CV Market Watch™: Weekly Crypto Trading Overview (September 13-20, 2019)
Bitcoin (BTC) went through a flash crash of nearly $400 early in the new week, but recovered the $10,000 level.
Bitcoin (BTC) does not stray far from the $10,000 level, though the leading coin retreated toward $9,800 seemingly without warning in a flash crash. BTC spent a big part of the week on this lower tier, causing fears of another crash, but toward the weekend recovered the $10,000 level.
Bitcoin (BTC) moved up to $10,165.74 after a rapid climb on Friday, shrinking its weekly loss to just 2.63%. BTC crossed the $10,000 tier in the early hours on Friday. Fear remains the prevailing sentiment, but BTC is also rising in anticipation of the upcoming Bakkt futures exchange launch.
The share of Tether (USDT) rose slightly to 67.4%. BTC trading volumes were established around $17 billion’s equivalent, once again outpaced by USDT with more than $20 billion in daily turnover.
Ethereum (ETH) seemed to reawaken, gaining more than 20% this week to $216.55, though at one point crossing the $220 tier. ETH is seen as potentially undervalued, and started to appreciate after the Ethereum network started to carry half of the supply of USDT.
XRP (XRP) rose to above $0.30, adding more than 15% to its price. Ahead of the weekend, XRP retreated slightly to $0.29.
Bitcoin Cash (BCH) rose to $317.45, with a small gain this week. But the network saw its hashrate pick up, benefitting from the increased supply of mining farms spilling over from BTC mining.
Litecoin (LTC) recovered to $75.32, adding more than 9% this week. LTC is seen as one of the weaker altcoin propositions, though it continues to see adequate liquidity.
EOS (EOS) stood at $3.91 based on the general altcoin recovery. The EOS network carries peak transactions, though block producers and community members are starting to raise doubts about the project’s viability. EOS is still potentially influenced by Block.One, and most block producers are concentrated in China, sparking fears of censorship.
Binance Coin (BNB) recovered to $21.42. The asset remains strong, after the news it would be included into the initial pack of coins for Binance.US.
Bitcoin SV (BSV) remained relatively unchanged at $124.33, with mining also stagnating.
Stellar (XLM) was the big mover this week, adding more than 33% by Friday. XLM recovered to $0.076, stronger than the XRP recovery. The asset has drifted sideways for months before reawakening.
Cardano (ADA) also compensated for its recent lows, adding 14% this week to $0.051. The project still has to prove it will be able to fulfill the technological promises.
Monero (XMR) got a boost from being included in the Binance lending program. Its price, however, only added 4% this week to $76.90.
TRON (TRX) moved closer to the top, as its price recovered to $0.017. TRX added 16% to its price in a week, in what looks like an altcoin relief rally, with no guarantee of an altcoin season.
Unus Sed Leo (LEO) is up a cent since last week, to $1.08. The asset is being kept within a range, and so far fails to gain wider interest, especially as Bitfinex trading has been lowered.
Huobi Token (HT) stagnated at $4.09, discovering its price range based on robust trading boosted by Chinese interest.
DASH (DASH) saw several large-scale announcements this week, with trading launching on Coinbase Pro, and futures markets added on Binance. DASH jumped by 10% by Friday, to $97.87, though almost breaking over the three-digit level.
IOTA (MIOTA) added 22% to its price, reaching the usual price range at $0.29. The asset is still lagging in adoption, but remains one of the solid crypto projects.
Ethereum Classic (ETC) remained stagnant around $6.21, with the effect of the September hard fork upgrade already disappearing.
Tezos (XTZ) recovered to $1.06, growing by 6.28% this week.
NEO (NEO) rose by 6.8% this week to $9.55, getting a relatively small boost from the launch of the NEO 3.0 testnet.
Cosmos (ATOM) grew slightly to $3.16, after getting a new margin trading market on Binance.
BTC shrank its market dominance to 67.7%. Altcoins are not promising anything, though staging rather dramatic separate rallies, while inching up in BTC prices. ETH is one of the most-watched coins that may re-spark a rally in other assets.
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.