Bitcoin has made a bear market tradition of crashing by increments of a few hundred dollars. After drifting sideways for a while. BTC prices suddenly lose support, to crash to a new lower level, dragging down altcoins.
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Bitcoin (BTC) once again crashed ahead of the weekend, this time falling to an even lower range with a bottom at $5,800. As the slide continues, talk of prices falling to $5,200, or even lows of $4,400 or as low as $3,000 before the bear market ends, are not so outlandish. BTC lost more than 7% this week as losses accelerated, reaching $5,929.35 after a slight recovery.
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Trading volumes for BTC remained low around to $3.7 billion, and the share of BTC trading dipped below 30% of the market. The share of the Japanese Yen is still high at 59% of all crypto deals. US dollar markets increased to a share of 16%, and Tether (USDT) trading increased to 18% of all Bitcoin pairs. During the week, Tether, which entered the top 10 of coins by market capitalization, increased its influence on trading, taking up more than 22% of all trades at the start of the new week. BTC prices seem to be in freefall, as the July bull market hopes were dashed, and lower levels were predicted.
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Ethereum (ETH) returned to levels recalling last summer, as the price continues to unravel. ETH slid to $411.38, with no end in sight, this time falling with the rest of the market. USDT trading has increased to more than 33%, as investors sell for the more secure asset, to weather the long-term bear market.
Ripple (XRP) is down to $0.43, with the possibility of unraveling further, as hopes for a big boost and mass adoption are lost, for now. The long bear market has invited more scrutiny on XRP, and the price has not seen any exuberant spikes recently.
Bitcoin Cash (BCH, BCC) accelerated the losses, down to $657.92, continuing the months-long downward trend with sliding volumes. In general BCH has moved around 0.1 to 0.2 BTC, and the dollar price is a reflection of that connection.
EOS (EOS) survived surprisingly well, as several scandals and glitches undermined trust. EOS slid to $7.27, down a net 20% in the past seven days, with a prediction of going as low as $5.
Litecoin (LTC), having a strong connection to BTC prices, unraveled to $73.96, down 16% net this week, as the coin sees decreased usage and volumes.
Stellar (XLM) is down to $0.17, losing more than 17% this week, as hopes of a spike even for low-priced coins are slim.
Cardano (ADA), despite the support of USDT trading, lost another 20% of its price to $0.11.
IOTA (MIOTA) is back below the dollar levels, losing 13% to $0.91. There are almost no big news, and not even the Trinity wallet updates help to lift the price in the bear market.
TRON (TRX) is seen as undervalued, but the bear market takes no note of all the developments. In the past week, TRX lost 20% to $0.035, despite the launch of Super Representatives elections and smooth block production.
Monero (XMR) turned to a slight, surprising growth, adding around 5% net this week to reach $120.53. The coin remains a relatively solid asset, though losing hopes of four-digit prices any time soon.
NEO (NEO) unravels even faster, down to $27.84, losing 19% this week, showing that not even platform coins are guaranteed long-term triple-digit prices. So far, the NEO ecosystem is still small, and the asset, based in China, has lost support and enthusiasm.
DASH (DASH) fell to $219.74, losing around 9% this week, as the project sees no significant marketing efforts.
Binance Coin (BNB) was a curious case - surviving as a hedge against the BTC slide, but also losing in dollar value. BNB slid by a net 13.5% to $13.83, but the asset remains instrumental to the crypto space.
The past week was another reminder that the bear market was not going anywhere, and that new lows were expected. Previously, John McAfee had predicted a bull market returnig in July - which is almost here, but pessimism sees the markets burrow even lower.
The weekly overview is a snapshot of the market, and may not predict future moves. But the summer of 2018 looks less promising, with low trading volumes persevering for weeks, and early enthusiasts absorbing some hard lessons.
This article appeared first on Cryptovest
