CV Market Watch™: Weekly Trading Overview (18-25 January)
Bitcoin stagnated for another week, while altcoins managed quick rallies both in Satoshi and dollar units, but major growth remained elusive.
Bitcoin (BTC) remained unchanged after the news of the delays in the Bakkt futures and the CBOE ETF. The markets already discounted that scenario, as the hope for a Bitcoin ETF dwindled over the past year.
Bitcoin (BTC) traded at $3,576.90 as of 12:45 UTC on Friday, weakening somewhat ahead of the weekend. The asset reached weekly lows at $3,539.72, remaining locked within a $100 range. Despite the otherwise healthy markers of the Bitcoin network such as mining and nodes, prices remained at a crossroads, not excluding a steeper drop. BTC is headed for its longest bear market in history if the slow sliding trend is preserved in the coming weeks.
BTC volumes remained above $5 billion in 24 hours, but more than 66% of those trades were against Tether (USDT). The share of the stablecoin kept expanding, as the Tether treasury returned another 120 million USDT in circulation, this time by small injections to various exchanges.
XRP (XRP) weakened in the past week, as it received skeptical remarks from a Weiss Ratings unofficial poll, being seen as one of the more overpriced assets. XRP lost around 3.2% in the past week to $0.31, as the market has lowered its volatility.
Ethereum (ETH) is down to $116.42, once again remaining below the market capitalization of XRP. ETH sank by around 4.6% in the past seven-day period, pressured by the delayed Constantinople hard fork and the news of the Cryptopia hack which targeted Ethereum wallets and tokens.
Bitcoin Cash (BCH) settled at $127.28, remaining virtually flat with a loss of about a dollar since last Friday.
EOS (EOS) reached $2.44, as its price has remained relatively stable. EOS remains one of the most active networks, although not being able to displace Ethereum in terms of applications or tokens.
Litecoin (LTC) moved ahead in the chart with a rebranded logo and a drive to become a global payment coin. LTC traded around $32.43, preserving its usual stability.
Stellar (XLM) remained near $0.10, sinking more than 6% this week, as enthusiasm around the coin continues to decrease.
TRON (TRX) inched above $0.026, adding around 6.5% this week and being among the few growing coins. TRX got a boost from news of the upcoming snapshot for the BitTorrent Token (BTT) airdrop.
Bitcoin SV (BSV) fell to $74.14, holding up at nearly identical prices, with no sudden activity to boost the coin’s position.
Cardano (ADA) deflated to $0.042, as the coin has failed to inspire traders and has remained without a significant rally for months.
Binance Coin (BNB) climbed the charts, growing by around 1.3% to $6.61, as the bear market still boosted trading on the exchange and the coin’s value.
IOTA (MIOTA) received news of a hacker stealing $11.3 million’s worth of assets. The asset lost more than 7% this past week, down to $0.29, as the coin has not received any boost from the markets.
Monero (XMR) remained at $45.37 as coins in general decreased their volatility, and anonymous coins remained on the sidelines in an ecosystem where more of the traders have abandoned anonymity.
DASH (DASH) is up to $73.46, adding 2.3% this week.
NEM (XEM) remained changeless at $0.055, also joining the ranks of forgotten coins, as newcoming assets go through rallies, while older coins are stagnant.
NEO (NEO) is slightly down to $7.56, again displaced by newer platforms with a more aggressive marketing approach.
Ethereum Classic (ETC) received a new early warning system for 51% attacks, but the price is without change at $4.36.
January is on its way out, and 2019 has still not brought signs of Bitcoin recovery. At the same time, altcoins and tokens manage to perform short-term rallies, making use of the stable BTC price to lock in gains. Older assets remain inactive, while up and coming blockchains go through their boom phase, sparking the enthusiasm of traders.
In the past month, Tether liquidity increased, taking up more than 24% of all trades, but being even more influential for BTC. The Tether treasury sent continuous tranches to exchanges in January, and the increasing liquidity produced temporary spikes in BTC prices, while not changing the general sentiment.
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.