CV Market Watch™: Weekly Trading Overview ( 4-11 May)

After various encouraging bull runs, panic returned to the markets, once again erasing gains for many altcoins, and taking Bitcoin prices below $9,000.

Bitcoin (BTC) almost assured investors it had settled above $9,000, when the prices were shaken down by a few hundred dollars within minutes, this time dragging down altcoins as well. BTC volumes are seeing lowered enthusiasm on the Asian markets, as trading moved to altcoins. But the shakedown in prices may see a return to BTC as a safe haven.

Bytecoin (BCN) Returns with a Reasonable Price

 Bitcoin (BTC) seemed stable this week, but headed for the weekend on a lower note, losing hundreds of dollars from its price within hours. BTC is down to $8,765.80, losing more than 9% net this week, with a rapid 6% slide in the past day.

Bitcoin trading sank just below $7 billion in 24 hours, and the risk profile changed, as the share of the Japanese Yen fell below 45%, while Tether (USDT) trading widened to around 20%. Bitcoin’s dominance remains below 37%, although with the latest round of dropping altcoin prices, the number has increased somewhat.

Bitcoin (BTC) Faces Troubles Defending the $9,000 Level

Ethereum (ETH) showed some short-term encouragement of being able to vault the $800 level, but toward the end of the week rapidly sank down to below $700. The asset lost a net 11.9% this week, to $649.02, showing its propensity for rapid price drops.

Ripple (XRP) remained one of the biggest losers, despite rebranding news, as skeptics abound, reminding that the digital asset may not be instrumental to the Ripple payment system. XRP is down more than 23% for the last period, down to $0.68, further distancing itself from dollar-level prices.

Bitcoin Cash (BCH, BCC) fared a bit better until recently, retaining some gains on a weekly basis. But the Friday shakedown took net daily losses to 15%, for a price of $1,401.11. BCH remains volatile, unable to quickly reach the range of $2,500, which was seen as an easy feat.

EOS (EOS) is retreating after the phenomenal trading period. Despite the launch of the Dawn 4.0 version and the mainnet coming in three weeks, the price slid to $15.32, with a net weekly loss of 10% and a slide of 15% just in the past day.

Litecoin (LTC) fared relatively well in the latest market shakedown, sliding below $150, but with only a net loss of 10% for the week, to a price of $142.70.

Cardano (ADA) showed its propensity for deep losses, sliding a net 26% this week, to be among the biggest losers. ADA moved down to $0.26.

Stellar (XLM) also sank from the 40-cent range, back to $0.31, losing a net 26% for the week, most during the Friday crash.

IOTA (MIOTA) slid to $1.92, as no news comes from the project, and further depressed by panic selling. MIOTA slid a net 21% this week.

TRON (TRX) lives on the hype of the mainnet launch in less than 20 days, but the price is a bit depressed at $0.068. The net weekly loss was more than 19%.

NEO (NEO) slid to $64.45, losing 14% in the rapid flash crash, and a net of 26% this week, after easily holding near $70 for weeks.

Monero (XMR) was hardly affected by the MoneroV hard fork and mainnet launch. The asset is at $203.72, down a net 16% this week. 

DASH (DASH) is at $404.41, losing around 17% on the week, as the project lags in popularity.

NEM (XEM) slid down to $0.31, losing more than 27%, as it remained on the sidelines while other hot assets were gaining.

The past week showed shakiness in more established assets, while other sleeper coins and tokens awakened, and continued the upward trend. Among the most notable examples of good performers were 0x (ZRX) and Zilliqa (ZIL), which managed to keep some net gains over the last period.

Bytecoin (BCN) also made a splash with the launch of Binance trading, but also drama due to the network crash. The effect of Binance on the Augur (AUG) prices was, initially, highly positive, sending AUG up 31% in a week to $57.68.

Tags

NEO News


Ethereum News


Bitcoin News


Bitcoin Cash News


Litecoin News


EOS News


Cardano News


Stellar News


IOTA News

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