CV Market Watch™: Weekly Trading Overview (26 October-2 November)
Bitcoin remained the low volatility, once again testing the patience of traders and investors.
One more week of stagnation tested the patience of traders, as the end of the year sees both the potential for a rally, but also the fear of another capitulation event and a deeper sell-off.
Bitcoin (BTC) saw a small shakedown toward $6,300, but once again returned closer to the $6,400 range. Volatility remains extremely low across currency pairs, and this time, altcoins were also stagnant. BTC traded at $6,332.64, on volumes of about $4 billion in 24 hours.
The USDT trading remained around 44% of all BTC volume. The USDT price has inched closer to the USD price. At this point, appetite to speculate on BTC prices has dropped, and indicators point to most of the coins remaining locked in wallets and not entering the market at this stage.
Ethereum (ETH) inched down to $199.29, with still high volumes of $1.2 billion, based on the still active trading of tokens. ETH, however, is losing its appeal, with some seeing it as potentially permanently underpriced.
XRP (XRP) gained slightly to $0.46 and still relies on the remnants of its appeal as the alternative to Bitcoin.
Bitcoin Cash (BCH, BCC) reached $455.58, gaining 7% on Friday, as the asset gets closer to the planned November 15 hard fork.
EOS (EOS) fell slightly to $5.36, remaining unmoved at a time when altcoins still gathered strength for a rally.
Stellar (XLM) slid by around 3% down to $0.22, not affected by the news of its own Smartlands project aiming to launch security token offerings in the future.
Litecoin (LTC) froze up at $51.31, in keeping with the general market trend of small losses. LTC has been notoriously stable, as the community aims to encourage spending.
Cardano (ADA) continued the very slow slide to $0.071, as the project has little to offer except for still theoretical development plans.
Monero (XMR) slowed down a bit to $105.41, also not taking up a direction despite the anomalous peak trading in Korea.
TRON (TRX) keeps expanding its network, but the market price stagnated around $0.22. TRX at one point carried more transactions than the Ethereum network, but for now, the coin has not seen more active movements.
IOTA (MIOTA) slid to $0.46 despite the news of integration with Ledger wallets.
DASH (DASH) held at $153.92, almost without change this week, as the coin works quietly on its aim to become an intuitive means of everyday payments.
Binance Coin (BNB) slid to $9.53, still within its usual range based on the position of Binance as the leading crypto exchange.
NEO (NEO) lost further, sliding to $16.00, despite the news of the upcoming hackathon. The platform, which hoped to host its own ICOs, lost positions after the crowdfunding model stopped attracting investments.
Ethereum Classic (ETC) slid to $9.11, down 5.32% this week, as retail interest did not manage to boost the prices.
BTC continued its sideways drift, and altcoins also awaited better times. The crypto market is not appealing to investors, despite the fact that projects are starting to show more results and new ideas of blockchain applications show the technology is here to stay. Markets are still revving up for a more dramatic development, while altcoins are either showing signs of accumulation or dumping as investors lose hope. Still, separate cases show strong temporary rallies, and exchanges keep honing their selection of coins and tokens, waiting for the coming months.
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.