Bitcoin (BTC) vaulted $8,000 at the start of the week, pushing above the $8,400 range, finally delivering an abbreviated version of the long-awaited July price rally. However, this year’s growth does not resemble the phenomenal month from a year ago, when the price rally started in earnest and culminated in peaks in December and January.
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Tether (USDT) Remains Influential Despite Reported Supply Decrease |
Bitcoin (BTC) went below $8,000 ahead of the weekend, trading around $7,959.09 (UTC), on volumes just below $5 billion in 24 hours. The asset is up around 6.6% net in the past seven days, unraveling the gains that took it above $8,400. The SEC denial of license for the Winklevoss brothers ETF fund added to the pessimism, but BTC still kept some of the gains.
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The share of Tether (USDT) trading thinned out to around 26%, and Japanese Yen trading expanded to its usual levels of around 55%, according to data from Cryptocompare. In the past weeks, price gains and losses were relatively fast, happening within hours, bringing back accusations of price manipulation, or at least panicked buying and selling.
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VeChain (VET) Ticker Change, Airdrop Work Wonders for Market Price |
Ethereum (ETH) passed the week almost without a change, at around $463.04, as the asset sticks to its role as a utility coin, and rarely sees price speculation. More than 42% of Ethereum volumes are against the USDT digital asset, making the price slightly more independent of BTC positions, but vulnerable to quick gains and dumping.
XRP (XRP) is down to $0.44, remaining almost unchanged in the past week, as it has been once again overlooked by investors focusing on Stellar (XLM) as the alternative coin.
Bitcoin Cash (BCH, BCC) is at $801.06, almost without change this week, as transactions volume slid back again to 15,800 in 24 hours.
EOS (EOS) tracked back to $8.17, losing just 0.17% in the past week, as the asset is supported by USDT trading. EOS was recently added to Bitpanda, but the small-scale exchange service will probably not increase liquidity significantly.
Stellar (XLM) had a successful week, after getting listed on the leading Chinese exchange, Huobi. XLM is back at $0.30, after peaking above $0.33 mid-week.
Litecoin (LTC) slid again to $83.17, almost without change on a weekly basis, again performing brief “flights”, but not keeping its gains.
Cardano (ADA) is back to $0.16, down around 7% this week, as the asset is once again seen as over-promising, but so far without any real benefits beyond market speculation.
IOTA (MIOTA) is at $0.98, still drifting sideways, though at a higher range around $1. The asset is down around 2.5% net this week, after accelerating losses ahead of the weekend.
TRON (TRX) continued with network-related announcements, but the price remained stagnant at $0.036, as the coin is thinly traded and not seen as promising, at least in the short run.
Monero (XMR) proved stable at around $138.01, displacing other coins by merit of its almost unchanged positions.
NEO (NEO) slides again to $33.03, as other platform coins seeking bigger gains are eyed as a source for more robust returns.
DASH (DASH) retraced to $240.64, down around 11% after regaining some lost positions. The network is out of the spotlight for now, with other blockchains attracting attention for speed, as well as confidentiality.
Ethereum Classic (ETC) is at $16.55, down around 2% this week, as it keeps to the usual price range, supported by the Korean markets, but not being able to start a bull run of its own without the finalization of the Coinbase listing.
NEM (XEM) is flat at $0.17, losing 2.6% this week, hardly making a move from its relatively low position, as the asset has lost credibility following the Coincheck hack.
The relatively small bull run of the past two weeks is seen as quite uncertain, with predictions of BTC falling back to $7,200 before attempting to regain positions. Others see the bull run possibly extending above $11,000.
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.
This article appeared first on Cryptovest
