CV Market Watch™: Weekly Trading Overview (28 September – 5 October)
The past week was spent with relatively stagnant prices and expectations of seeing Bitcoin choose a direction soon.
Bitcoin (BTC) hovered around the level of $6,500, down 1.39% this week, to $6,589.16, creating unease about the coin’s future direction. The market seeks indications of a larger move, but for now, trading remains subdued.
Last week saw one small injection of USDT, with 10 million tokens going into Bitfinex. BTC volumes slid to $3.7 billion’s equivalent, and BTC now has 52.2% weight in the total market capitalization of the crypto market.
Ethereum (ETH) also reduced its volatility, and for now is keeping above the $220 level. ETH traded at $223.28, down 1.43% this week. ETH sees decreasing enthusiasm as ICOs and distributed apps are showing limited performance potential, for now.
XRP (XRP) unraveled from the recent peaks, sliding down to $0.51, with a small change of 2.86% over the past week.
Bitcoin Cash (BCH, BCC) managed to keep to the level of $513.59, down 5.8% on the week. BCH kept some of the gains accrued after a positive financial report by ASIC producer Bitmain.
EOS (EOS) slid to $5.72, losing 1.86%, as the coin sees enough support from Asian markets and remains easily within the $5.50-$6 price range.
Stellar (XLM) slid slightly to $0.24, following the direction of XRP. The lack of news or enthusiasm again weighs on the asset, shaving 4.3% off the price in a week.
Litecoin (LTC) returned to its limited range, sliding back under $60. LTC retreated to $58.23, down 6.5% in the past week. LTC is roughly stagnant against BTC, awaiting direction from the leading coin.
Cardano (ADA) slid slightly to $0.081, almost unimpressed on the news of the launch of an ADA-based payment card. The asset followed the general cautious sentiment of the markets.
Monero (XMR) hovered sideways at $114.12, losing 3.4% this past week, as all eyes remained on the direction of Bitcoin.
IOTA (MIOTA) remained at $0.56, down around 1% in the past seven days, unchanged by the news of full withdrawal and deposit functionality on the Bitpanda exchange service.
DASH (DASH) is at $181.24, down 5.56% this week as the project once again fell out of the spotlight this week.
TRON (TRX) lined up among the gainers, as Bitfinex added more fiat pairs for the coin, regaining levels of $0.023, up 4.43% this week, among the rare coins in the green. With prices stagnant for a long time, TRX sees expectations of a more robust price move.
Binance Coin (BNB) climbed to position 14, as active trading on the Binance exchange boosts the coin’s role in the crypto ecosystem. BNB reached $10.44, boosted by the large share of the BNB/USDT market.
NEO (NEO) returned to lower levels after the GAS price hike on the Upbit listing. NEO lost 7.73% t0 $18.00.
Ethereum Classic (ETC) saw its presence expand to 100 exchanges, but the price remains stagnant, losing 2.98% to $11.03.
Another week passed with assets changing only slightly, with few altcoins having small separate rallies. But all eyes are on the direction of Bitcoin, attempting a new year-long rally, or crashing to new lows. Exchanges see a redirection of funds, as USDT tokens accumulate on the markets, with the potential of bigger trading moves soon.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.
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