CV Market Watch™: Weekly Trading Overview (9-16 March)
Once again a Black Thursday brought prices lower, and Bitcoin slid below $8,000 for a spell.
Bitcoin once again dipped suddenly, unable to keep the 8,000 levels, as trading volumes continued to remain stagnant. Altcoins slide even further, as some of the newer assets see trading grind to a halt compared to the volumes at the peak of December pumps. At this point, the market may see a long slide as trust is difficult to regain.
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Bitcoin (BTC) was less volatile this week, but still trending lower. BTC traded at $8,139.20 on Friday, down more than 8% on the week.
Trading volumes slid to around $5 billion, levels which were once seen as phenomenal, but now mark a new downward trend in investor interest. Bitcoin’s dominance hovers above 42%, recovering from the lows, but still below its levels of the past years. Tether trading takes up to 14% of market volumes, and continues to affect Bitcoin prices and trading, as Binance saw an inflow of Tethers in the past days.
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Ethereum (ETH) sank further this week, at $598.80. But losses were deeper during the most active hours of selling. The net loss for the past period is set at around 12%. ETH trading remains relatively active, and ETH has kept some of the newly gained liquidity, making more than 10% of all trading.
Ripple (XRP) distanced itself more from the $1 levels, down to $0.68 or around 13% this week. News of partnerships could not prop up the asset. The loss of a lawsuit to launch a defense against the R3 company also weighed on the price.
Bitcoin Cash (BCH, BCC) remains just below $1,000. The asset is down just around 5% net this week, but moved sideways at around $919.80.
Litecoin (LTC) kept the levels of last week, sliding by 6% to $159.66. Despite the Abra partnership news, LTC distances itself from the levels of $250 it commanded with ease. LTC drifts sideways against BTC, and volumes remain depressed, but still robust compared to other assets.
Cardano (ADA) moved to visibility despite sliding to $0.17, down 13% this week. The ADA asset also suffers from lowered volumes, and the unsustainable December prices continue to unravel.
NEO (NEO) was shaken down to $66.64, down by half from recent $120 levels. The passing of the Ontology airdrop caused a sudden loss of interest, and the price was quickly wiped out on the Asian markets.
Stellar (XLM) is down to much weaker levels, losing 20% this week to hover around $0.20. XLM is suffering due to relatively low trading volumes, and may revert to even cheaper re-entry opportunities, recalling the prices from before the dramatic pumps.
EOS (EOS) is up in the charts, but not by its own powers. The asset traded at $4.98, down around 12% this week. The EOS market price sees fluctuations despite the approach of the main net launch at the end of Q2.
DASH (DASH) moved down another 10% to $409.26, as the coin sees the spectacular gains unravel. DASH has been relatively invisible as other projects and coins live through their drama.
Monero (XMR) slid sharply by 20% as the MoneroV snapshot was delayed until April 30. XMR hovers around $204.81.
NEM (XEM) surged to $0.50 after trading resumed, but selling at those prices brought XEM down again to $0.34, with almost no change this week.
IOTA (MIOTA) slid to $1.07, as the asset loses appeal and no news of partnerships manage to lift the price.
Another week passed that showed rather ominous signs, especially to newcomers on the market. Altcoins keep retreating, and the hottest projects are showing the greatest weakness. Some believe it may be the time to re-accumulate coins, but this time, there is no telling what would trigger the next bull market.
The markets are showing some recovery, and assets like Ethereum Classic (ETC) and Litecoin (LTC) keep their volumes. However, at this point, all assets are suffering, and there is no predictable bottom price.
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