CV Market Watch™: Weekly Trading Overview (13-20 April)
Talks of the bear market ending are coming, but Bitcoin still has to fight for recovering the $9,000 level, while altcoins are going through short-term boom times, with an unknown outcome.
Bitcoin (BTC) remained resilient in the past week, never straying far from the $8,000 level. But a revival toward the end of the week is pointing to the possibility for another rally, depending on how confidently the asset crosses the $9,000 barrier.
Bitcoin (BTC) heads for the weekend with a range around $8,300, as there is a still tentative agreement that the bear market may be over. Altcoins are booming, at least in comparison to their recent extremely low levels. However, the leading digital asset remains indecisive. BTC grew by around 6% in the past seven days, to $8,506.86.
Trading volumes remain stable at around $7 billion in 24 hours, while most of the trades happen in Japan. The share of trading against the Yen rose to 56% of total deals, while the share of USD and Tethers (USDT) dropped. USDT trading slid to 11% of total volumes, including trading in altcoin pairs.
Ethereum (ETH) stood around $587.25, as the recovery is still tentative, and the coin may be under selling pressure, as a handful of ICOs have been noticed to shed their holdings. ETH has been volatile in April, but the latest price rise comes with gradually increasing volumes, indicating a return of positive sentiment.
Ripple (XRP) accelerated its gains, with realistic expectations of reaching $1 levels soon. XRP grew by more than 35% net this week, adding more than 21% on Thursday, to reach $0.876.
Bitcoin Cash (BCH, BCC) seems headed for the $1,000 levels. The project quietly grows in acceptance and innovation, and despite the bad publicity, remains one of the most active networks. BCH climbed by more than 36% net this week, to $1024.26, adding another 16% to its price just in the past 24 hours.
Litecoin (LTC) grew gradually, as it is the habit of the coin, but managed to add 15% to its price, and head again for the $150 range. LTC grew by around 6% in the past day, to $147.71.
EOS (EOS) had a curious week, in which it battled to take over the $10 levels again. The net growth for the week was just around 11%, as EOS climbed to $10.04.
Cardano (ADA) started to gain prominence, heading for the $0.30 range as trading slowly returns. ADA grew by 34% this week, to $0.28. The addition of USDT trading pairs is adding to the possibilities for price growth.
Stellar (XLM) keeps competing with ADA, but this week its growth surpassed expectations. XLM added more than 51% to $0.37.
IOTA (MIOTA) climbed up the charts, flirting with the $2 levels. The asset grew a strong 34% this week to $1.91, with a 13% jump just in the past day, as interest returns.
NEO (NEO) remains relatively obscure in the past weeks, as hotter altcoins are offering some trading gains even in the bear market. But the recovery did not pass this asset either, seeing it grow by 13% to $75.29.
Monero (XMR) proved its strength, despite the hard forks competing for mining and attention. The 80% drop in hashing power did nothing to affect the asset’s market price, which grew by more than 29% this week, to $252.62.
DASH (DASH) is recovering gradually, adding 19% in the past seven days to $443.76. The project relies on its usual publicity, but that was not enough, as the bear market wiped out all coins. Now, DASH may be making a comeback.
NEM (XEM) moved with the rest of the pack, adding a net 35% this week to $0.39. The asset, however, once again went to its usual pattern of sideways movements, with intermittent and brief price spikes. At the moment, NEM is on one of its upward legs in terms of BTC price, and the volumes are growing every day.
TRON (TRX) is adding to its price only slowly, growing by a net 26% this week, to $0.05. TRX remains one of the best-traded assets on Binance, but the price spike to $0.10 is still in the past, as other coins are taking the attention.
As evidence that the crypto market still has appetite for risk, Monaco (MCO) spiked on news of a Bithumb listing, growing by 84% overnight mid-week. MCO reached a price above $14 on unprecedented volumes far outstripping those during the December spike. The other sensation was Verge (XVG), which fell, then rallied again after the April 17 announcement of a partnership with PornHub.
The weekly overview is just a snapshot of the market, and conditions may turn in hours. Right now, the tentative agreement that the bear market is over is still fragile, and surprises may be in store, if mass selling is again triggered.