CV Market Watch™: Weekly Crypto Trading Overview (October 11-18, 2019)
Bitcoin (BTC) broke down below the $8,000 mark twice this week, re-sparking expectations of a larger retrace.
Bitcoin (BTC) dipped below $8,000 on two occasions this week, but Friday’s sell-off threatens to deepen the losses. BTC is seen as headed lower before a bigger bounce. The price looked shaky, though late on Sunday, a relief rally returned BTC to the $8,200 range.
Bitcoin (BTC) slid closer to $8,000 this week. Ahead of the weekend, BTC traded at $7,961.82, on volumes around $15 billion’s equivalent in 24 hours.
The share of Tether (USDT) expanded to above 70% in the recent sell-off. BTC’s market cap dominance shrank to 66.1%, as the coin awaits a turbulent drop as a probable scenario for the last quarter of 2019.
Ethereum (ETH) moved downward this week, as it failed to appreciate to compensate for the BTC weakness. The project keeps seeing criticisms on its scalability and the potential conflict with miners. ETH slid by 7% this week to $172.76.
XRP (XRP) rallied this week, almost touching $0.30. The coin hovered around $0.29, with reports of Ripple moving some of its funds to an OTC wallet. XRP is seeing another campaign on its potential appreciation, but so far not breaking above its usual range.
Bitcoin Cash (BCH) sank to $213.28 as altcoins took losses on Friday.
Litecoin (LTC) continues its new period of stagnant prices, moving slightly down to $53.46.
EOS (EOS) sank to $2.84, breaking its recent rally. EOS is seen as one of the most active dApp networks, though with suspicions of bot usage.
Binance Coin (BNB) appreciated to around $18.31, as Binance kept expanding its influence and announced an upcoming IEO. The exchange also offers 125X leverage, a highly risky tool.
Bitcoin SV (BSV) seemed to wait for all the markets to turn red so it would show its mettle. The price pumped on Friday, up to $90.58, adding 5% net this week, becoming one of the few winners among top 10 coins.
Stellar (XLM) inched up to $0.064, up around 6% this week, possibly on the back of XRP hype.
Unus Sed Leo (LEO) recovered to $1.01, seemingly unaffected by altcoin fluctuations.
TRON (TRX) moved up the charts, though remaining with a price of $0.015. The coin hovers sideways, as skeptics see its network activity as mostly focused on gambling.
Cardano (ADA) lost 7% to $0.038, sliding after its recent second anniversary celebrations.
Monero (XMR) rose slightly to $56.94, adding about 2% this week on the back of a scheduled hard fork to a new mining algorithm.
Chainlink (LINK) seems on track to another rally. The coin moved up to position 15, to stand at $2.43, despite a 10% net loss this week and growing volatility.
Huobi Token (HT) kept its value, as exchange coins turned out to be some of the best performers in 2019. The coin improved its standing to $3.45, up about 2.5% this week.
IOTA (MIOTA) stood at $0.27, still unable to break its boundaries, as interest in older altcoins with less vocal communities is waning.
DASH (DASH) sank further to $68.30, despite OKEx deciding to reevaluate its delisting.
Altcoin markets show slowing volumes, as even Binance reveals a loss of activity. For 2019, altcoin seasons, if any, were brief and gains were relatively weak. Older coins lost credibility, and some projects seem to be entirely forgotten, as lack of marketing fails to appeal to new potential buyers. Some coins may find a niche within the space of DeFi, but relying on trading seems to be a weak bid in 2019.
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.