Market update
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%.
Bitcoin appears to have the post-halving blues, falling 7.6% this week. It’s trading just above $13,600 at the time of writing. Somewhat unusually, Bitcoin experienced a much bigger loss over the past seven days than any of the other coins in the top 10 (apart from BSV) but that’s probably because its gains for the month are still 18.4% – three times more than its closest competitor Ethereum (which only rose 5.5% this month). Ether is down 3.3% for the week, Bitcoin Cash (-6%), Bitcoin SV (-8%), Litecoin (-4%), EOS (-3.5%) and Stellar (-5.3%).