Bitcoin (BTC) seems to spend more and more time below $7,000, with recoveries happening on certain days. Altcoins are charting a whole different path, with both weakness and attempts at recovery, and a new crop of post-ICO coins is displacing some of the assets.
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Bitcoin (BTC) dipped toward $6,500 twice this week, and the recovery following did not take it too far above $7,000. On Friday, BTC was sinking again, down 2.3% to $6,651.03. Despite the bearish moods, Bitcoin’s price dominance over the markets is above 45% steadily, and the net weekly loss is just 5%. Trading volumes are also down to just $4.43 billion, underlining a declining interest.
Even USDT trading has dwindled to around 12% of volumes, and the sliding prices seem to have put off investors, who expected more of the quick appreciation in December and January.
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Ethereum (ETH), usually commanding more than 11% of global trading volumes, dwindled in influence to just 9%, while trades moved into Bitcoin. ETH slides toward $300, with talk of $150 not an unusual possibility. ETH slid a net 3.8% this week, and hovered sideways at around $370.88. WIth altcoin trading decreasing, ETH performed one of its typical slides to much lower values.
Ripple (XRP) accelerated its decline to $0.47, losing more than 7% net this week. The coin, often supported by the potential for a listing on Coinbase, sank on news that its team attempted, but failed to buy a slot on the Gemini exchange and to be sold directly through the Coinbase app.
Bitcoin Cash (BCH, BCC) continues to slide and receive criticism, this time with no attempts at pumps, promotions, or mining exploits, as its profitability has equalized with that of BTC in the longer term. BCH was among the bigger losers this week, wiping out more than 40% to $613.47.
Litecoin (LTC) remained surprisingly stable during a volatile period, and has settled between $110 and $120. LTC inched down 3.8% net this week, to $115.29. The coin is not seeing news, but its community expands, and there are no rapid sell-offs, hence the relatively stable price. Trading volumes have returned to the levels of the summer months, at around $272,000.
EOS (EOS) again looks like an anomaly, keeping close to the $6 range seen in its daily auctions, once again sparking accusations of a manipulated price. EOS is at $6.01, down 1% week-on-week, possibly boosted by the announcement of the EOS DAWN 3.0 pre-launch version.g
Cardano (ADA) remained mostly unchanged, down around 1% to $0.14, a low, but stable price range, as trading dwindled and enthusiasm for now is reserved for other projects.
Stellar (XLM) also remained steady at $0.19, as the project continues with slow improvements and attempts to gain influence, but so far has not managed to create a trading hype. XLM ended the week with a 1% net gain.
NEO (NEO) continues to wind down, losing more than 11% this week, as news and hype are dying down. NEO slid to $45.40, with lowering volumes potentially extending the slide.
Monero (XMR) slides slowly, down 3% this week to $167.43, as the expected MoneroV fork hardly has influence. XMR also suffered a serious downturn against BTC, and its dollar price may slide accordingly.
IOTA (MIOTA) lost more than 14% to a lower price range, as no encouraging news came from the project. MIOTA slid to $0.93, with a potential to unravel further as altcoins seem more affected by the bear market.
TRON (TRX) had a strong week, but in the end, the price was locked in a tight range.
DASH (DASH) broke down further, crashing through the $300 barrier, losing more than 10% this week as project development has stalled, and the general loss of interest in crypto has caused the coin to become more obscure. DASH slid to $288.31.
NEM (XEM) held onto $0.21, as the asset lost its appeal and returned to its usual price range before the December spikes.
Trading in March saw most coins sliding, with a few exceptions. The biggest achievement for most projects was just to hold onto the gains, at least partially. But now, bearish moods seem to continue, and the markets may repeat a long period of flat prices, or a gradual slide. Growth is restricted, and even hype rarely lifts a coin above 50%, most usually 20%.
The first quarter of 2018 was sobering, and buyers are not returning to altcoins, burnt by skepticism and with fears of declining value. This overview is just a temporary snapshot, and trends may reverse at any moment, however, the current trend points to unraveling prices and a loss of interest in trading, with few assets attempting a fast appreciation.
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