CV Market Watch™: Weekly Trading Overview (23 February – 2 March)

Coins diverged in the past week, as hard forks and airdrops are starting to rule the roost.

Bitcoin keeps close to $11,000, and there has been talk of a rebound if the leading asset manages to bounce above a certain psychological level. But the markets remain strained, and some coins are entering into an “ice age” of stagnated trading.

Ethereum Classic (ETC): Where is the Airdrop Fever?

Bitcoin (BTC) reached levels above $11,000, but most notably, it is regaining dominance as previously overvalued altcoins are sliding. The dominance of Bitcoin rose above 40% for the first time in weeks.

 

Volumes have gradually thinned out, under $8 billion in 24 hours, and the levels have stagnated. Tether (USDT) trading remains active above 12% of total trading volumes, and its weight compared to fiat trading is increasing, with 63,000 BTC traded against USDT versus around 90,000 against the USD.

Tweet Wipes $100M Off Waltonchain Market Cap

Ethereum (ETH) slid under $900, losing just under 1% net in the past week, as the asset unravels the gains above $1,300. At this point, ETH also saw volumes thinning out as the market enters a stage of decreased enthusiasm.

Ripple (XRP) did not manage to receive a price boost despite regular news updates on the project’s promises for the banking sector. XRP slid more than 9% this week to $0.91, as trading stagnated.

Bitcoin Cash (BCH, BCC) remained largely unchanged, losing less than 1% net to $1,265.94. The asset continues to build its image as a means of payment, and so far has made little efforts to challenge Bitcoin outright for the leading position.

Litecoin (LTC) remained stable at around $205.02, despite the underwhelming Monday launch of LitePay. Still, LTC is the best-performing asset for February.

NEO (NEO) climbed up the charts to challenge the position of Litecoin, while remaining largely unchanged at $122.72, repeating the levels from the end of last week. But the coin may see a boost in the following month as the team starts a world tour.

Cardano (ADA) continued to lose as it failed to offer a bounce, down more than 15% in a week to $0.28. 

Stellar (XLM) remained in the top 10, but in the past seven days slid by more than 15%, following the trend of ADA, as the once hot asset slid to $0.32.

EOS (EOS) is preparing for the IQ airdrop, but the price remains below $10, sliding 5% in a week to $8.80. As the project was beleaguered by questioning, not even the coin giveaway could serve to cause another pump.

IOTA (MIOTA) fought another publicity war, but came out a winner with a growth of around 8% net this week, reaching $1.91, with expectations of the upcoming Trinity wallet launch.

Monero (XMR) was one of the few growing coins, back above $300. XMR added around 8% in the last period, to $313.58, in expectation of the March 14 fork to create a sibling asset. The run up in prices is either demand for Monero, or using the general hype to make short-term profits.

DASH (DASH) threatens to slide below $600 again, after losing 5% this week. DASH traded at $601.25 ahead of the weekend, and the coin seems to have lost its appeal to other projects.

NEM (XEM) slid to $0.39, losing more than 9% in a week on general pessimism and lower trading activity after the Coincheck theft.

Position 14 on CoinMarketCap at one point belonged to TRON (TRX), which grew by 23% in seven days to reclaim the $0.05 price. TRX enjoys increased activity in Asia, along with popularity due to the Tron Dogs game. Ethereum Classic (ETC) slides to $31.25, down 15% in a week despite the expectations of an airdrop on Monday.

The Surprise Movers

NANO (XRB) continued to reclaim its position this week on an accidental promotion by Charlie Lee. XRB added a net 40% until Friday, to $16.10.

In the past week, assets took separate paths. The most dramatic spike and slide this week belonged to ZClassic (ZCL), which grew above $100 one last time before crashing to $12.90 with a tendency to continue losing positions.

The current market levels are just a snapshot, and separate coins or the market in general could make dramatic moves within hours.

Source: Read Full Article

Be the first to comment

Leave a Reply