CV Market Watch™: Weekly Trading Overview (28 December - 4 January)
Bitcoin once again entered a period of stagnation, as 2019 sentiment still looks careful and tentative.
Bitcoin (BTC) entered another period of stagnation, while altcoins remained subdued. Even the 10th anniversary of the Bitcoin genesis block did not improve the sentiment enough to cause even a short-term rally. Ethereum made its move, fueled by expectations of the Constantinople update.
Bitcoin (BTC) spent another week under $4,000, as the new year saw prices freeze again. BTC traded at $3,815.12 ahead of the weekend, with a weekly growth of just about 2.5%.
BTC trading volumes hover around $4.5 billion equivalent, of which nearly 60% is formed in the BTC/USDT pairs. The BTC dominance in terms of market capitalization dwindled to 51.1%, as several other assets took over with unexpected rallies. BTC prices were pressured by news of the delay of the Bakkt exchange for physical delivery Bitcoin futures.
Ethereum (ETH) rallied this week, and displaced Ripple’s XRP. The upcoming Constantinople hard fork boosted the prices, sending ETH up more than 35% this week, to become the fastest grower among top ten coins. ETH traded at $152.13, after slowing down toward the end of the business week.
XRP (XRP) returned to position three, stagnating at $0.35, with a small weekly gain of 1.35%. XRP remains away from the $0.50 level or a more robust recovery.
Bitcoin Cash (BCH) held on to the $160.40 level, up slightly this week, as the asset is no longer at war with Bitcoin SV (BSV).
EOS (EOS) returned to its usual position among the top five of coins, rising to $2.67 and adding 10% to its price this week.
Stellar (XLM) sank down the charts, stagnating to $0.11 with almost no weekly change, as the enthusiasm for XRP and XLM decreased.
Litecoin (LTC) recovered slightly to $32.18. The asset is seen as less attractive, and network activity has also slowed down, carrying just around 20,000 transactions in 24 hours.
Bitcoin SV (BSV) stood at 84.40, unaffected for now by its rebranding and the claims that it is the “original Bitcoin”.
TRON (TRX) remained stagnant, and improved only slightly to stand at the $0.02 level. The project is growing quietly, adding users and functionalities, but the crypto winter is not letting the market price to deviate from its tight range.
Cardano (ADA) recovered to $0.042, adding around 12% this week, though the project is not very active with new developments.
IOTA (MIOTA) added nearly 14% to its price this week, to reach $0.38, although those short-term gains still don’t manage to form a trend.
Monero (XMR) gained about 5% this week to $50.01, as the coin remains solid, but strong rallies are still nonexistent.
Binance Coin (BNB) got a boost to $6.01, up around 8% this past week. The coin keeps reflecting the leading position of the exchange.
DASH (DASH) recovered to $81.17, adding about 3.5% this week, as the coin now relies mostly on speculation.
NEM (XEM) remained almost unchanged at $0.064, as the first week of the year is still slow. However, XEM has also shown the potential for short-term rallies to higher positions.
Ethereum Classic (ETC) inched up slightly to $5.08, establishing a relatively low new price range.
NEO (NEO) grew slightly to $7.64, adding 5.8% this past week.
The end of the year saw temporary rallies in several assets, but the mood is subdued. USDT pairs continue to take up a quarter of all trading volumes. The market is therefore limited to internal trading, and still closed off to mass inflows of funds. The cryptocurrency markets in 2019 will also coexist with a bearish trend in traditional stock markets, which has continued to affect tech stocks the most. The threat of traditional financial markets sliding may put additional pressure on the prices of digital assets.
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.