CV Market Watch™: Weekly Trading Overview (23-30 November)
Bitcoin has managed to recover to $4,000, but its position remains precarious, as selling pressures could easily lead to the price unraveling.
Bitcoin (BTC) remains shaky, although closer to the $4,000 level, after reaching a short-term bottom around $3,500. The past week saw an extremely successful day, taking assets up more than 15% across the board. However, the market sentiment remains shaky, and many altcoins hover near the levels from before last fall’s rally.
Bitcoin (BTC) traded at $4,046.49, suddenly dropping from nearly $4,300 as of 7:00 UTC on Friday. Ahead of the weekend, the leading coin still dominates 53.7% of the entire market cap of all digital assets, but the weekend will see BTC once again defending the $4,000 level.
The slide in prices once again coincides with Tether (USDT) trading dominating and expanding to more than 61% of all BTC deals. The sentiment around BTC remains shaky, as traders seek a safe haven with stablecoins.
XRP (XRP) kept its position for another week, sliding to $0.36, and down $0.11 in the past seven days. Despite the launch of xCurrent 4.0, there are still weak indications that the update will make users also link to xRapid and utilize XRP for remittances.
Ethereum (ETH) bounced off the $100 level after the weekend sell-off, and stabilized at $113.93, down 7% this week.
Stellar (XLM) rose to fourth place based on its market capitalization. XLM recovered slightly to $0.16, but gained ground in the top 10 due to the slide in Bitcoin Cash (BCH) prices.
Bitcoin Cash (BCH, BCC) also exhibited weakness, as the asset competed with the Bitcoin SV version, the newly added digital asset. BCH traded around $171.19, losing its position to XLM.
EOS (EOS) was the biggest loser in the top 10 of coins, sliding more than 19% this week to $2.88. EOS took a hit as the EOS Black project crashed, causing doubts of an exit scam.
Litecoin (LTC) sank as low as $27 on Sunday, but recovered to $32.13 over a few days, in effect more than 90% down since peak prices.
Bitcoin SV (BSV) was added this week among the top 10 of coins, as the chain was deemed stable enough. Bitcoin SV exists as a separate chain, conceding that it would end the hash wars and not fight for the BCH ticker. BSV nearly doubled its price this week, to $93.54, but the asset remains volatile.
Cardano (ADA) crashed to an even lower price range, wiping out almost all gains in the post-ICO growth. ADA lost 9.5% in the past seven days, to $0.039.
Monero (XMR) is down to $57.59, losing another 10% this past week. XMR lost support from Korean exchanges, and slid with the rest of the market.
TRON (TRX) remains one of the last assets to keep some of the year-on-year gains. In the past week, TRX inched up by 5%, to $0.014, as the relatively low-priced asset still sees short-term rallies.
DASH (DASH) fell to 90.84, losing roughly 10% in a week, on a constant downward slide already solidly in double-digit territory.
IOTA (MIOTA) reached $0.28, down 8.4% this week, pressured by the spiraling sell-offs.
NEM (XEM) steadied at $0.07, down just 4.2% this week, as the coin once again moved away from the spotlight
Binance Coin (BNB) reached $5.06, after touching lows under $5. The asset reflected the lowered trading activity on Binance.
Ethereum Classic (ETC) reached 4.75, down 7.7% in the past seven days, though with still robust volumes above $200 million in 24 hours.
NEO (NEO) reached $7.84 on its constant unraveling, down another 5% this week.
Last week saw a significant sell-off on Sunday, followed by a rapid recovery for some of the assets. Still, most coins have now erased the gains since November last year, and returned to pre-boom prices. The markets showed the possibility for volatility both in crashing and making a fast recovery, as the underlying risk remains and further capitulation events are not excluded. With the final stretch of 2018 just ahead, the predictions for 2019 remain pessimistic.
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.