CV Market Watch™: Weekly Crypto Trading Overview (November 1-8, 2019)
Bitcoin (BTC) spent most of the week above $9,200, but slumped ahead of the weekend.
Bitcoin (BTC) touched $9,500 as a peak this week, before starting to slide down again. BTC was teetering on the verge of $9,000 on Friday.
Bitcoin (BTC) traded at $9,033.71 on Friday, entering a continuous slide down from the $9,200 tier. BTC showed signs of diminishing volumes, and the recent hike above $10,000 at the end of October may be a temporary spike.
The share of Tether (USDT) moved between 75% and 76% this week, though with significant outflows from exchanges. The market cap dominance of BTC remained at 66.8%, as BTC threatens to fall to a lower range.
Ethereum (ETH) reached $184.84, up about 3% this week. The asset gets a boost from the growth of DeFi apps and holding ETH as collateral.
XRP (XRP) crashed to $0.28, a serious slide for this asset, despite the hype surrounding the annual Swell conference.
Bitcoin Cash (BCH) added about 3% to $266.09, as the coin grows gradually. The network, however, has shown that large and hefty blocks for scaling are not viable yet.
Litecoin (LTC) grew to $60.87, rising on the back of BTC stability, and adding 4% this week.
EOS (EOS) recovered to $3.50, adding another 6% this week. The network’s speed returned, and last week saw an anomaly based on derivative mining for the EIDOS digital coin.
Binance Coin (BNB) expanded to $20.03 on the back of the general Binance expansion into new products and pairs.
Bitcoin SV (BSV) is almost unchanged at $127.25. The asset is growing its community, with appeals on running an air purity mapping node, to receive BSV rewards.
Stellar (XLM) climbed above $0.08 after an announcement that the Stellar Development Foundation was burning most of its coin supply, and making XLM a fixed-supply asset. Later, the coin slid toward $0.073, as the move failed to cause a more dramatic shift to a new price range.
TRON (TRX) holds on at $0.019, falling about 2% this week, as the network becomes the busiest dApp platform.
Cardano (ADA) inched up to $0.042, on slim volumes.
Monero (XMR) gained to $61.96, in the final stretch of another ASIC-disabling hard fork.
Unus Sed Leo (LEO) behaves like a dollar-pegged coin with a $0.98 value, seemingly unharried by the negative comments on Bitfinex, where the token sees most of its activity.
Huobi Token (HT) inched down 1.24% to $3.89, keeping within its usual price range.
Chainlink (LINK) is changeless at $2.68, for now no rallies lined up.
Tezos (XTZ) moved up more than 41% this week to $1.24, as Coinbase opened staking services for retail owners.
BTC is again in a decisive moment, with expectations for a rally at the end of 2019, but also fears the price may crash again. Altcoins held unpredictable rallies, as liquidity re-establishes itself for a smaller selection of coins and tokens. ETH stabilized with a boost from DeFi use cases, where more coins are getting locked.
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.