CV Market Watch™: Weekly Crypto Trading Overview (November 8-15, 2019)
Bitcoin (BTC) slid further from the $9,000 mark as volumes slowed down, though hopes of altcoin season boosted separate coins.
Bitcoin (BTC) unraveled further, stopping at $8,800 for most of the week before sliding toward $8,600. The leading coin decreases its dominance, while altcoins either stay stable or make gains.
Bitcoin (BTC) moved down to $8,693.45 on Friday, as prices slid for most of the week. BTC now looks like crossing into another territory where a new bottom would be established, with predictions of a return to $7,300.
The share of Tether (USDT) remained around 75%, while BTC shrank its dominance to below 66%. Trading volumes slid to around $18 billion’s equivalent in 24 hours, as sinking liquidity chipped away at the confidence.
Ethereum (ETH) remained stable this week, returning to $184.06 on Friday, after a hike above $187. ETH is getting a boost from ERC-20 USDT on its network, as well as DeFi use cases.
XRP (XRP) went on a downward trend after the Swell conference, unraveling to $0.27, with a view to revisiting $0.25 and a lesser chance of going as low as $0.21.
Bitcoin Cash (BCH) remained with a small change this week, losing around 2.3%, to $287.35. The asset has not moved despite the hard fork that passed this November 15. A year after the November 2018 mining war, BCH is still not recovered even above $300, and the $400 level is an impossible reach.
Litecoin (LTC) slid to $59.99, for now stopping its rally, though remaining one of the most liquid altcoins. LTC is among the favorites for another altcoin season.
Binance Coin (BNB) gained to $21.01, as the exchange kept adding new trading pairs and expanding its presence.
EOS (EOS) returned to $3.46, so far remaining relatively stable despite the EIDOS takeover of the network.
Bitcoin SV (BSV) kept its level at $127.21, for all its flexing against BTC. Still, the community believes 2020 may see the coin ascend and challenge other assets. The narrative is once again that BSV may displace BTC by merit of its large-block scalability.
Stellar (XLM) returned to $0.073 where it remained stagnant, on track to become one of the few top assets to mark double-digit losses in 2019.
TRON (TRX) remained at $0.019, and now faces the challenge of the DDOS token, which takes over TRON POWER to simulate the mining of a new asset. DDOS is just entering the stage of price discovery, and promises not to affect the other network functions.
Cardano (ADA) is at $0.043, unaffected by another testnet announcement. ADA is still a one-use coin, as the network is not ready for smart contracts and staking.
Monero (XMR) inched up to $64.80, growing by about 5% this week.
Chainlink (LINK) moved up the charts in another upward move, extending to $2.94 and displacing the lineup of coins, as its market cap is once again above $1 billion.
Unus Sed Leo (LEO) veers away from the $1 level, and is down to $0.95, as the asset loses support and is now trading below the nominal IEO price.
Huobi Token (HT) moved down slightly to $3.81, remaining relatively stable.
Tezos (XTZ) rallied this week, as “baking” functions were added for Coinbase customers. Additionally, an ETP based on Tezos was launched on the Swiss SIX exchange, and became the ninth crypto-based ETP by Amun.
BTC moved down to fear territory, still fighting off a death cross. But Friday’s close may signal at another low to be reached, as trading once again dwindled from the recent peak level.
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.