CV Market Watch™: Weekly Trading Overview (3-10 August)
Bitcoin fell again, sinking swiftly toward $6,300, as the ETF decision was delayed by the US Securities and Exchange Commission.
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.
Bitcoin (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.
The share of Tether (USDT) once again indicated selling for a more secure asset, and has expanded to more than 54.67%. Japanese Yen trading slid to 10.52%, and US dollar volumes remained robust at 22.2%.
BTC 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.
Ethereum (ETH) has almost returned to the levels of August 2017, wiping out almost all gains. ETH slid to $363.51, down 11% this week, despite the active trading. The coin remains one of the most used, but price enthusiasm has dwindled.
XRP (XRP) is gradually deflating as well, this week falling to $0.33, down more than 22% for the entire period, as the latest market downturn turned back the clock on altcoin prices.
Bitcoin Cash (BCH, BCC) has returned to its stasis, trading at $604.57, down more than 15% this week, on volumes thinning out to the equivalent of $304 million, with a large share of USDT trading.
EOS (EOS) crashed along with the rest of the market, as pessimism remained the leading mood. EOS is down 20% in the past days, to $5.65, as each shakedown resulting in lost support and further decline of the coin’s value.
Stellar (XLM) showed some surprising resilience, as its price bounced from recent lows more strongly compared to other assets. XLM added 8% to its price in the past 24 hours, though still down 12% on the week.
Litecoin (LTC) slid along with BTC prices, stopping at $65.53, down 16% this week. Thus, the net growth of LTC since Augusts 2017 is less than $20, as the coin has not repeated its peak performance from December 19 2017, when LTC 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 lower level, unable to go back to the $1 position. MIOTA slid to $0.60, on news of a conflict within the IOTA Foundation.
TRON (TRX) was once again out of the top 10 of coins, struggling in a new price range of around $0.025, down 17% this week. The project keeps developing, though its market price for now shows no chances for a new bout of enthusiasm.
Monero (XMR) is back to double-digit prices, at $98.98, sliding by 17% this week. The anonymous coin has drifted in the past weeks, as it has not seen a renewal of enthusiasm out of its own community.
Ethereum Classic (ETC) briefly entered the top 10 of coins, as a listing on Coinbase is expected any minute now. ETC stood at $15.00, up a slim 2% this week, but one of the few growing assets.
DASH (DASH) corrected further to $185.87, down 10% in the past week, as the coin follows the general trend of the bear market.
NEO (NEO) is down to $21.62, sliding by another 21% in the past seven days. NEO has returned to a much lower range, and has actually gone lower compared to August last year. NEO has had its periods of boom and bust, and in the months of 2018 was displaced by up and coming platform projects.
NEM (XEM) slid further to $0.12, showing that even hot assets had a long way to go until the end of the bear market.
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 was seen 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.