CV Market Watch™: Weekly Trading Overview ( 6-13 April)

Bitcoin (BTC) proved that it is never stagnant, going through a 30-minute price peak where the asset gained $1,000. After sliding for weeks, BTC proved there are money waiting to roll onto the markets, and now there are more hopes that the bear market will not drag on for many months.

Bitcoin (BTC) was hovering around $6,800 before making a dramatic spike on a mix of new fund inflows, Tether trading reviving, and possibly bot trading. On Friday, BTC kept the levels, to $8,088.43, up 10% since Thursday. However, the altcoin recovery shrank the dominance of BTC market capitalization to 42.3%.

!Bitcoin!

Trading volumes returned, rising to above $9 billion, led by robust Japanese interest, but also Tether volumes rising to more than 14% of deals. Japan trading remained in the lead with near-record volumes, but GDAX trading in the US as the end of the tax season is nearing.

Ethereum (ETH), recovered above $500 on USDT trading, but also trading against BTC and altcoins. ETH proved it is a high-potential coin that can spike to reasonably high prices, as it added more than 15% on Friday to $514.66, growing more than 39% this week.

Ripple (XRP) is one of the peak gainers, adding more than 50% against the weak prices last week, as the recovery took it toward $0.64, mostly boosted by Asian trading.

Bitcoin Cash (BCH, BCC) had a rough week with some bad publicity, but also managed to move forward, growing more than 25% to $771.14.

EOS (EOS) was one of the most dramatic movers this week, as the price grew nearly 60% to $9.25 on increasing enthusiasm, displacing LTC from its position.

Litecoin (LTC) is relatively stable, both when markets are falling and when they are rising: LTC added just 14% in an otherwise strong rise in other assets, reaching $130.41. LTC did not fall too far below $120 in the recent downturn, once again defending its reputation as a “rock”.

Cardano (ADA) started to move, and is among the big gainers with a 49% increase against last week’s depressed prices, growing to $0.21.

Stellar (XLM) moved in unison with ADA, rising by more than 28% on a weekly basis to $0.24, as the project is enjoying renewed hype.

NEO (NEO) easily added 48% from the recent lows under $45, and jumped to $67.25, carried by the general green wave of the markets, as well as the project’s generally robust publicity. Some believed NEO was oversold.

IOTA (MIOTA) displaced Monero (XMR) by adding 52% to its price since last week, growing to $1.44. Unfortunately for the coin, the volume recovery is negligible, and the price spike small compared to the serious slide from peak prices.

Monero (XMR) went through a dramatic week where the coin’s network was found to host unannounced ASIC-based mining activity. After a hard fork to make the machines obsolete, XMR lost 80% of the hash rate. But the market price increased 17% on a weekly basis, to $196.07.

DASH (DASH) stemmed its slide, growing more than 30% since the recent lows, to vault the $300 barrier again. DASH hovered at $381.51, growing more than 17% overnight, as the coin is back in active trading.

TRON (TRX) remained locked around $0.04, with a weekly net gain of just 9.7%. The TRX digital asset had its climb earlier this week while the market was in the red, but did not react much in the general rise of prices this Thursday and Friday.

NEM (XEM) followed the trend to add 33% for a price of $0.28, a reasonable gain after a few dramatic weeks.

The latest week saw the predictions for a renewed altcoin rally materialize, at least in part. It is unknown if the assets manage to revisit their peaks, or if the rally fizzles out in mass selling. So far, selling sprees have quickly wiped out short term gains. However, the hunger for speculation has not ended, and 2018 may be much more dramatic, with less drifting in prices as more assets gain popularity.

The much wider exchange ecosystem also helps with increased liquidity, as most in-demand assets have found robust markets. Still, niche coins remain risky for trading stagnation.