CV Market Watch™: Weekly Crypto Trading Overview (November 22-29, 2019)
Bitcoin (BTC) increased its volatility, moving between $7,000 and $7,500.
Bitcoin (BTC) found a new stability level above $7,500, a position which is seen as a launching pad for higher valuations. Over the past week, BTC dipped below $7,000 briefly, before recovering to the $7,500 level within a day.
Bitcoin (BTC) was volatile in the past week, threatening to dip to new lows, but narrowly avoiding the scenario. The past week saw the impact of two large exchange heists, as Upbit lost above $51.3 million in ETH, while IDAX admitted its CEO was missing and was in control of cold wallet private keys. Still, BTC held up, propped by spot and futures markets. On Friday, the leading coin traded at $7,599.49, with some forays above $7,600.
The share of Tether (USDT) moved between 73 and 77%, with a trading anomaly that saw BTC futures markets become more influential than the stablecoin pairs. BTC trading volumes moved around $19 million in 24 hours, and price dominance remained steady around 66.3%.
Ethereum (ETH) recovered to $154.82, stabilizing the DeFi sector. The coin expects the mainnet Istanbul hard fork on December 7, with a potential to lift prices.
XRP (XRP) remained stagnant at $0.22 after pushing off $0.21, with increasing pessimism of the coin’s future.
Bitcoin Cash (BCH) reached $223.87, getting a 7% boost in the past week as assets recovered.
Litecoin (LTC) returned to $48.66, slightly up since last week, as altcoins still reel from a recent sell-off.
EOS (EOS) moved slightly to $2.76, adding about 4%. The network keeps being pressured by EIDOS mining.
Binance Coin (BNB) recovered to $16.00 on Friday, keeping up the pace as Binance is still near the top with volumes and products.
Bitcoin SV (BSV) is at 109.76, with a strong recovery above 15%. The coin also has the support of miners, who are not selling their haul.
Stellar (XLM) is slightly up to $0.059, with rumors the asset was affected by the Upbit hack.
TRON (TRX) moved up the charts with a price of $0.016, as the asset gets support from TRON-based USDT.
Cardano (ADA) broke out above $0.040 on news of launching a new payment platform for merchants.
Monero (XMR) gained to $55.16, as its ASIC-disabling hard fork approaches at the end of November.
Unus Sed Leo (LEO) sank down the charts, stagnating at around $0.91.
Tezos (XTZ) went through a rally in the past weeks, keeping some of the gains at $1.29 on Friday.
Chainlink (LINK) remained almost unchanged at $2.32, as the asset is taking a breather from its rallies.
BTC once again moved between “extreme fear” and “fear”. Altcoins for now fail to rally, and all eyes are on ETH as the coin goes to its next hard fork in a week.
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.