The market optimism is still fragile, and downturns still happen quickly, as assets show varying robustness.
Another relatively calm week passed for the markets, with the occasional downturn. Yet panic selling seems to be more self-contained this time, and losses were limited to below 15% in 24 hours.
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Bitcoin (BTC) held above $10,000 most of the time, giving new hope for the markets. After a brief correction on Friday, the leading coin reached $10,000.70, up a net 3.3% this week. The dominance of Bitcoin over the market inched up above 38%, as some altcoins slipped and never managed to recover their peak heights. Despite the strong gains during the week, at the end of the period only Bitcoin ended with a net gain, while the rest of the coins had short-lived spikes, but tended to go lower.
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Tether (USDT) trading remains high at 13.9% of the market volume, surpassing Ethereum (ETH). Bitcoin volumes still hover around $8 billion in 24 hours. There have been no new printings of USDT for weeks now, but the asset is spreading on some of the most used exchanges, and serves to boost the market price of Bitcoin not only on Bitfinex, but significantly on OKEx and Binance as well.
Ethereum (ETH) was volatile, sliding and recovering, but down a net 6% over the past week to $874.76. The asset grew in the past day, and continues to seek a direction on conflicting pressures of high enthusiasm and sudden interest in other assets.
Ripple (XRP) survived another week above $1, but slid a net 10% to a price of $1.03. The project released new white papers and more encouraging news of partnerships, but still the price has been pressured and may take a while before shooting for a higher range.
Bitcoin Cash (BCH, BCC) remains bound in a range, trading sideways for weeks. In the past period, the asset slid more than 14% and retreated to $1,290.56, still unable to stage a longer recovery.
Litecoin (LTC) remains comparatively stable at $209.81, sliding from the $250 range after the hard fork into Litecoin Cash. The predictions for LTC remain bullish, but for now, the asset has not continued upward and is down 5.8% this week.
Cardano (ADA) moved to a lower range, sliding more than 14% to $0.31. The initial enthusiasm for the project has evaporated, and the price has retreated to a lower range.
NEO (NEO) remains steady, down just 1.6% in a week, at $122.24, growing in the past hours, showing that the coin is somewhat immune to the change in sentiment.
Stellar (XLM) wiped out the recent recovery, going down 14% in a week toward $0.34, again on a general loss of enthusiasm that often sends altcoins trading in depressed prices for longer.
EOS (EOS) failed once more to move above $10 despite more noise around the product’s launch and the token’s intrinsic value. EOS lost 14% to $8.65.
DASH (DASH) moved up one position in the charts at $639.37, still down more than 7% this week. The coin has somewhat lost its appeal amid other assets, and its noisy promotion is not as prominent now that other coins have seen more mainstream coverage.
IOTA (MIOTA) also lost positions on critical reports of its network lacking real-life viability. The MIOTA price slid by 12.9% to $1.79, unable to hold above the $2 range.
Monero (XMR) was the exception this week, at one point trading above $326 ahead of a March 15 hard fork. But XMR slid and shrank its weekly gain to just 1% to a price of $291.99.
NEM (XEM) had a conflicting week when the project was involved with the controversial launch of the Venezuelan crypto asset, the Petro. The coin slid by more than 22% to $0.43.
Position 14 on CoinMarketCap at one point belonged to Lisk (LSK), which traded above $31 before the rebranding event, but slid to $22.25. This time, Ethereum Classic (ETC) had a turn with robust weekly gains, growing to $37.33, up 10% this week.
The Surprise Movers
NANO (XRB) is starting to recover from the lows, suddenly booming to $10.77, up more than 15% net in the past seven days.
Despite the relatively calm situation, the crypto markets remain unpredictable, and switching to a negative sentiment happens quickly right now, wiping out prices within hours.
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