CV Market Watch™: Weekly Crypto Trading Overview (September 6-13, 2019)
Bitcoin (BTC) once again froze around the $10,000 level, still supported by high liquidity, but indecisive for a larger rally.
Bitcoin (BTC) kept up the pace this week, with volumes around $17 billion in 24 hours. Altcoins remain depressed, though giving off signals for a potential rally.
Bitcoin (BTC) traded at $10,326.40 ahead of the weekend, recovering from Thursday’s dip toward $10,000. Trading volumes thinned out toward the end of the week, sinking to $15 billion, lower than the usual on most days.
The share of Tether (USDT) sank toward 65%, as trading slowed down. BTC dominance shrank to 69.5% mid-week, then recovered to 70.4% on Friday, as altcoins still can’t manage to take off.
Ethereum (ETH) hovers sideways, despite the rapid inflows of USDS on the Ethereum network. The ETH market price is at $179.63, briefly breaking above $180, with only a 2% net gain this past week.
XRP (XRP) remains at $0.25, despite the recent news of potential selling from Ripple and former partner Jed McCaleb. XRP also faces a new project that has announced a hard fork to stop the selling of XRP assets from the massive treasury of Ripple.
Bitcoin Cash (BCH) is at $297.28, with hardly any change since last week, as the network continues to draw in some of the hashrate, promising relatively robust rewards.
Litecoin (LTC) grew to $68.93, rising by about 3% this week, though the asset faces slower hashrate, with no hopes of a large-scale spike.
EOS (EOS) climbed up the charts to stand at $3.72, up more than 12% in a week, running counter to the general altcoin trend.
Binance Coin (BNB) fell to $20.95, sliding more than 7% this week, despite the news for the initial launch of Binance.US.
Bitcoin SV (BSV) fell to $117.34, down about 7% this past week, despite the project’s claims of a bright future and upcoming disaster for BTC.
Monero (XMR) fell to $73.53, still only going through small short-term rallies.
Cardano (ADA) fell to $0.042, still getting no real boost from being listed among the assets for the Binance Lending program.
Stellar (XLM) wiped another 6% of its price, down to $0.054, with no support in sight, as the asset shares the stagnant fate of XRP.
Unus Sed Leo (LEO) is clinging to $1.07, with almost no change. The asset remains unchanged, despite the recent announcement from Bitfinex that it would allow a larger circle of verified users to buy LEO.
Huobi Token (HT) continues on its track to price discovery after the recent market launch. HT is currently at $4.09,
TRON (TRX) inched down to $0.014, still losing ground despite the project’s large-scale publicity.
DASH (DASH) grew to $86.15, rising with a better pace this Friday.
Ethereum Classic (ETC) lost 10% this week, despite the success of the Atlantis hard fork. ETC trades around $6.23, with a small net gain in the past month.
IOTA (MIOTA) is also without change at $0.24, remaining among top coins only because of its large circulating supply.
Tezos (XTZ) slid to exactly $1.00, on relatively slim trading volumes.
NEO (NEO) remained at $8.97, hovering sideways in expectation of NEO 3.0 appearing in 2020.
Cosmos (ATOM) was the big mover this week, adding more than 52% to a price of $3.04. The asset is rising on expectations of a Coinbase listing, along with the addition to Binance.US.
BTC remains directionless, with still very mixed indicators that do not give a clear scenario for the price action. Altcoins show short-term rally behavior, though it is early to estimate if the price growth would be sustainable. The market expects the launch of Bakkt futures, while taking account of a harsher regulatory climate.
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.
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