Bitcoin is causing almost all assets to follow its direction in a new sideways drift, with hopes of the rally renewing in July, similar to last year. However, with dwindling volumes and more and more trades dependent on Tethers, the liquidity for Bitcoin has decreased.
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Bitcoin (BTC) remained almost flat in the past week, adding a mere 0.5% to $7.558.74, on trading volumes just above $5 billion in 24 hours.
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The trading and risk profile for BTC remains unchanged since last week. The Japanese Yen dominates 53% of the market, while more than 15% of trades happen against the Tether (USDT) digital asset. Bitcoin’s weight in terms of market capitalization is 38.6%, stalling at this position as altcoins stagnated. Bitfinex remains the most active exchange for BTC, with more than 30% of volumes concentrated there, allowing for USDT to play out its effect.
Ethereum (ETH) remains subdued, with suspicions of selling by ICOs that keep the price down. ETH slid by 3.6% this week to $588.44, as the big question is how far can ETH survive to drift sideways without another deeper correction.
Ripple (XRP) remains stagnant and off the spotlight, inching up to $0.62, remaining bound in a tight range as news of partnerships fail to lift the price without the potential for a more accessible trading and investment from US buyers.
Bitcoin Cash (BCH, BCC) is stagnant at $1,002.08, working out its program to achieve wider adoption. With no news, hard fork announcements, BCH tends to drift sideways, but stil sees enough liquidity to avoid wild price fluctuations.
EOS (EOS) has remained unchanged despite the upcoming token lockdown and mainnet launch. EOS remained near $12.40, on active trading volumes, as the daily auctions are rolling to an end.
Litecoin (LTC) is at $119.46, remaining one of the steadiest assets even in shakedowns. The coin has a strong correlation to the price of Bitcoin, and keeps almost flat in BTC prices.
Cardano (ADA) added 11% this week to reach $0.22 after the alpha launch of its smart contract platform. The asset remains subdued, as the entire market is still wary of spiking gains.
Stellar (XLM) moved down one notch, remaining at $0.29 with a small loss this week. The project moves on organically, and has not managed to generate hype, overshadowed by the TRON and EOS projects.
IOTA (MIOTA) showed unusual strength this week, adding more than 22% to $1.88, up more than 8% in the past day. MIOTA is climbing against BTC, and this may be one of the reasons for the appreciation. Otherwise, the asset keeps getting traded on very slim volumes.
TRON (TRX) kept unraveling despite the mainnet launch, sliding to $0.059. TRX is down a significant 16% this week, as selling on the news hit earlier than expected, and may continue over the weekend. It is unknown if the upcoming elections for Super Representatives would generate renewed interest in this asset.
NEO (NEO) is off the spotlight, also displaced by TRON and EOS. NEO is at $54.89, adding 1.2% in a week, as the Asian markets turn to other up and coming assets.
DASH (DASH) is down 7.7% this week to $310.97. DASH is starting to behave like an afterthought coin - the marketing efforts can only take the coin so far. Currently, DASH is permanently away from peak prices above $1,400.
Monero (XMR) is at $156.19, down another 7% this week. The coin is unraveling after abandoning the ASIC mining by forking its code to become incompatible.
NEM (XEM) has moved to $0.25, up about 5% this week, but not inspiring confidence for another bull run.
The crypto market in 2018 is showing signs of a prolonged bear market or an ice age. The hopes are for scenarios resembling the 2017 movements, with strong peaks in July-August, as well as November-December. However, there is no guarantee this exact behavior would be repeated, now that there are more and varied pressures on the crypto market. One thing is certain, a wider audience of investors has seen that rising prices are not guaranteed.
As the prices drift sideways, there are still assets performing short-term feats of trading, but for now, the mood remains subdued.
This article appeared first on Cryptovest