Weekly Crypto Market Overview: Bitcoin & Altcoins
Bitcoin fell again, sinking swiftly toward $6,300, as the ETF decision was delayed by the US Securities and Exchange Commission.
Bitcoin Market Movements
Bitcoin (BTC) broke its bull run, swiftly falling below the $7,000 level to stop at around $6,300. The main reason was the delayed decision of the ETF proposed by the CBOE market operator, but the general pessimism also weighs down on the markets, sending digital assets down to levels similar to August 2017.
BTC started the week with a price reaching above $7,500, but the rise was wiped out in a series of flash crashes. Ahead of the weekend, BTC traded at $6,615.12, with a week low around $6,260. Trading volumes moved between $4 and $5 billion, and the weight of USDT trading increased across the board. In the past week, Bitcoin mining decelerated from a recent peak above 50 million TH/s, down to lows of 40 million TH/s, later recovering to 45 million TH/s.
Altcoin Market Movements
- VeThor (VTHO) & VeChain (VET): VeThor Asset continues to crash while VeChain may slide below a penny.
- Ethereum (ETH): Almost returning to the levels of August 2017, ETH slid to $363.51, down 11% this week, despite active trading.
- XRP (XRP): Gradually deflating, XRP fell to $0.33, down more than 22% for the week as the market downturn reset altcoin prices.
- EOS (EOS): Crashed along with the rest of the market, down 20% in recent days to $5.65 as lost support further diminished the coin’s value.
- Stellar (XLM): Showing some surprising resilience, XLM bounced from recent lows with an 8% increase in the past 24 hours, though still down 12% on the week.
- Litecoin (LTC): Sliding along with BTC prices, LTC stopped at $65.53, down 16% this week. Its net growth since August 2017 is less than $20, not repeating its peak from December 19, 2017, when it shot to $375.29.
- Cardano (ADA): Remained relatively stable, landing at $0.12, only down 7% in the past week.
- IOTA (MIOTA): Crashed to a new low, unable to return to the $1 position, sliding to $0.60 following news of an internal conflict within the IOTA Foundation.
- TRON (TRX): Once again out of the top 10 coins, TRX struggled around $0.025, down 17% this week. Despite ongoing developments, its market price currently shows no sign of renewed enthusiasm.
- Monero (XMR): Now back to double-digit prices at $98.98, it slid by 17% this week as the anonymous coin has not seen renewed enthusiasm from its community.
- Ethereum Classic (ETC): Briefly entering the top 10 coins with an expected Coinbase listing, ETC stood at $15.00, up a modest 2% this week, making it one of the few growing assets.
- DASH (DASH): Corrected further to $185.87, down 10% in the past week, following the general bearish trend.
- NEO (NEO): Slid further to $21.62, down another 21% in the past seven days, returning to a much lower range compared to August last year, after several boom and bust cycles and displacement by newer platforms.
- NEM (XEM): Continued its decline, sliding further to $0.12, illustrating that even once hot assets had a long way to go in the bear market.
Market Analysis and Outlook
For the second week in a row, assets are correcting following a small, but encouraging bull run. The crypto community has noted that it may take a while before the markets and the community adapt after the extraordinary climb in December 2017, which many saw as disproportionate and even harmful to blockchain projects.
The decision on the CBOE ETF has been given a longer deadline, until September 30. However, some believe the current low volumes would only allow for short-term speculation, and without a renewal of mass enthusiasm, crypto asset prices may not see a steadier recovery.
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.
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