CV Market Watch™: Weekly Trading Overview (16-23 November)
The market continues to see tremors and shakedown events, as twice this week prices sank deeply, and BTC may be fighting for the $4,000 level.
Bitcoin dragged down the entire market, as sell-off events continued, shaking down altcoins on Monday and Friday. BTC fell closer to the $4,000 level, stabilizing somewhat, but the loss of faith in the market has led to talk of much lower prices.
Bitcoin (BTC) saw two significant sell-offs this week, and is down $2,000 below the previous level of stability. On Friday, BTC prices reached $4,318.89 as of 14:30 UTC, on volumes of around $4.8 billion, of which more than 50% is in pairs with USDT.
The dominance of BTC in terms of market capitalization reached 53.7%, as altcoins shed their positions much faster. BTC is still not immune to capitulation events, as prices of $1,000 are envisioned as a bottom. After a protracted bear market, most participants do not expect a rally any time soon.
XRP (XRP) became the most exchanged asset on Changelly, as some owners moved from BTC to Ripple’s coin. Still, XRP did not go without damage, losing more than 13% this week to $0.40.
Ethereum (ETH) crashed even deeper, dragged down by tokens, breaking down to $122.42, as the asset is still in freefall after the freeze of the ICO sector.
Bitcoin Cash (BCH, BCC) split into two assets, as the BCH ticker inherited the price and trading of the BCHABC futures. This led to the price crashing as much as 40% on Monday. On Friday, the slide took BCH under $200. BCHSV, the alternative chain, traded at $51.68. BCH is still shaky, as the battle for reputation, exchanges and community support continues, as well as competitive mining on the two branched blockchains.
Stellar (XLM) held on a bit better than other assets, but still slid from $0.24 to $0.18. The coin is down 25% this week, despite following XRP in relative stability.
EOS (EOS) also seems to be on its way out after long months of stability. EOS sank to $3.57, down 22% in the past seven days.
Litecoin (LTC) is at $32.01, solidly within the pre-boom level, down 25% this past week alone.
Cardano (ADA) also had a series of crashes, going down to $0.043, down more than 30% this week, also quite near its post-ICO price.
Monero (XMR) is also unwinding, losing more than 26% to $64.93, on extremely thin volumes.
TRON (TRX) fell to $0.013, despite gaining users and increasing its transaction levels. TRX is still nearly 500% up year-on-year, and is one of the few coins where the bear market has not wiped out all the gains. Still, the asset is pressured by selling and may move down even more.
DASH (DASH) is down to $97.87, and is one of the bigger losers this week. DASH lost more than 28%, compensating for previous weeks where the price held on.
IOTA (MIOTA) fell to $0.31, losing 22% in the past week, as the asset returns to the pre-boom low levels.
Binance Coin (BNB) is down to $5.55 this week, losing more than 30%, as the leading exchange has seen its trading activity slashed in half.
NEM (XEM) is down to $0.07 after a short price awakening, down 17% in the past seven days.
Ethereum Classic (ETC) is down to a modest $5.15, losing more than 32% this week, as the Coinbase listing does nothing to stem the bleeding.
NEO (NEO) is down to $8.29, losing its position to ETC. NEO crashed by 35% this week, on volumes of $170 million, possibly showing a capitulation event on the Chinese markets, as the previously hot coin lost all support.
Sell-offs have become a fixture, with days in the red taking coins down to pre-boom levels. Expectations are of a long and protracted ice age that few coins would survive. Still, trading continues, and some projects continue to develop. There are expectations the crypto market could preserve its structures, while still at lower, trimmed prices, seeking a more organic direction for growth. But the end of the year seems to be arriving with more potential for sell-offs than rallies. Negative sentiment plus lower liquidity is hurting altcoins more, but BTC prices will have to defend several key levels, and some still believe the leading coin has a long way down.
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.