CV Market Watch™: Weekly Trading Overview (2-9 November)
Bitcoin was almost unmoved, while altcoins staged rallies based on a variety of factors and speculation.
The crypto market saw islands of robust activity, with projects going their separate ways. In the past week, the upcoming Bitcoin Cash hard fork acted on the BCH prices and created a spike above $600.
Bitcoin (BTC) once again saw a week pass with minimal change, as trading remained subdued. On Friday, BTC stood at $6,396.89, up around 0.79% in the past week. BTC saw separate days of volatility, but kept just below the $6,400 level.
The share of USDT trading expanded slightly to 49%, as volumes increased to the usual levels of $4.5 million equivalent. BTC prices are still drifting, as there is no potential for an upcoming SEC decision that could positively affect BTC demand. The Bakkt exchange is yet to launch, with about a month to go. For now, it seems like BTC stability is the preferred market condition.
Ethereum (ETH) recovered above $200, despite the news of an investigation and fine imposed on EtherDelta, one of the earliest decentralized exchanges. ETH gained slightly on the week to $210.59, but started to slide ahead of the weekend.
XRP (XRP) achieved a temporary “flippening” with Ethereum, gaining to $0.53, later to retreat to the $0.50 level, with a weekly gain of less than 9%. XRP is on a path of active marketing, but the market prices are still moving mostly in short-term rallies.
Bitcoin Cash (BCH, BCC) moved up from the depressed range under $450, and roared upward as the hard fork on November 15 approached. The possibility for a network split and the creation of two assets made the BCH price spike above $630. Later, BCH retreated to $568.48, up around 27% in the past week.
EOS (EOS) is forging along at $5.40, in its usual stability under $6. The EOS project is, for now, not seen as the most promising altcoin, and the hype surrounding the network has subsided.
Stellar (XLM) ignited after the announcement of the upcoming series of airdrops worth more than $125 million. XLM rose to $0.25, up nearly 14% in the past week.
Litecoin (LTC) added a token 60 cents to $51.91, as the coin moved away from speculative interest and all eyes were on BCH.
Cardano (ADA) expanded to $0.075, as it was added to the Trezor wallet and potentially expanded its popularity.
Monero (XMR) was stable at $108.04, with no significant news or shakedowns.
TRON (TRX) was almost changeless at $0.022. The current hype surrounding the network is the constantly climbing number of transactions, although it is uncertain what activity those transactions reflect.
DASH (DASH) got a boost from launching its SMS payment option in Venezuela, rising to $163.37. The asset displaced MIOTA from its usual position, but so far, the coin remains relatively obscure.
IOTA (MIOTA) grew to $0.47, with general quietness and a lack of significant news.
Binance Coin (BNB) became a fixture in the top 20, trading at $9.54, reflecting the key position of the Binance exchange in the crypto ecosystem. BNB is stable, with a change of just 0.13% in the past seven days.
NEO (NEO) is at $16.02, almost without change, despite rumors of a hard fork coming. As ICOs and airdrops dried out, NEO lost its claim on following the path of Ethereum.
Ethereum Classic (ETC) remained at $9.45, up around 4% in the past week. ETC has been drifting sideways, with little support from the Coinbase listing, which in fact ushered in an age of depressed prices.
While BTC showed incredible stability, separate altcoins are still staging rallies. XRP is seen as promising, though breaking out with difficulty. The sentiment points to a more probable “altcoin season”, though traders are still cautious, especially after the long series of market shakedowns in the past months. Most altcoins are trading near their lows as volumes remain subdued. Projects are seeing a differentiation of sentiment, as some assets perform with more stability and promise, while other coins fail to regenerate the hype of 2017.
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.