CV Market Watch™: Weekly Trading Overview (1-8 June)
Cryptovest
Published Jun 08, 2018 06:53AM ET
CV Market Watch™: Weekly Trading Overview (1-8 June)
Bitcoin keeps dragging down most altcoins, with only separate cases breaking out in BTC-denominated prices. The markets have entered an almost six-month ice age, which has seen only select altcoins rally, while others remain stuck with negligible volumes.
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Bitcoin (BTC) saw minimal change in the past seven days, adding a net 1.7% to $7,643.83. In the second quarter of 2018, BTC prices saw relatively low fluctuation, and volumes remained on the low side.
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Trading volumes for BTC shrank to $4.2 billion in the past 24 hours, as Bitcoin trading is mostly supported by the Japanese Yen. Japanese markets have a 63% share of all deals, and USD and Tether (USDT) volumes have stagnated. Bitcoin’s dominance in terms of market capitalization is around 38.2%.
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Ethereum (ETH) saw its network congested this week, with more than 20,000 pending transactions. The market price remains relatively flat, at $604.45, adding around 4% net on the week. But ETH is actually seeing robust trading volumes, and is near the higher range against BTC.
Ripple (XRP) saw news circulate about its potential to become the “money of the Internet”. However, the market price is yet to rally like in the past. Still, XRP added 9% net this week, to $0.67.
Bitcoin Cash (BCH, BCC) performed better this week, as it charts its own path as an altcoin. BCH added more than 12% to $1,120.21, but volumes remain below $500 million, and are inconsistent, suggesting BCH may be vulnerable to short-term pumps.
EOS (EOS) saw hype increase, and despite the delay in the mainnet launch, the market price rallied to a slightly higher range. EOS stands at $13.97, growing by more than 14% this week, becoming the top performer in the ten leading coins at the moment.
Litecoin (LTC) remained robust at $119.84, down around 1% this week, as the asset is tied to the Bitcoin stagnation.
Stellar (XLM) is up in the charts again, sliding for the week and showing weakness, but performing better than Cardano. XLM is at $0.28, down 1.3% this week and around 4% net in the past 24 hours.
Cardano (ADA) lined up among the losers, down 7% to $0.20, as the focus shifted to other promising assets and their launch milestones.
IOTA (MIOTA) sank to a lower range despite positive news of the Trinity wallet coming soon, and the launch of the Quibic platform . MIOTA is down 7% to $1.68.
TRON (TRX) slid by around 2% to $0.057, as the mainnet launch changed little about the coin. The asset is now counting down to the effect of the Super Representatives elections coming June 26.
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NEO (NEO) continues the very slow slide, down another 2% this week to $52.91, with no boosting news, and all attention on EOS.
Monero (XMR) has lost the spotlight, but inched up this week, to $161.15, as it remains one of the more robust privacy coins.
DASH (DASH) kept its position at $310.57, up about 1% this week. DASH is also hovering sideways as it remains hidden, displaced by more prominent projects.
NEM (XEM) steadied at $0.25, slightly down on the week. The platform continues its development, but is not surrounded by enough hype.
More analysts see the bear market being well-established, with no relief for Bitcoin any time soon. Some altcoins, such as Ontology (ONT) are charting their own path, marking records in terms of BTC prices, but still depressed in dollar terms.
Bitcoin was expected to rally much sooner, but there are expectations of one more deep correction, possibly as low as $5,000. And while there are This article appeared first on Cryptovest
Written By: Cryptovest
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