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CV Market Watch™: Weekly Crypto Trading Overview (June 1-7, 2019)

(BTC) failed to keep the gains this week, as prices plunged below the $8,000 range during a significant sell-off starting on Tuesday. This event completed another growth-and-crash cycles for BTC, though there are indicators the coming months may see further appreciation.

Bitcoin (BTC) traded at $7,980.32 on Friday, sparking hopes of another weekend rally. The asset reached a low in the $7,500 range on Tuesday, wiping out around 4% this week, but still holds hopes for a recovery.

Tether (USDT) trading slowed down to 65% of all volumes, as Coinbase increased the activity of dollar-based trading. Still, USDT may gain importance as the coin increased its supply by 400 million in the past month, and Asian exchanges boosted their holdings significantly. BTC dominance over the entire market capitalization remained around 55.5%, as altcoins achieved a balance, with only separate short-term rallies. BTC trading volumes somewhat slowed down to around $20 billion in 24 hours.

(ETH) stagnated at $249.45, losing around …

This article appeared first on Cryptovest

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