CV Market Watch™: Weekly Trading Overview (1-7 December)
Another week proved that deep sell-offs continue, taking Bitcoin lower and nearer the $3,000 level.
Bitcoin (BTC) once again raised the issue of capitulation selling, as prices pushed down to a lower range ahead of the weekend. Altcoins are now deep in negative territory compared to last year’s bumper months.
Bitcoin (BTC) made a tradition of having one or two big weekly shakedowns, where the new, lower range is a temporary bottom. BTC prices were dragged down toward $3,400, seriously threatening to slip under the $3,000 range, if the slide continues. BTC reached $3,438.39 as of 11:30 UTC on Friday, and it dominated 55.3% of the market capitalization of the entire crypto sector. During the latest sell-off, the influence of the BTC/USDT pair remained high, accounting for more than 55% of BTC volume. 24-hour activity reached $6.4 billion, higher than usual based on selling.
Bitcoin sentiment sank after another SEC refusal to create an ETF, which was again pushed back for revision for early 2019.
XRP (XRP) lost more than 17% this week, accelerating the slide, and is down to $0.30. The promises of xRapid still do not manage to boost the price, and XRP slides along with the rest of the market this time. Despite reports of heightened social media activity, the market price is subdued.
Ethereum (ETH) this time did not manage to survive and sank under the $100 level, down more than 25% this week to $85.74. ETH had an especially sharp drop on Friday, when more than 15% of its value was wiped out in a matter of hours starting around 1:00 UTC.
Stellar (XLM) continued to lose positions, but so far has not yielded to Bitcoin SV (BSV). XLM, after weeks of defying the bear market, lost support and saw more than 31% of its value wiped out in a week, down to $0.11 and with the loss accelerating on Friday. XLM lost more than 18% in one day ahead of the weekend.
Bitcoin SV (BSV) underwent a “flippening” event where its price shot above the $100 mark, and displaced the ticker accepted as the official Bitcoin Cash (BCH) chain. After the end of the hash wars, a trade war has been opened, and BSV for now has greater support. BSV rose by more than 18% on Friday, to $108.31, after reaching highs above $113.
Bitcoin Cash (BCH, BCC) was pressured, after UnitedCorp launched a lawsuit against several participants in the ecosystem, including Bitmain, Inc. and Roger Ver. BCH lost another 40% of its price this week, down to $103.81, although it sank briefly to $97.
EOS (EOS) was the biggest loser in the top ten of coins for the second week in a row, down more than 41% in the past seven days. EOS went to $1.71, with expectations of continued losses to levels under $1. The unraveling of EOS accelerated after founder and lead developer Dan Larimer announced plans to launch unrelated projects.
Litecoin (LTC) is down to $25.72, down 21% in a week, and the asset is viewed with increased pessimism, possibly going down to single-digit prices if selling continues.
TRON (TRX) survived the latest sell-off better than other coins. TRX lost just 9% this week, and returned to $0.013. The TRON network continues to add new accounts and increase transaction levels.
Cardano (ADA) sank more than 26% this week to $0.029, continuing to erase the bull market gains.
Monero (XMR) lost to $45.20, down more than 25% this week. The anonymous coin saw itself delisted from exchanges and exchange services, and in the past months has lost its appeal. Anonymous coins seem to be going out of fashion at the time when KYC, AML and identities are key to mainstream crypto adoption.
IOTA (MIOTA) lost another 23%, and reached pre-boom prices of $0.22, once again staying out of the spotlight and seeing more selling pressures than pumps.
NEM (XEM) lost about 7% this week to $0.067, boosted by its diverse trading profile, as well as news of participation in a consortium for a common security token standard. Still, the asset remains depressed from the peaks above $1.
Binance Coin (BNB) sank by 17% on Friday, down to $4.68, though still seeing some support from Binance trading.
DASH (DASH) could not hold to the previous range, and went down to $61.95, losing more than 33% in a week. DASH still keeps its efforts to become a payment coin with widespread adoption, but the market price sees no support.
Ethereum Classic (ETC) lost another 26% in the latest selling spree, down to $3.53, with no end of the price drop in sight.
NEO (NEO) is down to $5.51, off more than 25% after Friday’s shift in the markets, deepening the pessimism as the project is now hovering at pre-boom prices, and interest in ICOs and distributed apps has been shrinking.
For nearly a month, another series of crashes took down the market prices to pre-boom levels. But the sentiment remains bearish, with more sell-offs expected in the future. The bottom for BTC has not been called, and some expect a spell under $3,000.
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.