The markets continued their patterns of gradual recovery and fast crashes, affecting Bitcoin to drag it to below $7,000. With current prices, most prominent assets are “back in time”, to their November levels, and moods are swinging between buying opportunities, and a longer wait for another drop in prices.
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Bitcoin (BTC) was shaken down again to below $7,000. BTC lost more than 6% overnight, down more than 17% against last week.
Trading volumes have increased to above $7 billion, and other cons are seeing some activity return, but also quickly dwindle. Tethers trading is increasing in weight, as the fixed-price USDT token is seen as a safe haven in times of higher price fluctuation.
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Ethereum (ETH) had a terrible week where it sank close to $300, wiping out half of its value since the recent stable position at around $600. Rumors of price manipulation abounded as ETH predictably slid below $400. ETH is down more than 26% this week, to $393.47.
Ripple (XRP) hovers sideways, despite the numerous news of partnerships and banking tests. XRP is down more than 19% this week, to $0.51.
Bitcoin Cash (BCH, BCC) slid to $709.29, down more than 28%, making it the biggest loser this week among top 10 coins. The BCH asset has not seen supportive news, and continues to unravel.
Litecoin (LTC) managed to reverse some of the losses from Thursday’s shakedown, losing to $120.17, down a net 25% this week. LTC remains relatively solid, despite the dip toward $100.
EOS (EOS) remained at the prominent position six, as the price saw enough support to stand above $6. EOS lost just 10% against last week, and is up around 2.5% in the past day to $6.13.
Cardano (ADA) slid by another 22% net this week, sold down to $0.14, showing that the trend still had no bottom, and growth is slow to come, while rapid selling and price crashes remain the norm.
Stellar (XLM) inched down to $0.19, losing around 17% this week, managing to displace NEO from its position. News of KIN selecting the platform did not manage to take effect yet.
NEO (NEO) inched down to $51.69, losing a net 21% this week. The NEO project did not manage to find support, despite the success and attention given to the related Ontology (ONT) platform.
IOTA (MIOTA) hovers around $1.10, down 14% since last week, as news of another delay in the Trinity wallet were taken with a neutral reaction.
TRON (TRX) is back among the leading pack of coins, after the testnet launch was announced. The token lost more than 11% in the last day, but is up a net 18% this week, to $0.043.
Monero (XMR) is down to $172.90, losing more than 15% in the past week. While relatively stable, XMR is unraveling from the hype as well, and even the upcoming pump is not lifting the prices in the current market climate.
DASH (DASH) continued to drop, erasing 18% of its value to $326.91, on markedly lowered promotional activity.
NEM (XEM) unraveled to $0.22, recalling earlier price levels, down more than 18% in the past week. The asset has been unable to command higher prices despite the platform’s promises.
The past week did not go without a day of panic, returning assets to pre-pump levels. At this point, buying in may be safer, especially if prices drift sideways. But for some assets, the hype from last year has declined, and trading has dropped to almost nothing, putting potential downward pressure on the price.
The crypto markets are unpredictable, and strong recoveries are also possible. But any overview is a snapshot of the market, not to be seen as a trading or investment recommendation.
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