Cryptocurrency Markets: Weekly Trading Overview (12-18 August)
A turbulent trading week saw the top 20 list reshuffled. The period ended with a bang for Bitcoin Cash.
Last weekend's trading volumes were traditionally low compared to weekdays, and a small to medium correction happened for the hottest coins, tokens, and assets in top 20 of CoinMarketCap.
Bitcoin (BTC) added 24.63% to its price, reaching $4,349 on Friday. The leading coin again increased its weight in the market to more than 49.5% as market capitalization increased beyond $71 billion, more than the market capitalization for online payment service PayPal. Analysts see a price of $5,000 coming soon.
[caption id="attachment_259" align="alignnone" width="1073"] source: coinmarketcap.com[/caption]
Bitcoin Cash (BCH, BCC) traded with little change until Thursday, when it added more than 64% to its price, peaking for a short time above $515. Thursday's late price run brings the weekly gains of BCH to 53% and makes it the biggest earner among the top 10 of cryptocurrencies.
Ethereum (ETH) seemed forgotten during the last 7-day period, ending with little net change as it moved above $300. Trading volumes declined steadily below $1 billion. Day to day price offers was volatile, and ETH did not look appealing for buyers, as it moved up and down around $30 in a day.
Litecoin (LTC) continued to seek direction, propped up by Chinese Yuan buying. LTC ended the period with a relatively small gain of 0.47%, salvaged by a peak ahead of the weekend. LTC added 5.12% on Friday, steadying above $47.
Ripple (XRP) continued its slide, wiping out the May gains, steadying itself around $0.15-$0.16 on consistently weak trading volumes of around $100 million. More than 50% of XRP trading happens against the Korean Won, again supporting the observation that Korean markets prop up cryptocurrency buying, but in this case- selling and profit-taking.
IOTA (MIOTA) continued its rise, regaining popularity and easily reaching levels above $1 for the first time in months. IOTA is a currency with a robust fan base, but its price has remained depressed for months. Volumes in the past week moved between $30 million and $80 million. Friday saw selling depress the prices back below $1. The most active exchange pair for IOTA is against USD, followed by MIOTA/BTC, mostly moved by Bitfinex users, making up 90% of total trading volume.
NEM(XEM) reached a peak at $0.29 with slim trading volumes ($8 million) last weekend. And from then on, the coin slid down to correct to $0.24. With more than 80% of XEM trading against BTC, investors shed their holdings to lock in profits. NEM sank 13.47% for the week, as volumes returned to around $7 million.
NEO(NEO) was another coin that in the past weeks displaced the usual top 10, pushed by speculative demand. This one ends the period a winner, adding more than 17% until early Friday. NEO peaked fast on Monday, touching levels above $50, then revisiting the range once again before sliding down to $39.20. Bittrex and Binance exchanges led the trade, with more than 73% of the volume against BTC, but there was some significant trading against the Chinese Yuan.
DASH (DASH) is quickly sliding down the chart but remains in the top 10 of coins by market capitalization. DASH had a relatively quiet week, but toward Friday made dramatic moves, on triple its usual trading volumes, with more than $100 million's worth of orders passed in a day. DASH peaked briefly at $259 before retreating to $235, but still managed a weekly gain of 16.05%.
Ethereum Classic (ETC) is on its way to slide away from the top 10 of cryptocurrencies, displaced by hotter coins. ETC does not make any dramatic moves in general, but it had reached more robust levels above $17. Now, the branch of the Ethereum network slid back to around $14 per coin. ETC reached a weekly low around $13.60 but recovered somehow to end the period with a loss of around 6%.
The Surprise Movers: Volatility is not unusual for many coins, but sometimes, one of the lesser tokens will take off for a dramatic rise.
Binance Coin (BNB) started off around $0.80 at the beginning of the week, easily scaling $2 for a weekly gain of more than 625%. The coin is the property of the Binance exchange, where more than 99% of trading happens against BTC and ETH. We may conclude the Binance performance is a one-time fluke, caused by localized trading activity.
OmiseGo (OMG) kept its gains, although it started from a low position around $5. The coin touched $9.29 on Thursday but fell back to $7.79. OMG still achieved 19.79% gain on the week.
Former Stars: Coins that once held top positions continued to be subdued as the main attention was pointed to Bitcoin and Bitcoin Cash.
Monero (XMR) ended the period with a loss of 2.58% early Friday, at $48.71, after hovering around $45-$47.
ZCash (ZEC) lost 10.45% during the week, sinking back toward $209, away from its peaks above $360.
This is just a snapshot of the market. Cryptocurrency markets move in unpredictable ways, with price pressures ranging from pure speculation to a regional preference for a coin or a token. Never invest in a cryptocoin or a token unless you are ready to lose your holdings in part or in whole due to volatility.