CV Market Watch™: Weekly Trading Overview (24-31 August)
Bitcoin spiked above the $7,000 level, but the enthusiasm fizzled out at $7,100, and created fears of a new downward trend.
Bitcoin (BTC) had an encouraging week after breaking the $7,000 level, but the fears of a protracted bear market took the prices down below that range, which suggests a new price drop.
Bitcoin (BTC) saw support from Tether (USDT) tranches, which led to an immediate recovery above $7,000. But the climb topped at $7,100, and BTC retreated again. On Friday, BTC retreated to the $6,800 range on Friday, later recovering to $6,979.81 as of 11:00 UTC.
BTC grew by 6.5% net in the past seven days, even after the setbacks. Trading volumes fell in the usual range of around $4.4 billion’s equivalent. But this time, the influence of Tether expanded. For almost every day in the past week, the BTC/USDT pair accounted for more than 50% of all trades, and rising to more than 57% on Friday. Almost every day, there is evidence that the price of BTC is supported by the USDT inflow, which now makes up the majority of trades.
Ethereum (ETH) remained well below the $300 range, as the entire market struggled for direction. On Friday, ETH inched up to $282.07, with a net gain in the past seven days of 1.81%. ETH remains one of the most actively traded coins, is widely distributed through exchanges and participates in numerous trading pairs.
XRP (XRP) remained depressed at $0.33, and has not made a dramatic move as the community is at a loss to find bullish factors for the asset. XRP is still pressured by the revelation that the asset is not necessary to the functioning of the Ripple payment systems.
Bitcoin Cash (BCH, BCC) moved into another week of community disputes, but the price moved mostly based on market sentiment. BCH added 2.5% net in the past days, to $543.18, and remains in the range from last week.
EOS (EOS) suddenly lined up among the bigger gainers in the top-ten coins. EOS added a net 27.8% this past week, rising strongly in the past 24 hours, from the $5.80 range up to $6.24. The EOS network seems to be supporting robust traffic, and EOS distributed apps show signs of higher usage than Ethereum.
Stellar (XLM) is almost unchanged at $0.21, for now, not seeing enthusiasm even for speculative trading, as altcoin season is not materializing in the way expected.
Litecoin (LTC) managed to break above the $60 level, and on Friday, traded around $60.77, with a gain of 6.7% in the past seven days. The coin remains relatively robust, though shaken down by the general market weakness.
Cardano (ADA) returned to the $0.10 level, but for now remains one of the forgotten assets, with no real news to encourage speculation.
Monero (XMR) turned into a robust gainer this week, adding more than 27% to return to triple-digit prices. The behavior of XMR is showing a divergence between assets, as some altcoins show more strength compared to others. XMR, a staple in the crypto world, returned to levels of $109.01.
IOTA (MIOTA) rallied after the announcement of the Trinity wallet beta for desktop. MIOTA is up 43% in the past seven days, up to $0.72.
TRON (TRX) announced the official launch of the TRON Virtual Machine on August 30, and the price recovered by 25% net this past week, to $0.025. But TRX is still far from a real rally, and has been relatively flat for months, with a downward trend.
DASH (DASH) revived this past week, and was seen as one of the coins signaling an altcoin rally. DASH grew by a net 34% to $187.43, as the coin gained some visibility with its marketing efforts in Latin America.
Ethereum Classic (ETC) is at $12.60, up 2.6% this week, as even the Coinbase listing failed to create irrational enthusiasm and demand.
NEO (NEO) recovered around 13% this past week, to $19.95. The asset was pressured by China’s renewed policing stand against crypto assets.
Binance Coin (BNB) kept its position, and grew by around 10% to $10.80. The exchange-based asset has seen robust performance, as even in a bear market trading remains active.
In the past week, BTC’s dominance remained in its current range, sliding slightly to 53.1%. There are still disputes whether an altcoin rally is imminent. Over the past week, DogeCoin (DOGE) saw a revival, growing by a surprising 57% to $0.0037, but this was ascribed to pure speculation.
Altcoins are highly volatile, and had days of good performance, but there is not enough information to call the end of the bear market. Still, separate assets are performing better, as lower-quality coins are forgotten.
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.