) crashed after the rapid rally, losing more than 22% this week, down to $3.88.
Ethereum Classic (ETC) is down more than 6% to $5.59, pressured significantly by the drop of interest in altcoins.
NEO (NEO) sank to $8.85, wiping out 11% this past week.
Ontology (ONT) kept its gains, slowing down the pace to trade at $1.07.
Maker (MKR) crashed this week, to $517.65, losing around 7% after news the organization had to raise stability fees again, to a record 19.5%. This means that the previously cheap crypto-backed loans of Maker now have an interest rate of 19.95%, raising doubts about the project’s future.
Bitcoin rallied strongly this week, leaving altcoins behind. The BTC dominance is growing above 58%, as BTC will have to break above the $6,450 level to prove its capability of an extended rally. Altcoins are seen as lagging, but later entering another altcoin season.
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.