Shock and horror – this is how we could describe the past seven days. Bitcoin was getting heavy around $13,000, and then around Tuesday, the bottom fell out, dragging out all digital assets down by 30% or more. Talks of a ban in South Korea, combined with traditional January profit-taking took coins down from recent peaks, bringing them back to pre-pump levels.
Bitcoin (BTC) sank below $10,000, causing jitters and deepening the slide from its peak. But then, the leading cryptocurrency bounced again, as optimism returned to the markets. BTC traded around 11,721.80 on Friday, still down more than 15% this week after the deep correction. Bitcoin’s dominance remains stable around 33.9%.
Trading volumes keep at the levels of $14 billion, but Tether trading has accelerated.
Ethereum (ETH) fell from its $1,300 peaks, but recovered after the crash to $1,057.20, down around 15% this week after a slight recovery. Investors are still bullish on ETH in 2018, as a lot of ICO projects are becoming more mature.
Ripple (XRP) is still far from its peaks, but the recovery is robust, even without accounting for prices in Korea. The coin was a strong gainer, adding another 16% in the past 24 hours. XRP ended the dramatic selling at $1.65, with some upward potential.
Bitcoin Cash (BCH, BCC) has gone weeks without a pump, and mostly moves sideways. But Tuesday’s selling spree widened the weekly loss to more than 29%, and BCH now trades around $1,817.94, on weakened volumes below $1 billion.
Cardano (ADA) has recovered well, for a net weekly loss of around 11%, with a price of $0.66. For now ADA seems well-established in the top 10 of CoinMarketCap, but the project awaits more news to establish itself in the coming year.
Litecoin (LTC) sank quickly on the Tuesday correction, but kept its gains surprisingly well, reaching a temporary low of $165. LTC afterwards climbed to $195.65.
NEM (XEM) has established itself above $1, as the project’s price has a different risk profile, mostly propped up by Japanese investors. XEM traded at $1.07, still down 23% on the week.
NEO (NEO) is moving counter to the trend, and despite suffering some losses, has established itself at around $147.18. NEO is up more than 21% this week, when the rest of the market was in the red. But even NEO has suffered a correction, shaving off some of the gains that took the Chinese project to a peak at $190. This week, NEO was highly volatile, moving between $190 and $100 at the lowest point.
Stellar (XLM) rebounced by more than 7% in the past day, to stand at $0.52. This newcomer project also has secured its place in the CoinMarketCap chart, at position nine. Now, Stellar will expect the effect of ICOs and continued development in 2018. But not even the promotion by John McAfee was enough to stave off the temporary slide when all the market turned red.
IOTA (MIOTA) is down more than 18% in the past week, sliding to $2.90. The project has left the spotlight for now, keeping partially the gains made in the December rally.
EOS (EOS) continues to establish its credibility, standing at $10.88. The loss in seven days shrank to around 19%.
DASH (DASH) abandoned the $1,000 range, not recovering quite well from the fall. DASH slid 18% this week, down to $851.19.
TRON (TRX) is struggling, recovering to $0.08 after reaching a bottom price of $0.05. TRX is still extremely volatile, and the project became shaky after having credibility issues about its white paper and statements about partnerships.
Monero (XMR) is still subdued at $331.50, down around 11% this week, as other coins keep stealing the spotlight, but Monero remains one of the most widely-used anonymous digital assets.
The Surprise Movers
This week was a perfect storm, a mix of baffling news from Korea, and altcoins falling across the board.
But the outlier was BitConnect. The trouble was not in the sharp drop and the lending scheme closing, but in the short-term pump and dump that followed, which may have caused even more losses.
BitConnect jumped toward $50 before falling again by half, sliding to around $32.
Other coins staged various recoveries, but January remains risky for both Bitcoin and altcoins.
The weekly market overview is just a snapshot of the market, and extreme volatility may cause sudden and deep corrections, as it happened this Monday and Tuesday. But just as fast, the assets may change prices on renewed buying.