CV Market Watch™: Weekly Crypto Trading Overview (June 14-21, 2019)
Bitcoin broke above the $9,000 range and set to reconquer $10,000, as altcoins lagged behind.
Bitcoin (BTC) continued its recovery, avoiding a sell-off this week.
The asset quickly broke above the $9,000 level, and later went on above the $9,700 mark, sparking hopes for a bigger rally. Bitcoin (BTC) traded at $9,786.72 on Friday, once again revving up as the weekend approached. BTC is up more than 17% in the past week, still proving that upward volatility is possible. The share of Tether (USDT) trading receded to around 63% BTC activity. Currently, the supply of USDT is on the increase, to more than 3.57 billion coins. BTC trading volumes were moderately lower, to around $17 billion in 24 hours. In the past week, BTC appreciation took its market capitalization dominance to above 58%, as altcoins lagged or sank lower.
Ethereum (ETH) was one of the big movers this week, following the announcement of Ethereum 2.0 getting a set date for its launch. ETH traded at $289.34, up 8% in a single day, and adding more than 12% to its price in the past week. ETH has received increasing USDT liquidity, and valuations of $300 are within a small distance.
XRP (XRP) hovered around $0.44, up 10% this week, following an announcement that Ripple bought a share in MoneyGram. Still, the asset is relatively stagnant, unable to break above the $0.50 range.
Litecoin (LTC) spent most of last week in consolidation mode at around $135, and took off on Friday, along with BTC, to $138.09. The coin is up just 5% net this week, but promises a more significant rally as the halving of the block reward approaches.
Bitcoin Cash (BCH) inched up to $426.28, boosted by BTC trading.
EOS (EOS) broke out to $7.04, mostly on the BTC move, adding nearly 10% in the past week. The asset remains strong despite Weiss Ratings lowering its grade to B-.
Binance Coin (BNB) continued with new records, reaching $37.72 on Friday. As the exchange increases its influence and volumes, BNB remains a central asset for multiple activities.
Bitcoin SV (BSV) rose to $223.59, up 7.3% this week, as the asset gradually establishes its presence and valuations easily above $200.
Stellar (XLM) hardly moved from its $0.12 tier, as the asset shares the fate of XRP and remains stagnant.
Cardano (ADA) remained at $0.089, despite the news of a testnet launch. The asset fails to attract high-level hype.
TRON (TRX) continued to hover around $0.033, despite the announcement of the update to Odyssey 3.6 version.
Monero (XMR) surprisingly exploded to $108.76, up more than 21% in the past week. The sudden spike in prices was seen as a response to the long-term stagnation and accumulation of coins. Unus Sed Leo (LEO) is the surprising new arrival among top coins. The token, newly minted and native to the Bitfinex exchange, completed its price discovery and was finally listed on CoinMarketCap, promising to become a fixture among leading assets. LEO traded at $1.85, after peaking this week at $2.00.
DASH (DASH) spiked to $164.84, up 7.85 this week, following the trend in anonymous coins.
Cosmos (ATOM) regained the $6.57 level on the back of BTC, gaining a tame 6.7% this week.
IOTA (MIOTA) stagnated at $0.43, as the news of the consensus protocol are failing to spark more active upward bidding.
NEO (NEO) inched up to $13.87, again up 6.7% this week, inching up from its lows.
Ethereum Classic (ETC) rose to $8.71 after the announcement of the Atlantis hard fork receiving a set date in September.
Tezos (XTZ) stagnated at $1.21, as the project left the spotlight and altcoins are generally the worse performers.
NEM (XEM) remained almost without change at $0.086, as Asian markets are also extremely focused on Bitcoin.
The markets gained a dose of optimism this week, possibly sending BTC above $10,000 in the coming days. Instead of an altcoin season, BTC staged an independent rally, leaving altcoins behind. Anonymous and privacy coins are having a field day, moving up from their long-term stagnancy. 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.
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