CV Market Watch™: Weekly Trading Overview (18-25 May)
Bitcoin saw downward pressure, with pessimism accelerating and seeing the freefall test new lows, as the past month sent the market on a further slide.
Bitcoin seemed to have found its pace, but then another slide happened, sending it to the $7,000 range. The sudden move triggered new grim predictions, for prices settling as far down as $6,200, even $5,000 in the most bearish predictions. Altcoins had their separate paths, but even unusual spikes were followed by a new stagnation in volumes.
Bitcoin (BTC) was down 7.68% net this week, with a shy recovery ahead of the weekend. This week marks the downward trend of the past month, where BTC prices slid by 25%. For some, this may be the usual quarterly sell-off followed by a boom in prices.
The past week saw BTC trading change its profile. Volumes slowed down to around $5 billion, and the share of USD trading fell to around 20%. Tethers (USDT) are still relatively influential, but the loyalty lies with Japanese traders. More than 57% of deals are happening against the Japanese Yen.
Ethereum (ETH) is having a hard time again, pressured below $600. The asset slid by 12.04% net, to $598.53. Ethereum is having its moments of questioning, as the network is facing technical boundaries of data traffic.
Ripple (XRP) slid by a net 7.57% to $0.61, down with the general trend on the markets. Despite the attempt for large-scale publicity on The Ellen Show, the series of refusals from Coinbase have depressed the asset permanently, leaving it to Korean speculative trading.
Bitcoin Cash (BCH, BCC) managed to claw back above $1,000. The coin was among the biggest losers this week, down 12% net to $1,004.48, as the asset has also entered a long slide.
EOS (EOS) is fast approaching the end of daily auctions and the mainnet launch - and the price found some supporters, to add more than 11% net in the past day, to $12.26. Despite the volatility, the weekly net slide for EOS narrowed to just 2%. No one knows what could happen to the price in case users fail to register their balances, effectively locking up to 50% of the EOS supply.
Litecoin (LTC) slid toward the $120 range, still looking relatively stable in the latest downturn. LTC gained slightly this Friday, to $120.84, but trading volumes have slid below the levels seen last spring. LTC has been almost flat against BTC in the pst weeks.
Stellar (XLM) reshuffled the top 10 by virtue of not sliding that far down, only losing 7% net this week to $0.28. The project remains with a relatively high profile, but the general pairing with Bitcoin depresses the price. Volumes have dwindled, and a further slide against BTC may see XLM go even lower.
Cardano (ADA) has not received too much of a boost from the promise of an upcoming mainnet launch. The asset is at $0.20, losing more than 16% this week.
TRON (TRX) was the only gainer this week growing by around 5% ahead of the mainnet launch. Tokens are being sent to exchanges, possibly activating trading. But after May 31, the asset may see a slide as the hype subsides. TRX is at $0.071, appreciating gradually in terms of BTC prices, and one of the best performers this month, celebrating the return to the top 10 of CoinMarketCap.
IOTA (MIOTA) lost 12% net after the recent slide, stopping at $1.52, with some growth in the hours ahead of the weekend. IOTA has been out of the spotlight for a while, as its Trinity wallet is still slow to arrive.
NEO (NEO) slid further to $54.09, with no news of airdrops to support it. NEO is down a net 7.35% this week.
DASH (DASH) has lost another 12% in the latest downturn, as its publicity suffers and there are no news from the team. DASH slid to $334.33.
Monero (XMR) seems to have lost its appeal to newer, hotter coins, and is down 11% to $167.71.
NEM (XEM) is down 11% to $0.26. The coin has wiped out most of the gains, and sees no attempt to recover the $1 price range.
The past few weeks saw the market once again turn back the clock, sending some of the assets to pre-boom levels. Price spikes were brief and quickly obliterated. Even a Binance listing served coins only temporarily, as in the case of SkyCoin (SKY), which went back to the $23 range after briefly spiking above $35 on initial enthusiasm.