CV Market Watch™: Weekly Trading Overview (11-18 January)
Bitcoin escaped dramatic bearish sentiments, reaching a new equilibrium at $3,600.
Bitcoin (BTC) stagnated again, consolidating around the $3,600 level, with no dramatic news to steer the direction. Its prices already absorbed the news of the Bakkt exchange delay and no hopes of an ETF coming soon, adding to the cautious attitude and low volatility.
Bitcoin (BTC) saw some wild swings during the week, going near $3,500, then recovering to $3,700 before settling for days around the $3,600 range. BTC prices reached $3,651.94 on Friday, with volumes of $5.28 billion equivalent in 24 hours.
BTC’s stabilization once again allowed separate altcoin and token rallies. In the past week, the share of Tether (USDT) trading expanded again, going from under 60% to as high as 67% on Friday. Usually, USDT involvement coincides with more dramatic price movements, but trading has helped hold the prices for the time being.
XRP (XRP) remained stagnant around $0.32 as the Ethereum (ETH) rally stopped. XRP lost around 2.43% for the week despite encouraging adoption.
Ethereum (ETH) sank to $122.14, losing around 4% over the seven says to Friday. Despite the delay of the Constantinople hard fork, ETH prices continued without dramatic moves. For now, rallies above $150 remain unlikely.
Bitcoin Cash (BCH) inched down to $128.98, with a negligible change for the week. The asset has again left the spotlight again as the hash wars and trading competition with Bitcoin SV (BSV) subsided.
EOS (EOS) was at $2.47, adding a slim 1.8% and preserving its usual relatively stable prices and liquid volumes.
Stellar (XLM) stagnated at $0.10, sliding by 1.72% over the week despite its addition to the Grayscale Capital portfolio.
Litecoin (LTC) slid below Tether (USDT) in terms of market capitalization. The coin lost 6.62% to retreat to $31.12, reflecting lower general interest and subdued transactions.
TRON (TRX) lost 3.14%, hovering around the $0.025 level. The promise of a BitTorrent Token (BTT) airdrop was not enough to support the prices near the previous week’s levels of $0.033.
Bitcoin SV (BSV) reached $77.16, stabilizing around this price with a slight weekly gain of 1.87%. BSV has become a separate coin with its own path of development, which involves the selection of trusted miners.
Cardano (ADA) remained at $0.044 as the project keeps sitting on the sidelines and has not been traded actively for months.
IOTA (MIOTA) kept the previous week’s level of $0.31, with interest shifting to other assets and their short-term rallies.
Binance Coin (BNB) was the big mover of the week, boosted by the exchange’s central position. The asset added 7.46% to reach $6.55.
Monero (XMR) stopped sinking and anchored at $45.12, but the anonymous coin has lost some of its appeal.
DASH (DASH) also stuck to around $71.18 after previous dramatic price drops. It remains among the promising digital assets but has so far failed to stage a price rally.
NEM (XEM) fell slightly to $0.055, again remaining depressed with no chance of recovery.
NEO (NEO) displaced Ethereum Classic (ETC) but still slipped to $7.68 as the network remains of little interest to traders.
Ethereum Classic (ETC) survived the double-spending attacks and network anomalies, going as low as $4.25 mid-week but recovering to $4.36.
The third week of 2019 brought stagnation although separate assets managed to rally. BTC prices are once again at a crossroads. Altcoins and tokens continue to signal they work on the projects, but some assets remain permanently depressed. Rallies, as in the case of Augur (REP), are still too few and far between to declare the return of an altcoin season.
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.