CV Market Watch™: Weekly Trading Overview (14-21 December)
Bitcoin prices bottomed out, quickly appreciating back to the $4,000 level and sparking hopes of a market recovery.
Bitcoin (BTC) started the week on a positive note, adding hundreds of dollars a day in a rally rarely seen in the past months. BTC prices stretched above the $4,100 range and sparked hopes the markets may be ready for a new rally.
Bitcoin (BTC) had held steady around $3,200 for days, sparking fears of a crash under $3,000. But with the new week, the fears did not materialize and prices boomed from Monday onward. BTC reached a peak at $4,191.23 on Thursday, later retreating to the $4,000 level. BTC volumes also expanded, to above $8.3 billion in 24 hours, as activity and sentiment increased. But out of that volume, more than 54% was tied up in the BTC/USDT pair, suggesting the stablecoin may be a factor in price setting. Rumors of spoof orders sparking the rally were added to the opinions. The price dominance of BTC fell to 53.1%, as some altcoins staged separate rallies.
The sentiment around BTC remains uncertain, as 2019 is around the corner. The year-end rally is smaller than expected, and the next year may be bound with the direction of the stock markets.
XRP (XRP) created hopes of a decoupling from BTC prices, and added more than 25% in the past week, to $0.37. XRP trading is boosted by ZB.com, and the asset is having separate support.
Ethereum (ETH) broke above $100 after a protracted period as a double-digit asset. ETH grew by more than 35%, recovering to $116.73.
Bitcoin Cash (BCH) roared up the market cap chart back to fourth place after growing more than 135% in a week. Last weekend, BCH fell to lows around $75 after what looked like a trade war with Bitcoin SV (BSV). However, with the new week, BCH launched a price recovery and reached $216.85, which added more than 31% to its price on Friday. The coin is regaining its volumes and prices from before the November 15 hard fork.
EOS (EOS) recovered to $2.72, growing by more than 46% in the past week, supported by trading against ETH, but also USDT.
Stellar (XLM) reached $0.12 with a smaller weekly recovery of 21%, an echo of the general market boost.
Bitcoin SV (BSV) lagged the BCH rally, but later moved on to vault the $100 level. BSV is up 59% this week, 21% just on Friday, up to $123.15, becoming one of the top gainers among the top ten coins.
Litecoin (LTC) spent just a short time with a higher market capitalization than BCH. LTC growth slowed, as the asset is seen as defunct. However, LTC still added 38% to its price in a week, to stand at $32.47.
TRON (TRX) rose to $0.020, growing by 53% in the past seven days, showing market recoveries, at least in the short-term, are still possible.
Cardano (ADA) reached $0.04, adding 47% to its price this week, as the project slowly advanced toward add smart contract functionality. Still, ADA remains relatively subdued.
IOTA (MIOTA) moved up the charts, adding 57% to its price to stand at $0.33, boosted in part by the BTC price increase, but also by a general recovery of altcoins in BTC terms.
Monero (XMR) grew by 27% to $53.48, which is still relatively subdued as skepticism about anonymous coins is hurting the prices.
DASH (DASH) quickly moved up from the $60 range to reach $95.84. The coin added more than 57% to its price, again adding to the strength of the altcoin market.
Binance Coin (BNB) is up to $5.71, growing by more than 22%.
NEM (XEM) rose by a relatively small 14% to $0.07, this time lagging behind stronger gainers.
Ethereum Classic (ETC) added 27% this week to stand at $4.77, again a slower grower compared to other coins.
NEO (NEO) reached $7.11, adding 25% to its price this week.
The past days showed that a recovery from lows could happen fast, as crypto markets remain driven by sentiment and are highly volatile. It is uncertain how long the positive direction would be preserved, as sellers are more eager to realize gains soon after a price pump. But the rapid rise of volumes and trading interest shows that the markets may be looking at a recovery, at least in the form of short-term rallies.
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.