Bitcoin has managed to repair its levels, and stall again at above $6,600, but this time, altcoins took the worst hit. The dynamics of the markets have also changed, as there are still bearish attitudes. The Tether digital asset is helping establish some coins, and drives liquidity with nearly 20% share of all volumes.
Bitcoin (BTC) started to slide on Friday, but this time, recovery came faster. BTC gained a net 12.5% in the past seven days to $6,653.93, easily recovering from Friday’s losses. From the slump to $3 billion, volumes quickly returned to above $5 billion.
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The additional liquidity for BTC comes in part through the larger influence of USDT tokens. The share of Japanese Yen trading sank to 51%, but the weight of USDT trades increased to more than 30% of BTC volumes. It was the inflow of USDT that lifted BTC from lows. USDT are being traded for altcoins, and it seems once gains are locked, the funds flow into BTC. This adds one more step to the usual cycle of locking altcoin gains into BTC.
Ethereum (ETH) remains robustly traded, with more than 11% of overall deals. ETH gained more than 13% in the past week, to $471.80, for now avoiding a slide below $400.
XRP (XRP) saw its rebranded image attacked this week due to the still unclear relation between the Ripple company and its intention to create use cases for the XRP digital asset.
Bitcoin Cash (BCH, BCC) settled at $729.73, up about 10% this past week, as the project continues to work independently, not making another attack on BTC. BCH is also seeing an inflow of USDT, up to 41% of total volumes.
EOS (EOS) recovered again, amazingly robust despite the scandals of the RAM marketplace. USDT volumes expanded to 61% on Friday, pushing the price up 17% net this week to $8.64. EOS continues to build its network, waiting for the next stage of dApp projects being created.
Litecoin (LTC) recovered its levels, but stayed in unison with BTC. LTC added 13% to $83.64, while also having nearly half the trades happening in USDT prices.
Stellar (XLM) added 15% net in the past days to recover to $0.20, but volumes have dwindled to almost nothing compared to the leading coins, at just $36 million per day, mostly due to the fact that XLM trades against BTC in its majority, depressing the prices, with only a relatively small share of USDT through Binance.
Cardano (ADA) was among the strongest growing coins in the top 10, appreciating by 24% net in the past week, to $0.14, after threatening to break below $0.10 in the latest market shakedown.
IOTA (MIOTA) defended the dollar level, rising to $1.09, up more than 19% in the past week.
NEO (NEO) re-entered the top 10 of coins, adding more than 38% this week to a price of $38.72.
TRON (TRX) was seen as undervalued, but still has not managed a breakout, as confusion is still surrounding the mainnet launch. TRX added a slim 2.9% net this week to $0.036, falling more spots down the chart.
Monero (XMR) is inching up, adding 11% to $134.27, as the coin slowly recovers its appeal after the ASIC-resistance hard fork that wiped out more than 80% of secretly attached mining power.
DASH (DASH) is up to $238.71, gaining about 8%, but is among the weaker recoveries this time around.
Ethereum Classic (ETC) became a staple of the markets, permanently boosted by the expectation of a Coinbase listing coming soon. ETC is at $18.07, adding about 20% net this week.
NEM (XEM) is back at the top, displacing Binance Coin (BNB), which lost about 3.5% of its value this week. But XEM recovered by 25% to $0.18, and may be back on the radar for speculative interest.
After a few weeks ending in the red, there is enthusiasm for at least a short-term positive wave. The influence of USDT will probably continue in the coming weeks. Bitcoin’s dominance has expanded to 42.2%, showing lessened interest in altcoins.
The weekly overview is just a temporary snapshot, and conditions may change, as even minor bad news sometimes create crashes, but unexpected spikes are also not out of the question.
This article appeared first on Cryptovest
