CV Market Watch™: Weekly Trading Overview (27 January - 2 February)

In the crypto world, it never rains but it pours - and another week ends with heavy losses, despite the last-minute bounce.

The corrections from January carried over into the new month, as Bitcoin's losses deepened. The Tethers pressures came to a peak as the Tethers minting wallet revoked 30 million tokens for unknown purposes.

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Bitcoin (BTC) slid below $8,000 before rebouncing, as the Korean markets led the losses. BTC is down more than 21% this week, and more than 9% in the past 24 hours, after a gain of around 7% at one point. The dominance of Bitcoin fluctuated, and now represents 35.5% of the total market capitalization, as some of the funds flowed out of altcoins.

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Trading volumes are around $10 billion, as USDT trading is becoming more active. The Bitcoin price is higher on exchanges featuring Tethers, an unusual price position, as in the past months Korean markets traded the leading coin at a premium.

Ethereum (ETH) had headed for $1,200 counter to the market's slide, when it corrected sharply to $800. Soon after that, ETH recovered by adding more than 16% in one hour, to trade at $914.

Ripple (XRP) slid well below $1, losing more than 33% in the past week, but adding 22% in the rebounce to around $0.80. XRP is far from the promised $5 price, after trading on Coinbase did not materialize.

Bitcoin Cash (BCH, BCC) did not manage to fall through the $1,000 level, growing by 10% in the past hour to $1,108.87. BCH remained subdued, losing just below 30% this week, and down a net of 17% in the last hours.

Cardano (ADA) was among the biggest losers this week, down more than 44%, but adding another 18% on Friday to $0.33. Volumes remain robust at nearly $1 billion in 24 hours, but still around half the peak volumes.

NEO (NEO) moved up the charts, but could not hold onto the peak levels. Still, NEO managed to only slide around 11% this week, suddenly growing by 20% in one hour of Friday's trading, reversing the falling trend to a price of $114.53.

Stellar (XLM) had days of gains when all the market was in the red, but finally the coin surrendered, losing a net of 33% over the last seven days, yet adding a whooping 27% in one hour of trading, to recover to $0.37. 

Litecoin (LTC) was deeply hurt, but stayed above $100. LTC added 15% on Friday, but is still down by more than 27% this week. 

EOS (EOS) could not survive at the higher price, sliding to $9.80, losing more than 33% in the last period. EOS bounced by as much as 22% as the markets turned green quickly. EOS still moves on expectations of running tests on the native blockchain, but some questions were raised on which entity would launch the blockchain as promised in the summer.

IOTA (MIOTA) settled around $1.73, down 24% this week, but growing by 17% this Friday. The coin has been losing influence, despite news of partnerships and use cases.

NEM (XEM) slid by a net of 34% to an older price range at $0.53, falling on the general negative mood. The theft of coins from the Japanese exchange Coincheck depressed the price mid-week, but the real blow was the sell-off and the loss led by Bitcoin.

DASH (DASH) is back to a lower price range below $600, losing around 29% this week to $539.64. The coin recovered fast, but still wiped out half the gains compared to the peak prices.

Monero (XMR) traded around $231.32, losing 24% this week, but starting a recovery by growint 14% within an hour.

TRON (TRX) wiped out another 36% of value, and trades around $0.04, despite the 15% gains late on Friday. TRX has a long way to go from its peak prices, as the rally from December proved unsustainable.

The Surprise Movers

The turn to red of all assets on Friday was certainly dramatic. This made the price rise of DigixDAO (DGD), adding more than 70% in 24 hours, a curious exception. DGD now trades at $298.91, and is now in the red, down 12% in the past hour, just as all assets are regaining positions.

The weekly overview is a snapshot of the market, and unexpected movements may be expected at almost any moment. The past few weeks have shown that days of selling come unexpected, and Bitcoin’s price corrects without a warning.