CV Market Watch™: Weekly Crypto Trading Overview (October 4-11, 2019)
Bitcoin (BTC) started making forays above $8,000, though quickly losing some of the gains.
Bitcoin (BTC) started increasing its volatility, touching weekly highs above $8,700 early on Friday. With the poor performance of September behind, expectations of regaining $10,000 were renewed.
Bitcoin (BTC) peaked above $8,714, before retreating to $8,411.41. The coin saw its volumes pick up to above $20 million in 24 hours. The Bitcoin fear and greed index hovers around 40 points, escaping extreme fear.
The share of Tether (USDT) expanded to above 70% during the recent price spike, once again showing its significance to BTC price discovery. The BTC market cap dominance sank a bit to 66.9% as several altcoins held their ground.
Ethereum (ETH) is becoming more important within the crypto ecosystem, inviting more than $500 million as collateral in various DeFi schemes. ETH traded at $188.41 ahead of the weekend, with robust volumes and inflows of USDT liquidity. The Ethereum network is now on track for a November upgrade to move gradually onto the proof-of-stake stage, or ETH 2.0.
XRP (XRP) gained to $0.27, on renewed talks of usability, as well as the recent addition to BitPay. Still, XPR is not staging a rally above $0.30.
Bitcoin Cash (BCH) remained almost unchanged, inching up by 2% to $228.50.
Litecoin (LTC) settled at $56.87, remaining within a tight trading range.
EOS (EOS) moved up to $3.14, getting a boost from the DevCon 5 presentations.
Binance Coin (BNB) added nearly 9% to $16.99, as it remained prominent within the Binance exchange ecosystem.
Bitcoin SV (BSV) is at $87.04, adding about 4.8% this week. BSV remains depressed, despite a recent report of its transactions surpassing those of BTC briefly.
Stellar (XLM) added 3% to $0.06, with only a slow recovery.
TRON (TRX) moved up the charts, after adding 11.73% this week to $0.016. The TRON network was reported the fastest growing platform in terms of dApps and users.
Cardano (ADA) added 6% to $0.041, still depressed after its second anniversary did not bring the expected development.
Unus Sed Leo (LEO) broke under $1 for the first time in history this week, as its support weakened. LEO fell toward $0.96 as a class-action lawsuit was announced against iFinex, Bitfinex and Tether. Now, LEO has recovered to $1.01.
Monero (XMR) remained changeless at $55.58, as OKEx is rethinking its approach to anonymous coins.
Chainlink (LINK) was the big mover this week, peaking at $2.88. LINK was recently boosted by its launch on Binance.US, and added more than 40% this week, to $2.71 on Friday.
Huobi Token (HT) recovered by more than 7%, up to $3.39, performing relatively stable as an exchange token.
IOTA (MIOTA) inched up to $0.27, holding within its usual price range.
DASH (DASH) moved up to $72.39, with the potential to be relisted on OKEx.
Tezos (XTZ) did not budge from the $0.91 level, as most altcoins failed to rally for another week.
Ethereum Classic (ETC) added about 4% to $4.82, off the recovery of BTC.
The top 20 of altcoins is shifting, with Maker (MKR) growing above $525 as DeFi picked up in the past month. Yet despite separate pumps, altcoin season is still not coming for some assets, which remain depressed for months with nearly no change.
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.