CV Market Watch™: Weekly Trading Overview (6-13 July)
The markets remained stagnant, as trading has become internalized to the crypto space, with fresh inflows of funds drying up.
Bitcoin prices fluctuated more than usual this week, bringing back hopes of regaining the $7,000 level on Sunday, which have failed as the cryptocurrency fell at its lowest level of around $6,180 for the period. In the meantime, some altcoins continued the small-scale rallies, but some of the funds reverted back to either Bitcoin or Tether (USDT).
Bitcoin (BTC) slid for most of the past few days, down to $6,262.04 around the midday on Friday, as the week was spent in sideways drifting and sudden price movements.
Trading volumes remained low at around $3.5 billion in 24 hours, allowing relatively large price fluctuations. At the beginning of the week, the share of Tether (USDT) expanded to more than 43% of BTC trades. On Friday, data from Cryptocompare showed that it has grown to 50.14%, while the Japanese Yen share slid to around 39%. The trend of Bitcoin trades on token-only exchanges is ushering in a new model for price discovery, where new funds are scarce, and internal speculation drives the price.
Ethereum (ETH) had another volatile week, stopping just below the $500 level. ETH fell by 6.4% in the past week to $439.13, remaining relatively stagnant despite the robust trading levels. ETH is one of the most active assets on the market, but currently 50.88% of trades are against USDT.
XRP (XRP) is down by a tame 6.16% to $0.44, drifting sideways as the asset has lost popularity and has raised doubts on its capability to achieve higher prices.
Bitcoin Cash (BCH, BCC) crashed again, but later recovered, standing at $699.83 and posting a loss of around 3% in the past 7 days.
EOS (EOS) unraveled further, despite the Evripedia airdrop, at one point going below the $7 mark. EOS recovered a bit, posting a net loss of 15% this week to $7.17. The asset is facing larger speculative fluctuations, as the hype around the network launch unravels.
Litecoin (LTC) keeps sliding slowly, down to $77.41, losing another 6% this week, with little hope of recovering to the three-digit prices soon.
Stellar (XLM) is back to lower levels, shaving off 8% of the price to hover around $0.18 as trading stagnated.
Cardano (ADA) is back to $0.12, losing 10% in the past seven days, as a lack of updates and general enthusiasm has frozen the prices.
IOTA (MIOTA) released hopeful news this week of improvements in its Trinity wallet, but the price responded weakly, sliding back to $0.97, down around 9% in the period.
TRON (TRX) spent another week not fulfilling the hopes of at least a short-term rally, sinking to $0.033. TRX stands just outside the top 10, as position 10 is occupied by Tether (USDT).
NEO (NEO) lost the gains from the previous week, losing 12% to $33.10, wiping out the short-term rally.
TRON (TRX) was seen as undervalued, but still has not managed a breakout, as confusion is still surrounding the mainnet launch. TRX added a slim 2.9% net this week to $0.036, falling more spots down the chart.
Monero (XMR) tracked back to $124.03, down around 7% net in the past seven days, in a continued sideways drift.
DASH (DASH) recovered on Friday to $226.50, but is down about 4.6% on a weekly basis. DASH continues to expand slowly as a coin for fast payments, staying off the spotlight. Trading volumes have been picking up for DASH, giving hopes of a recovery.
Ethereum Classic (ETC) stagnated to $16.68, as the enthusiasm of a potential addition to Coinbase has been lost. The coin, however, remains solid, and is seen as one of the preferred investments in the crypto space.
NEM (XEM) lost another 12% this week to $0.16, still no signs of a rally and a relief from the long slide that has started since the Coincheck hack.
This week, the price shakedown started on Monday, taking down Bitcoin and later altcoins. Bitcoin’s dominance in terms of market capitalization increased to above 43%, but activity on the markets was lowered, and noticeably fueled by USDT trades.
Some assets, such as DigiByte (DGB), attracted attention, while the Tezos (XTZ) asset remained in the green after recovering from deep losses, and now stands again above $2.
Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Cryptocurrency trading and investing is risky and market participants are advised to always conduct a thorough research.