The cryptocurrency market dips sideways this week after last week rally. How are the major coins performing this week so far?
February 15, 2019 | AtoZ Markets – After last week surge, the crypto market has gone to sleep again this week. In the last week of January, the entire market was also sideways with market cap maintained at $113 billion. This week opened with market cap and trading volume for the entire market at $121.7 billion and $19.57 billion respectively. Currently, as the week reaches the end, market cap and trading volume are a bit unchanged from the week opening. Most crypto coins went into sideway corrections but with different depths and patterns. How did the majors perform in the course of the week?
Bitcoin Weekly Performance
The flagship cryptocurrency maintains its dominance of over 52% on the market. After last week push above $3700, Bitcoin has gradually dropped this week losing 4-5% from the intraday top. The week opened at $3673 but BTC is currently exchanging for $3636 according to CoinMarketCap. Market cap this week has decreased from $64.69 billion to $63.78 billion while trading volume also dropped from $6.2 billion to $5.92 billion.
The drop from $3700 to $3525 low is corrective. There is a big possibility of price continuing upside above $3700 next week.
Ethereum Weekly Performance
Ethereum has replaced Ripple as the 2nd most capped cryptocurrency. Last week upside break saw ETH hit $124. This week, market opened at $199 after some retracements from the upside spike and has remained upside, currently at $123. Unlike BTC, ETH went higher than last week high. The highest price this week so far is $130. Market cap decreased from $13.08 billion to $12.91 billion while trading volume decreased from $3.148 to $2.896.
Ethereum moved in a quite different manner compared to BTC. After last week spike hit $125, price dropped to $117 – the lowest this week. The dip from $130 looks shallow and price might drop further before making the next leg above $130. Will there be a retest of $117 low or even lower? We might get that answer next week.
Ripple Weekly Performance
This year, Ripple has stayed the longest in its new 3rd rank with current market cap of $12.46 lower than $12.75 that was recorded at the beginning of the week. Trading volume, also affected by the slow nature of the market this week, dropped to $398 million from $494.6 million. Ripple price oscillated between $0.3 and $0.32 most times in the week.
From last week high of $0.325, price dropped to its lowest of $0.301 before rallying to $0.319 which was the highest price recorded this week so far. A fast drop followed quickly and went sideways since yesterday. The current price is $0.31. Price might make one more leg to $0.3 or slightly below before continuing upside.
Litecoin Weekly Performance
Litecoin dropped in a similar manner to Bitcoin. It’s trading volume dropped from $1.42 billion to $929 million this week. Market capitalization dropped from $2.82 billion to $2.576 billion as well.
After last week surge to almost $49, price has gradually dropped to a weekly low of $41. The highest price this week was $45.7. The dip from $49 looks corrective. Next week, price may continue the current bullish recovery above $49.
The entire market is resting from last week good performance. Bitcoin cash, Monero, EOS, and other cryptos followed similarly. The week is not over yet but so far it has been a slow one characterized by lower prices and trade volumes across the board. Despite this week market dip, it has gained since last December lows. Are these the signs of ‘bottoming’? Time will tell.
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