CV Market Watch™: Weekly Crypto Trading Overview (October 18-25, 2019)
Bitcoin (BTC) crashed even deeper under $8,000, regenerating fears of an ongoing slide.
Bitcoin (BTC) tested the waters with a few dips under $8,000, before flash-crashing this Thursday, to below $7,500.
Bitcoin (BTC) traded at $7,631.66, after a brief relief rally late on Friday, bouncing off lows at $7,446.69 on Thursday. BTC traded at around $15 billion’s equivalent in 24 hours. The expectations are for increased price drops, to lows in the $6,000 range.
The share of Tether (USDT) expanded to above 75% during the recent selling spree, as traders returned to dollar-denominated positions. BTC saw its market cap dominance shrink to 65.6%, on a downward trend despite expectations for growing to above 90% again.
Ethereum (ETH) recovered to $166.68, down just around 3.5% this week despite the deep slide on Thursday. ETH gets a boost from the highly active USDT transfers on the Ethereum network.
XRP (XRP) held on to $0.28, relatively unaffected by the sell-off, but also failing to claim higher prices above the $0.30 mark.
Bitcoin Cash (BCH) jumped to $219.96, up around 2% since last Friday, recovering from the week’s lows.
Litecoin (LTC) slid to $50.92, losing around 4.5% this week, and temporarily dipping under $50.
Binance Coin (BNB) went up the charts, stabilizing at $17.92, boosted by active trading on Binance.
EOS (EOS) held on at $2.82, largely unchanged since last week.
Bitcoin SV (BSV) saw another illogical pump, jumping a whooping 29.74% this week, to $116.08. The coin saw significant pumps, but at one point showed the price was largely unstable.
Stellar (XLM) was at $0.061, shrinking its losses to just 3.4% this week.
TRON (TRX) kept its gains at $0.015, as the network got a boost from above 300 million TRON-based USDT.
Cardano (ADA) remained largely unchanged at $0.038, but moved up the charts as other tokens lost their position.
Chainlink (LINK) made a bold move up the charts, moving to position 13 with a price of $2.75. LINK added more than 14% to its price, while other assets were in the red, sparking optimism it may be one of the breakout projects in 2019.
Unus Sed Leo (LEO) seems unable to keep its dollar peg, and slid to $0.94 as selling pressures decreased.
Monero (XMR) went down to $54.14, losing about 5% on the week, as newer assets took the spotlight.
Huobi Token (HT) remained at $3.34, losing just 3.2% this week, as exchange-based tokens manage a more robust performance.
IOTA (MIOTA) stabilized to $0.25, surprisingly resilient during the recent sell-off.
DASH (DASH) decreased to $64.65, erasing another 5% of its price this week.
Altcoins are showing diverse performances, with an elite and liquid group managing to keep up the pace, while older coins are largely forgotten. BTC is again seeking direction, though the prevalent mood turned bearish.
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.