CV Market Watch™: Weekly Crypto Trading Overview (November 29 - December 6, 2019)
Bitcoin (BTC) goes through another bull-and-bear fight, standing below $7,500.
Bitcoin (BTC) moved between $7,000 and $7,500 for most of last week, with a rogue rally above $7,700. But the peaks did not have a cascade effect, and so far BTC remains stagnant.
Bitcoin (BTC) went through another volatile week, heading for the end of 2019 with prices about 50% below the yearly high. BTC traded at $7,409.82 on Friday, after sinking to a weekly low under $7,200. Trading volumes inched down to $17 billion in 24 hours, signalling a loss of activity.
The share of Tether (USDT) remained around 75%, as activity switched to futures markets. The BTC market cap dominance remained around 69.9%. BTC has narrowly avoided a critical bearish scenario, but there is not enough support for a bull rally.
Ethereum (ETH) rose to as high as $159, but sank again to $147.87. Interest in DeFi dropped, as the coin became more volatile. The Istanbul hard fork was also already discounted and did not cause a rally.
XRP (XRP) sank to $0.21, and remains one of the worst performers as the year entered its final stretch. The asset is being bought just for the odd chance of a bigger rally, though prices and volumes are sliding.
Bitcoin Cash (BCH) is at $211.33, with a slight loss in the past week. BCH so far remains far from the spotlight, as it did not manage to recover to its usual $400 range from before the 2018 split to BCH and BSV.
Litecoin (LTC) wiped out more than 7% to $44.41, unraveling to a lower price range. The coin’s hashrate is also down by 70% since the summer peak.
EOS (EOS) moved down to $2.70, seemingly unaffected by the continued presence of EIDOS simulated mining.
Binance Coin (BNB) held up at $15.59 as altcoins spent most of the week with stagnant prices.
Bitcoin SV (BSV) fell to $96.00, losing more than 12% and distancing itself from the triple-digit prices. The asset was also chosen for the new OKEx product, a USDT-settled futures market.
Stellar (XLM) fell to $0.055, unraveling further to deepen its 2019 loss so far.
Cardano (ADA) inched down to $0.037, in its usual mode of relative inactivity.
TRON (TRX) tanked to $0.014, despite the launch of OKEx USDT-settled futures. The asset is down more than 9.37% this week, despite positive news on partnerships with Huobi and Poloniex.
Monero (XMR) is at $54.37, mostly unmoved despite the successful switch to a new mining algorithm last Sunday.
Unus Sed Leo (LEO) established a new stability position at $0.92, keeping as close to $1 as possible. For months now, LEO has been much less volatile in comparison to other coins, but is still down from a peak at $1.98.
Tezos (XTZ) remained without change at $1.29, boosted by the news of Binance launching zero-fee staking.
Chainlink (LINK) is on a downward trend, losing more than 13% this week, to $2.07.
BTC still moves near the “extreme fear” sentiment, with prices pressured by both bullish and bearish sentiment. Altcoins remain stagnant, and the end of 2019 does not seem to hold the potential for further rallies. The crypto market sets its hopes on early 2020. But there are still predictions of BTC making more lows as fear and selling pressures quickly wipe out hundreds from the price. BTC, however, also has days of sharp recovery, with bear traps leading to liquidations on futures 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.