CV Market Watch™: Weekly Trading Overview (14-21 September)
The past week contained signs of re-awakening on the crypto market, with pumps starting to get serious during the past workweek. The markets avoided another sell-off, and saw a big dose of optimism.
Bitcoin (BTC) continued with another week of positive sentiment, as dollar investments returned. BTC traded at $6,721.88 on Friday as of 12:00 UTC, with a big jump from the $6,500 range. The week saw lows of $6,257.52 and Friday’s climb marked the peak. BTC quickly shook off the freeze in Tether (USDT) transactions on Monday, as well as the news of the Zaif exchange hack. BTC added 3.25% since last Friday, despite the relatively large range of trading of as much as $500.
BTC now dominates 52.5% of the total market capitalization of crypto assets, down from 55%, as XRP and other altcoins started a new boom cycle. Trading volumes were above $5.5 billion on Friday, with the share of USD trading expanding to above 27%, and the influence of USDT sinking to about 45% from peaks of above 58% this past week. Bitcoin saw continued bullish sentiment, though the gains were more subdued compared to altcoins.
Ethereum (ETH) clung above the $200 level, for a more successful week, as the entire market recovered. ETH gained 7.54% in the past seven days, recovering ahead of the weekend to $226.77.
XRP (XRP) was the big mover this week, starting to conquer previous levels on Friday. XRP grew a net 51% on Friday, and as of 12:00 UTC traded at above $0.53, recovering the losses of the past three months.
Bitcoin Cash (BCH, BCC) attempts to get closer to the $500 range, returning to 0.07 BTC. BCH traded around $481.94 on Friday, again with significant jumps in the hours ahead of the weekend.
EOS (EOS) returned to $5.81, despite the news of two hacks against distributed apps on the network, adding around 9% this past week.
Stellar (XLM) is one of the more robustly growing coins, possibly driven by the addition into the Circle app. XLM reached $0.25, adding more than 23% this week, in a strong climb showing the relative popularity of the asset.
Litecoin (LTC) once again moved within a $10 range, reaching $58.26 on Friday as it follows the improved market sentiment. LTC gained slightly after the first Litecoin Summit last weekend.
Cardano (ADA) recovered 27% of its price this weekend, growing to $0.086, adding 17% just on Friday. ADA recovered from lows of around $0.06, showing the market had taste for speculative altcoins.
Monero (XMR) stood at $121.18, adding around 7%, for now a more subdued performance compared to low-priced coins. The project remains relatively solid, with no dramatic news.
IOTA (MIOTA) remained surprisingly flat, up 0.71% this week to $0.58, as the market enthusiasm focused on other assets.
DASH (DASH) gained on news of spreading in Venezuela, standing at $206.97, up around 8.6% this week.
TRON (TRX) added more than 16% this week, recovering to $0.023, carried by the general wave of optimism.
NEO (NEO) grew more weakly, adding around 4% since last week, to $18.95.
Ethereum Classic (ETC) remained relatively stable at $11.43, adding around 3%.
Tezos (XTZ) entered the top 15 this week, jumping by 33% after the official mainnet announcement on Monday. XTZ traded at $1.76 on Friday, attempting to recover losses. XTZ jumped after a Bittrex listing that added to the liquidity.
Altcoins once again avoided a capitulation event and started a minor recovery. Most assets are still far from peak prices, but have pushed off the recent lows. The price levels remain speculative, and for now, the recovery is led by XRP, which will have to show whether it can sustain the climb. The past weeks saw a proliferation of stablecoins, as more tokens and assets pegged to the dollar were launched, as an answer to the losses during the bear market.
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.