Market update
Bitcoin suffered no lasting effects over the past week as 130 of the biggest Twitter accounts were roped into an amateurish BTC ‘giveaway’ scam. It’s traded in a narrow range around $13,000 and is currently around $13,100 to finish the week 0.9% down. Trading volumes are as low as they’ve ever been and data analytics firm Skew pointed out that BTC has traded in a 1% range over the last ten days. The last time that happened was in November 2018 just before BTC plunged nearly 50%. However, Morgan Creek Digital executive Jason Williams interprets the same data as suggestive of a major price increase this week: “Bitcoin volatility could be extraordinary to the upside.”
Another week of steady as she goes for neo-stablecoin Bitcoin, with the price trading in a narrow range and no major moves. BTC ends the week 0.7% down and is currently trading around $13,350. Research firm Skew says the correlation between Bitcoin and the S&P 500 reached a new all-time high this week. Ethereum and Litecoin also finished flat. XRP was up 6%, Stellar increased 27%, while Bitcoin Cash lost 3.1%, EOS lost 1.2% and BSV was down 3.8%. All eyes this week were on IR’s newest listing Chainlink (LINK) which surged from under $8 to around $11.50. It’s currently $10.40 and to finish the week up 34%.
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%).