CV Market Watch™: Weekly Crypto Trading Overview (September 27- October 4, 2019)
Bitcoin (BTC) stabilized around $8,000, with indicators of a subdued sentiment.
Bitcoin (BTC) bounced off the $7,800 lows and managed to keep above $8,000 in the past week, with a run-up to above $8,300. Still, there are indications of potentially subdued sentiment.
Bitcoin (BTC) traded at $8,186.56, after a brief Thursday crash under $8,300. BTC only briefly returned to lows at $7,830.76 before recovering. For the past week, the peak was at $8,497.69, showing that intraday volatility was still high.
The share of Tether (USDT) reached 66.92% of all BTC pairings, remaining relatively flat. Stablecoin inflows diminished in the past months, coinciding with either price slides or stagnation. The BTC market cap dominance fell to 67.4%.
Ethereum (ETH) stabilized in the past week, gaining 5.46% to $175.24. The slowdown in USDT movement through the Ethereum network slowed down activity. ETH got a slight boost from the end of the FairWin FOMO game, which congested the network for about a month.
XRP (XRP) stabilized at $0.24, after news of being added to the payment options of BitPay. XRP is also represented by a new asset on Binance Chain.
Bitcoin Cash (BCH) is at $223.01, up by about 3% this week, still displaced by USDT on position 4 by market capitalization.
Litecoin (LTC) inched up to $57.04, still not unraveling, and receiving direct liquidity from USDT.
EOS (EOS) moved up to $2.98, up 6% net this week. The asset got a boost after Block.One settled with the US Securities and Exchange Commission, paying a fine of $24 million on a $4 billion ICO.
Binance Coin (BNB) moved to $15.59, up less than 2% this week, despite the launch of Binance.US.
Bitcoin SV (BSV) goes almost without change at $83.20. The asset is finding more support from fans, and is a breakout trend on Google.
Stellar (XLM) remains in the same spot, at $0.059, matching the relative stagnation of XRP.
Unus Sed Leo (LEO) is still mysteriously unchanged at $1.04, unaffected both by rallies or sell-offs.
Cardano (ADA) kept at $0.038, meeting its second anniversary with many questions on whether the project is still vaporware.
TRON (TRX) recovered to $0.014, remaining largely within its usual tight range.
Monero (XMR) stabilized at $55.59, despite the series of delistings.
Huobi Token (HT) hovered around $3.18, still keeping to its usual range.
IOTA (MIOTA) remained at $0.26. The project still promises to launch its automatic consensus soon, but so far the launch has lagged for months. The IOTA network still achieves its consensus by a centralized server.
Chainlink (LINK) displaced DASH, rising more than 19% this week to $1.92. Despite the corrections, LINK is showing significant liquidity and recoveries.
DASH (DASH) was at $69.73, still depressed after the recent delistings.
Tezos (XTZ) recovered to $0.91, inching closer to the $1 range.
Ethereum Classic (ETC) moved up slightly to $4.61, keeping within its stagnant range, down from above $7.40 ahead of the planned hard fork.
NEO (NEO) recovered slightly to $7.36.
Altcoin markets remain depressed, though there are competitive coins showing significant liquidity. BTC diminished its dominance, but the markets remain fearful and the probability of a gold rush is low. The Chinese Golden Week led to lowered volumes on the market, as well as hopes for recovery when the celebrations end.
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.