CV Market Watch™: Weekly Trading Overview (January 25 - February 1)
Bitcoin managed to hold above $3,400 though fears of it sliding under $3,000 reappeared.
Bitcoin (BTC) slid slightly in the past week, stagnating again near $3,500 as the market entered another phase of low volatility.
Bitcoin (BTC) declined marginally last week, losing around 3% of its price to trade at $3,477.46 as of 12:00 UTC on Friday. It reached lows at $3,400.82 on Wednesday, reigniting fears of a drop below $3,000.
BTC received a boost from news of a re-filing for the CBOE Van Eck exchange-traded fund (ETF), but this failed to trigger a rally. The sell-off on Monday led to depressed prices all week. The share of Tether (USDT) trading remained high above 60%, reaching 63% on Friday.
XRP (XRP) rallied on news of a partnership between R3 and SWIFT, suggesting a use case for XRP in interbank payments. The asset hit a weekly peak of $0.32 on Thursday before falling back to $0.30. It remains shaky and has not revisited the $0.50 level in months.
Ethereum (ETH) sank to $107.77, losing more than 7% last week to spark fears of a return to double-digit prices. The Constantinople upgrade, expected at the end of February, may be a factor in moving prices.
EOS (EOS) got a boost from ETH-based pairs and recovered to $2.32, displacing Bitcoin Cash (BCH) from its position. Despite the criticisms, EOS lines up among the leading coins, though briefly displaced from its position by Tether (USDT).
Bitcoin Cash (BCH) slid to $117.20, losing more than 8% during a relatively slow week.
Litecoin (LTC) remained at $32.34, with negligible change to its usual levels of around $32. The coin may get a boost from the possibility for direct purchase for fiat from Binance.
TRON (TRX) climbed up the charts with a weekly peak above $0.027 before settling at $0.026 levels. Its price benefited from the BitTorrent Token (BTT) sale on Binance Launchpad and the upcoming snapshot and airdrop of BTT on February 11-12.
Stellar (XLM) shed more than 17% this week to become the biggest loser among the top 10 coins, sliding to $0.083 after weeks above $0.10. The news of a listing on the Gibraltar Blockchain Exchange failed to lift the prices.
Bitcoin SV (BSV) dropped to $64.63, losing 14% and abandoning the $75 tier where it spent a few weeks.
Cardano (ADA) unraveled to $0.038, pressured by the general market pessimism.
Binance Coin (BNB) revisited last week’s levels of $6.61, posting 8% growth on Friday on news that the exchange would allow fiat purchases of a small selection of coins through debit or credit cards.
Monero (XMR) fell to $43.95, with slight losses week-on-week.
IOTA (MIOTA) lost 11% of its value, falling to $0.25 as the project keeps failing to ignite enthusiasm.
DASH (DASH) slipped to $67.98, abandoning the $70 level as the coin remains out of the spotlight.
NEO (NEO) sank to $6.99, losing more than 8% due to weak BTC prices.
Ethereum Classic (ETC) was down to $3.97, mirroring the broader market slide.
NEM (XEM) crashed on news the NEM Foundation would consider cutting its staff to survive the crisis. The coin lost 25% of its value to trade at $0.041.
In the past month, BTC prices spent only a few days above $4,000, and the downward trend is pushing prices to new yearly lows. Some altcoins managed to stage their own rallies but quickly ceded the gains. February arrived with an outlook for further downward pressure, affecting altcoins more due to their higher volatility.
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.