CV Market Watch™: Weekly Trading Overview (21-28 December)
Bitcoin saw a volatile week, both sparking hopes of a rally and fears of a deeper sell-off, as Friday saw the price reach a level that asked for hard decisions.
Bitcoin (BTC) managed to rally as high as $4,200, but the spike was short-lived, and the prices seem weighed down. The market is at a crossroads, finishing a year where not only digital assets had a continuous price slide, but stock markets entered bear market territory in the last quarter.
Bitcoin (BTC) started the past week at around $4,000, later rallying as high as $4,200 before sinking to the $3,800 range. BTC is still mostly propped up by Tether (USDT) trading, as the asset is once again at a crossroads, expecting a deeper crash. For now, BTC trading does not see enough optimism for a rally, and the new year approaches with expectations of a continued bear market.
BTC trading volumes have thinned out as well, back below $5 billion in 24 hours. The BTC market capitalization dominance went down to 52.6%, as individual altcoins continued with rallies.
XRP (XRP) continues to attempt a separate rally, but for now, the prices are curbed by the generally bearish attitudes. XRP is down about 6% in the past week, despite a mid-week rally above $42, as the gains were quickly wiped out.
Ethereum (ETH) also had a volatile period, stopping at $119.35 ahead of the weekend, with a small gain of about 3% net. Mid-week, XRP gained to nearly $160, before sliding back again, as higher valuations, for now, prove impossible.
Bitcoin Cash (BCH) corrected its gains as well, after easily climbing above $220. Later in the week, the price sank again rapidly, losing a net 26% down to $151.14, with the losses continuing on Friday.
Stellar (XLM) “flippened” the position of EOS, losing just 10% this week, to around $0.11. XLM continues to have short-term rallies, which quickly unravel.
EOS (EOS) shrank to $2.36, losing another 12% this week after losing support from BTC prices.
Litecoin (LTC) is more often seen as an underperforming asset. This past week, the coin sank by about 8%, and moved BSV from its spot. On Friday, LTC traded around $29.34.
Bitcoin SV (BSV) is also volatile, along with BCH suggesting a form of deliberate market manipulation. BSV lost more than 28% this week, sinking to $84.77, and the BCH and BSV pumps continue to prove extremely risky.
TRON (TRX) accelerated its losses, going down to $0.018, after for a while hovering at the $0.22 range. The network added more than 1 million accounts, but the asset price remains weak, and lost about 4.8% in the week.
Cardano (ADA) hovers around $0.037, losing another 10% this week, as the project remains subdued and does not produce appealing news and developments.
IOTA (MIOTA) saw a minimal price change of 2.6%, sinking to $0.33 as the asset lost its speculative appeal. News of developments and use cases failed to spur a rally.
Monero (XMR) is back to $47.87, losing 10.8% this week. The coin has found a new price range, and its status as an anonymous coin may be damaging the demand.
Binance Coin (BNB) remains range-bound at $5.46, down about 4.5% this week, as Binance remains the leading exchange that sets the price and pace for multiple assets.
DASH (DASH) was volatile, crashing by 15% this week, down to $77.74, losing ground and any chance of reclaiming triple-digit prices soon.
NEM (XEM) is down 12%, sinking to the $0.06 level, as Japanese enthusiasm for trading continues to drop.
Ethereum Classic (ETC) is having a period of recovery, adding another 7% this week to $5.05, as the coin is pushing off recent lows.
NEO (NEO) reached $7.14 on Friday, after a brief rally above $8.
As the year-end approaches, most assets remain depressed, as a comparison is made with the peaks from last December and the first days of January. BTC is down 75% compared to the same time last year - but by December 28, 2017, the rally was already moving down from the peak prices. The new year arrives with many challenges, including indicators of a slowing US stock market and unfavorable central bank policies. Digital assets will enter a stage of evolution, where market rallies may be rarer, and attract less retail or institutional investments, instead relying on crypto-to-crypto trades.
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.