Market update
Although Bitcoin has been showing signs of life in the past 24 hours (up 3%), the price action this week traded in a fairly narrow range above $13,000. It’s currently just over $13,400 and is up 1.78% for the week. Zooming out, the price has essentially stagnated over the month, down 3.3%. But zooming out even further and Bitcoin is up 27% for the year, outperforming gold and stocks. Crypto Compare’s report shows that the low BTC volatility has coincided with low volumes, which are down 36% on top tier exchanges. But altcoins made strong gains this week: Ethereum recorded its best price in a fortnight and is up 5.6%, XRP is up 6.3%, Bitcoin Cash (7.6%), Bitcoin SV (21%), Litecoin (5.3%), EOS (10.1%) and Stellar (10.3%).
Bitcoin dropped briefly below the US$9000 ($13,100) mark on the weekend, but it was on fairly thin volumes. At the time of writing, Bitcoin was 4.24% down on the same time last week, to trade around $13,400. Its performance was better than most of the top ten coins: Ethereum lost 5.7% this week, XRP (-5.7%), Bitcoin Cash (-6%), Bitcoin SV (-9.3%), Litecoin (-5%), EOS (-7.1%). Stellar lost 8.4%.
Bitcoin is currently trading just under $14,000 and is 1.9% up on seven days ago. Ether gained 4.8% this week, but the rest of the top ten remained fairly steady: XRP (-0.9%), Bitcoin Cash (2.4%), Bitcoin SV (0.5%), Litecoin (0.8%), EOS (1.4%) and Stellar (1.45%). Apart from a few flashes of volatility, Bitcoin has been trading in a 10% range for almost two months. Will today’s Paypal rumours help propel BTC above the psychological US $10,000 ($14,422) mark?
After yet another attempt to top the psychological US$10K mark – around A$14.4K – Bitcoin dove almost $1,000 in the early hours of Friday morning and then dropped below A$13,000 earlier today. The recovery has been just as swift though and the price is currently trading around $13,600, as it has done for much of the week. Bitcoin finished the week 2.7% down. Ethereum lost 5.6%, XRP was down 5.2%, Bitcoin Cash (-6.5%), Bitcoin SV (-7.9%), Litecoin (-5.1), EOS (-8.7%) and Stellar (-10.7%).
After a euphoria-inducing spike above US$ 10,000 at the time of our last market update, Bitcoin dropped sharply some hours later back to its previous US$ 9,500 – US$ 9,800 range, where it has remained since. The constant tests of the barrier are becoming routine, which analyst Keith Wareing believes signals that a fast break up to $12K ($17,100) could be on the cards. At the time of writing Bitcoin was trading just under $13,900 and was down 1.2% for the week. Bitcoin dominance has fallen from 67.5% a month ago to 64.8%. Ether held steady this week, while XRP lost 2.2%, BCH increased 1.25%, BSV (-4.1%), LTC (-2.6%) EOS (0.6%) and Stellar (4.2%).
As President Trump was threatening a military crackdown this morning, Bitcoin was spiking above the psychological US$ 10,000 mark. Things are moving fast but at the time of writing Bitcoin was trading just over A$ 14,800 to be 14.1% up for the week. Ethereum finished the week up by 20.1%. The past week has also been positive for the rest of the top ten: XRP (7.2%), Bitcoin Cash (11.2%), Bitcoin SV (9.7%), Litecoin (12.4%), EOS (11.3%). Stellar was up 16.8%.