Cryptocurrency Markets: Weekly Trading Overview (15-22 September)
A depressing week passed for cryptocurrencies, as the major coins clawed back some of the losses, but tokens continued to fall on selling.
Another depressing week for the cryptocurrency market- and Friday arrived with another wave of selling, pushing the markets into the red. Mid-week, there were some signs of recovery as Bitcoin neared $4,000 again and Litecoin stood above $50, but the bearish mood continues.
Trading volumes in China thinned out as Korean exchanges took over and the Chinese market prepared for a freeze as the major exchanges run out of time before the October closings.
Bitcoin (BTC) started the period at a low around $2,900, followed by a quick climb back to $3,400. The leading cryptocurrency gained a net 14% on the week, although on Friday it slid again to $3,685.50. The Bitcoin dominance index climbed to 48.5% of the market, as altcoins and tokens suffered even deeper losses, while at the same time Bitcoin seemed like a safe haven. The cryptocurrency market capitalization fell to $125 billion, still far from its peak at the end of August near $160 billion.
Ethereum (ETH) held its ground despite more negative publicity surrounding ICOs. ETH stood at $263.84 on Friday, down more than 7% in 24 hours as even the American markets could not afford enough buying support. Volumes dropped by half, at $646 million, usually being above $1 billion.
Bitcoin Cash (BCH, BCC) defied gravity for a while in the middle of the week. But on Friday, the coin slid 9.23% to $422.82. Still, the alternative to Bitcoin climbed around 14% from last week's lows and miners were interested again in the blockchain, which suddenly became more profitable than Bitcoin.
Ripple (XRP) remained flat at $0.17, gaining around 2% net in the past week. It slid 4.20% late on Thursday and was under selling pressure ahead of the weekend. After what seemed like a pump last week, volumes fell from $300 million to $50 million in 24 hours and the price could not keep its peak.
DASH (DASH) was a surprise last week, as it defied the pessimistic mood. DASH added more than 40% to last week's prices, displacing Litecoin from the fifth position on CoinMarketCap. After bouncing from the lows last Friday, the coin's price grew to $342.71, although it slid back by around 5% ahead of the weekend.
Litecoin (LTC) continued to distance itself from its peak at $86. On Friday, LTC fell by 7.53% to $47.28. The coin moved with small gains and losses, seeking direction as market moods shifted and LTC lost the majority of its support from Chinese buyers.
IOTA (MIOTA) added around 14% above the lows to stand at $0.49. Trading volumes varied, with a mid-week rise in prices to above 60 cents, but the run was short-lived and MIOTA slid on a still pessimistic mood.
Monero (XMR) added just 1.72% net in the past week, and is down to $87.62, more than 40% below its peak prices at the end of August. XMR lost 9% in the past 24 hours and continued to slide on Friday.
NEM (XEM) is unwinding from its current peak, although it posted weekly gains of more than 17%. On Friday, XEM stood at $0.21 after losing 4.32% in the last few hours.
Ethereum Classic (ETC) stood above $10 and returned to the top 10 of cryptocurrencies. In the past 7 days, the coin added a net of 8%, after the late Thursday and Friday slide. Ahead of the weekend, ETC stood at $10.26, unwinding the recent peak at $21.
NEO(NEO) is still out of the top 10 on CoinMarketCap. The coin had a promising week, seemingly unfazed by the upcoming closings of Chinese exchanges. But the price slid down 8% at the end of the working week, to $17.63.
The Surprise Movers:
GAS (GAS) is yet another token related to the NEO network. Formerly known as AntCoin, a supplement to NEO's AntShares, this token defied the selling trend and jumped by more than 52% in the past 24 hours. GAS stood at $13.92 on what seemed like a short-term burst of interest and a brief spike of volumes to $2.5 million, around 10 times the usual levels. GAS seems to be profiting from the interest in NEO, as both the former AntShares and AntCoin still have a strong base of supporters, investors, but also speculators.
Late Thursdays and Fridays have seen something of a tradition, and one may even expect the correction coming ahead of the weekend. That type of movement recalls earlier times in the Bitcoin market when whales would attempt to depress the price on Saturday nights. But with far more coins and tokens now, the selling pressure ahead of weekends may have more varied causes. This overview is just a temporary snapshot of the market conditions, but with the current bearish sentiment, prices may continue to distance themselves from the peaks.