CV Market Watch™: Weekly Trading Overview (2-9 February)
The past period saw the markets recover from the recent sell-off, as Bitcoin headed for $10,000 again.
In the past week, the period of panic did not repeat, and some assets started growing again, either in bursts, or more gradually.
Nothing Goes Together like the Chinese New Year, and Bitcoin Spoils
Bitcoin (BTC) was clearly on the mend, although still every downturn caused some jitters. On Friday, BTC traded at $9.963.90, up more than 21% this week, and gains were slower. Still, the recovery from below $8,000 has been encouraging. As altcoins rose, the dominance of Bitcoin fluctuated, but settled at 35.5%. Toward the end of the week, the BTC price started to resemble an older trend, where altcoins slumped as the leading digital asset recovered.
Lisk (LSK) Climbs Steadily Ahead of February Relaunch Despite Bitcoin Uncertainty
Tether (USDT) trading expanded to 13.5% of the market volume, surpassing Ethereum (ETH). At the same time, Bitcoin volumes thinned out to $8 billion, giving USDT coins a greater influence.
Ethereum (ETH) added 13.24% in a week, standing at $930 as volumes remain steadily above $2 billion in 24 hours. ETH has still not seen the effect of EURT and USDT, which have been created for liquidity on the recently launched Ethfinex platform.
Ripple (XRP) picked up speed, adding 37% in a week with minimum backtracking, to rise to $1.13 on news of business partnerships.
Bitcoin Cash (BCH, BCC) is back above $1,500, after adding 16% this week. The asset has not seen dramatic pumps, or outstanding good or bad news, and for now the driving force comes from the generally positive market mood.
Litecoin (LTC) climbed up the charts to its habitual number 5 position on CoinMrketCap. The asset rose above $230 at one point, but slid to $214.17, and with 45% upward movement this week is the strongest-gaining asset in the top 10 of coins. The reason for this is a hard fork planned for the weekend, after which the price may slide on selling, or keep most of the gains.
Cardano (ADA) has stalled for now, still growing around 10% in a week to $0.39. After a strong start, the project will now have to continue expanding its user and investor base, to warrant going back to peak prices and above.
NEO (NEO) added around 8% this week and settled around $121.67, keeping most of its gains against BTC. The coin may be ready for another breakout as BTC picks up again.
Stellar (XLM) has been slow to recover its positions, and inched up to $0.44, growing by 22% this week. The project has not offered updates beyond waiting for ICOs and working to make its decentralized exchange more widely used.
EOS (EOS) added more than 15% this week to $9.85, as the Dawn launch is expected. But EOS is still seen as underpriced, especially in expectations of the completion of the project. In 2018, EOS may receive a boost from the EOSFinex exchange.
IOTA (MIOTA) added 15% to rise above the $2 range, despite criticism of its network lacking the capacity to safely transact without potential losses. IOTA also saw an attempt at a scam for Trinity wallet, which has not seen an official release yet.
DASH (DASH) is recovering slowly to $691.55, up more than 15% this week, and continues to remains less volatile, as the project has been slow on news and promotion.
NEM (XEM) did not benefit much from news of a potential, but delayed listing on Binance. The asset added just 3% to its price this week, to $0.55, possibly entering another period of stagnation, despite the project’s good qualities.
Monero (XMR) added another 20% to stand at $290.28 At the moment, Monero is seen as a long-term proposition, with the potential to remain a leading coin, but there is a lack of impressive immediate moves. Still, XMR is one of the coins with greater strength against BTC.
Lisk (LSK) keeps its place on the charts, growing more than28% this week to $31.77 ahead of the rebranding.
The Surprise Movers
After a week of crashes, some coins showed their strength in recovery. Etherem Classic (ETC) continued with its climb, growing more than 40% net this week to $33.18, touching $35 at one point. DogeCoin (DOGE) added more than 44% to $0.006590, still far from the $0.01 peaks, but showing strength.
The recovery has been strong in the past days, but there is no guarantee the tides will not turn.
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