CV Market Watch™: Weekly Trading Overview (7-14 December)
Bitcoin prices are fighting for survival once again, as the $3,000 level is close and triggering fears of a further drop to lower ranges.
Bitcoin (BTC) remains highly unstable, and is creating expectations of dramatic moves below the $3,000 range. BTC expanded its year-on-year loss to greater than 80% as the markets face pessimism and a lack of fresh investment.
Bitcoin (BTC) had a relatively small selling episode on Thursday, and pushed down to the $3,300 range. BTC was down to $3,312.66 ahead of the weekend, on trading volumes above the equivalent of $4.3 billion. However, most of those trades were against Tether (USDT). On Thursday, the share of USDT/BTC trading was more than 71%, shrinking to 66% ahead of the weekend, but still a higher fraction than the usual 50% range.
As the end of the year approaches and the expected rally did not materialize, more pessimism surrounds digital assets. The last quarter of 2018 proved precarious for stock prices as well, giving signs of a general freeze of easy liquidity and investment exuberance. 2019 is expected to see a further slowdown in crypto trading. At the same time, BTC increases its dominance, at above 54%, while altcoins see steeper drops.
XRP (XRP) settled around $0.29, after losing a small 1.89% this week. The asset is out of energy for new pumps, but at least now is relatively stable. The hype surrounding XRP in terms of the potential adoption of the xRapid ecosystem has died, and the price is drifting sideways again.
Ethereum (ETH) is at $86.31, with virtually no change over the past few days, though the asset remains pressured by talks of failing to meet objectives and deliver the promised decentralized computing system.
Stellar (XLM) is down to $0.10, losing 8.42% this week, as the coin’s rallies are also wiped out and there is no renewed interest.
EOS (EOS) received a mid-week boost, growing above $2 for a short while, before returning to the weakening trend. EOS still added 9% this week, to $1.85, and moved opposite other assets. However, the coin lost its position to Tether (USDT), which now lines up among the top five coins due to its market capitalization.
Bitcoin Cash (BCH, BCC) briefly rose above $100, but mid-week selling brought the prices down. BCH reached $85.23, losing more than 18% in the past week, as the two assets were very thinly traded and remained volatile.
Litecoin (LTC) held onto $23.54, with worries the asset may sink back down to single-digit prices. LTC lost about 6.9% this week, as the coin and the network are seeing lowered activity.
Bitcoin SV (BSV) unraveled from a recent pump that took it above $100, and showed its lack of support. BSV crashed by 26% this week, despite the efforts to hype the coin and the addition to the Circle Invest app. BSV was brought down to $77.72, yielding its position to Litecoin (LTC).
TRON (TRX) remained unchanged at $0.13, as the asset is one of the few altcoins with yearly gains. Still, the price is relatively depressed, despite reports of increasing user numbers and the creation of a distributed app.
Cardano (ADA) is still out of the top ten coins, and remains at $0.029, with no change despite reports of the launch of smart contract functionalities.
Monero (XMR) is down to $42.30, down about 5% on the week. XMR is slowly losing influence, as anonymous coins are still viewed with skepticism.
Binance Coin (BNB) remains at $4.67, a relatively stable price boosted by the exchange’s activity.
IOTA (MIOTA) lost another cent to $0.21, returning to pre-boom prices as the asset sees relatively low activity.
NEM (XEM) is down about 5% this week, sinking ahead of the weekend down to $0.064. The previously hot platform does not seem to find enough support on the Asian markets.
DASH (DASH) is busy reporting its real-world usage, but the market price remains weak. DASH is down about 1.3% in the past seven days, to $61.03.
Ethereum Classic (ETC) grew to $3.75, adding 6% this week in a brief recovery, but the asset remains subdued.
NEO (NEO) stabilized at $5.66, still sliding by 4.5% ahead of the weekend. The NEO asset has given no indications of reaching bottom prices, as altcoins are seen as more vulnerable in the coming months.
The series of crashes keeps affecting both Bitcoin and altcoins, albeit for various reasons. As more skepticism arises about the crypto market, the new low prices still do not invite investors. The BTC price position largely affects altcoins as well, and there are expectations the leading coin may reach lower by the end of the year.
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.