CV Market Watch™: Weekly Trading Overview (13-20 July)

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CV Market Watch™: Weekly Trading Overview (13-20 July)

Bitcoin (BTC) perked up this week, pushing higher the price of several altcoins. In a single day, BTC went from $6,800 to over $7,300, all of these gains added in one hour at the start of the week. Afterwards, the leading coin held this ground, fueling hopes that the recovery may last.

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Bitcoin (BTC) stopped sliding, slowly inched up to $6,800, and then jumped above $7,400, remaining there for most of the past week. The chances of a recovery and a mid-year bull run are increasing though market volumes remain relatively low and a consolidation may quickly cause another downturn. Some see the current BTC appreciation as temporary and anticipate lower prices.

BTC traded at around $7,452.85, up a net 18.9% this week, showing that even the high-priced coin could still deliver significant growth.

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Trading volumes are back above $5 billion in 24 hours, allowing relatively large price fluctuations. The share of Tether (USDT) trading sank back to 28.6% as Japanese traders returned and the yen regained its effect. But USDT has increased its supply to currently 3.1 billion tokens, and the coins may be waiting to fuel another bull run.

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Ethereum (ETH) had troubles with another bout of network overload, but the price inched up, propped by the USDT and BTC recovery. ETH traded at $463.83 on volumes nearing $2 billion in 24 hours.

XRP (XRP) recovered by around 4% to reach $0.46, but is considered a risky asset as attention has shifted to the Stellar (XLM) rally.

Bitcoin Cash (BCH, BCC) managed to clock more than 100,000 transactions in 24 hours, and the price added a net 13% this week to reach $797.00. The asset is working toward improving its position as an altcoin, and has so far not interfered with BTC positions.

EOS (EOS) remains hot, standing at $8.38, up around 17.5% this week. The EOS IO operating system saw its new version released, and the network has not seen other glitches so far.

Stellar (XLM) was the big gainer this week as news of a Coinbase exploration and a potential listing awoke the prices from their slumber. XLM peaked at around $0.31 but later retreated to $0.28, up more than 53% net this week.

Litecoin (LTC) climbed to $91 as BTC recovered but later slid to $84.96, wiping out some of the gains.

Cardano (ADA) was the other notable grower among the top 10 coins. ADA is up more than 39% net this week to $0.17, again due to the hype from a Coinbase listing exploration.

IOTA (MIOTA) remained flat, growing by around 3% to reach $1.01, but hotter assets have diverted attention from the project for now.

TRON (TRX) is busy growing its network and adding transactions, but its price was a weak performer, proving unable to vault beyond $0.04 this week. TRX added just 10% net in the past to $0.036.

NEO (NEO) settled at $34.63, stalling after the latest rally as attention shifted.

DASH (DASH) added another 21% this week, recovering to $274.31 and keeping to its regular range, mostly affected by BTC prices.

Monero (XMR) is back up to $137.00, adding 13% on a weekly basis, with the coin remaining relatively solid but not residing among the most popular assets.

Ethereum Classic (ETC) kept its gains, remaining within its usual range at $16.93 but growing by only 2% net this week as the hype of the upcoming Coinbase listing wore off.

NEM (XEM) is back to $0.17, adding another 11% from recent lows, but the coin is not enjoying a significant bull run.

Last week was unusual for the sustained recovery, giving more hopes of an end to the bear market. However, volumes remain low, and for now, only a few select assets are growing. USDT trading made up around 20% of total volumes, helping preserve price levels and ensuring liquidity.

Neither the author nor the publication assumes any responsibility or liability for investments, profits, or losses incurred through the use of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.


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