CV Market Watch™: Weekly Trading Overview (14-21 December) (BTC) started the week on a positive note, adding hundreds of dollars a day in a rally rarely seen in the past months. BTC prices stretched above the $4,100 range and sparked hopes the markets may be ready for a new rally.
Bitcoin (BTC) had held steady around $3,200 for days, sparking fears of a crash under $3,000. But with the new week, the fears did not materialize and prices boomed from Monday onward. BTC reached a peak at $4,191.23 on Thursday, later retreating to the $4,000 level. BTC volumes also expanded, to above $8.3 billion in 24 hours, as activity and sentiment increased. But out of that volume, more than 54% was tied up in the pair, suggesting the stablecoin may be a factor in price setting. Rumors of spoof orders sparking the rally were added to the opinions. The price dominance of BTC fell to 53.1%, as some altcoins staged separate rallies.
The sentiment around BTC remains uncertain, as 2019 is around the corner. The year-end rally is smaller than expected, and the next year may be bound with the direction of the stock markets.
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