CV Market Watch™: Weekly Trading Overview (4-11 January)
Bitcoin was shaken from one of its stable tiers around $4,000, which broke a small but promising altcoin rally.
Bitcoin (BTC) spent most of the previous week near or above $4,000, but broke down on Thursday, sinking in two consecutive sell-offs, to end up around $3,600 and generating new predictions of moving lower.
Bitcoin (BTC) managed to hold onto the $4,000 level for a few days, before sinking lower in two bouts of selling on Thursday. Ahead of the weekend, BTC prices stopped at $3,686.75, losing a net 3.6% this week, as the asset was unable to perform another rally. The stint above $4,000 created temporary hopes of a rally to a higher range, but those hopes were dashed.
BTC volumes remained robust, and they rose above the equivalent of $7 billion on Friday. BTC price dominance lifted to 52.5%. Tether (USDT) trading was close to 60% of all volumes for most of the week, which sparked speculation of concerted market intervention and price movements. The stability of BTC at the start of the last seven-day period caused optimism about altcoins, with several rallies breaking out, but they fizzled out within days.
XRP (XRP) displaced Ethereum (ETH) again from the second position on CoinMarketCap, as ETH failed to stage a rally. XRP was still down more than 7% to $0.33, but ETH prices sank lower.
Ethereum (ETH) broke its rally, as the enthusiasm for the Constantinople hard fork was not enough to continue growth toward $200. ETH sank more than 17% in the past seven days, down to $126.03, as enthusiasm for the coin decreased and volatility returned.
Bitcoin Cash (BCH) sank to $130.81 with a loss of more than 18% this week. The coin no longer receives boosts and extraordinary enthusiasm, and has resumed its downward trend.
EOS (EOS) stepped back by 10% this week to $2.43, despite continuing reports of millions of transactions every day.
Stellar (XLM) inched down to $0.10, losing around 4% on lowered volumes, as other assets were more active.
Litecoin (LTC) held on to the $33.24 level and gained around 3.4% in the past week, The asset was added by the Trust wallet, which is the official app supported by Binance.
TRON (TRX) broke out of its usual range, but only briefly. It touched highs of around $0.033 before sliding back to $0.26, and is still up more than 23% this past week.TRX briefly displaced USDT from eighth place on CoinMarketCap, but went down the charts again.
Bitcoin SV (BSV) also seems to be losing support. It sank more than 15% this week, with losses accelerating on Friday. BSV reached $74.13 after losing another 6% on Friday.
Cardano (ADA) hovered at $0.044, as the asset remains stagnant and the network is slow to achieve more impressive developments.
IOTA (MIOTA) lost 17% to land at $0.31 - mostly triggered by a Thursday sell-off.
Binance Coin (BNB) grew further to $6.10, as rallies this week helped the asset by increasing Binance activity.
Monero (XMR) sank by 8% this past week to $46.01. Despite the popularity in mining malware, XMR is hovering near low levels, as interest in altcoins is patchy.
DASH (DASH) lost around 9% to $73.76, as the network showed worrying signs that could potentially invite a 51% and double-spending attack.
NEM (XEM) was hurt by the general drop in the markets, and it fell by 9% this week to $0.058 as the platform loses prominence.
Ethereum Classic (ETC) had a dramatic week with double-spending attacks starting from last Sunday. Despite this, the price held on to its usual range, falling to $4.54. The weekly loss is around 12%, but ETC saw no significant drop triggered by the network exploit news.
NEO (NEO) had a mid-week rally, and managed to add around 3.5% this week to $7.99, but the asset remains relatively depressed and unable to break out of the single-digit range.
The mood in early 2019 remains cautious as traders return, but selling and realizing profits are now occurring much faster. Talks of an altcoin rally are circulating, although BTC is still the center of attention. Separate assets are having days of powerful appreciation, but often followed by dumping. Volatility is still high, and the influence of the Tether (USDT) stablecoin is significant, swaying the prices of BTC and a handful of leading altcoins.
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.