"Cryptocurrency Markets: Weekly Trading Overview (10-16 November)"
Last Friday ended calmly, only to enter a perfect Bitcoin storm during the weekend, where Bitcoin Cash saw a wild swing up and down after a pump on the Korean markets. One week later, Bitcoin is again near record heights, but Bitcoin Cash has kept some of the gains.
Bitcoin went from a peak to a low around $5,500- but proved it was not anywhere near finished. Despite bearish moods, Bitcoin shot up again to above $7,900, while Bitcoin Cash was left to struggle.
Bitcoin (BTC) started the week with a deep correction, only to grow again to above $7,900. On Friday, the asset hung around $7,767.45, up 9.93% net in the past week. Bitcoin increased its dominance to 57.1% of the total cryptocurrency market capitalization, where the entire market is estimated to be worth above $226 billion at today's market prices of all digital assets. Trading volumes last weekend peaked above $11 billion on a mass selloff, and remain high at around $5 billion in 24 hours, propped by Japanese and Korean trading.
Ethereum (ETH) still does not manage to attack the $400 levels, and remained around $328, with very low weekly fluctuations. The coin sees much less speculation compared to Bitcoin, but remains stable as demand for ICOs continues and gas payments need Ether.
Bitcoin Cash (BCH, BCC) had a dramatic week starting last Saturday. A mix of low mining difficulty and market enthusiasm lifted BCH to a height near $2,500 on the Korean exchange BitHumb, which caused the exchange to close for a few hours.
Ripple (XRP) spiked after news of a partnership with AMEX. The coin peaked near $0.26, but later retreated to $0.23 for a weekly gain of 5.54%. Ripple remains rather robust as all altcoins are lifted on a positive sentiment.
Litecoin (LTC) rose to a higher range, trading at $66.60, with a growth of around 5% this week. The coin remains stable and growth has not seen large jumps.
DASH (DASH) rose sharply as interest in mining the coin rose. DASH has added a net 24% for the week and for a while traded near a peak of $450. On Friday, DASH is slightly down at $415.27. It remains to be seen if the coin manages to keep the gains or returns to a lower range, as it has done in the past.
NEO(NEO) dropped again to $28, losing about 6% this week on a lack of news as other coins gained attention.
NEM(XEM) sank again to $0.19, shedding 12.6% in the past seven days to correct from a recent rally.
IOTA (MIOTA) continued its rise after overcoming recent network hurdles and displaced Monero from its position. MIOTA reached a price of $0.75, up more than 42% in the past seven days, but it is still a far shot from its $1 peak.
Monero (XMR) keeps up the pace with a rise of more than 7% in the past days to $123.46 as adoption on Asian markets continues.
Ethereum Classic (ETC) recuperated some of the losses to reach $17.30 on Friday, up more than 17% in the past week. The coin has already discounted the news of last weekend's conference and has moved to a lower range.
Lisk (LSK), the Berlin-based blockchain project, is gaining in popularity and its digital asset had a price rally this week. LSK briefly traded above $10 and now stands at $8.76, up more than 43% this week.
The weekly market overview is a snapshot, revealing the temporary condition of the market. Cryptocurrencies remain highly volatile and weekends tend to see dramatic moves, so anything is possible. The next week may see more examples of the struggle between Bitcoin and Bitcoin Cash, as it has happened in the past.
For now, the week ends on a high note, where both Bitcoin and altcoins are mostly on the uptrend. The SegWit2X hard fork threat has mostly been diffused, although a few hours remain to the appointed block 494,787 and a rogue organization may still produce a block for a SegWit2X blockchain- although its viability would be unknown.