Market update
In Markets
Bitcoin had a positive week, increasing 2.8% to trade just under $15,300 at the time of writing. Bitcoin has now spent a record 64 days above the US$10,000 ($14,100) level and podcaster Anthony Pompliano says “it’s only showing signs of going higher.” Will it break the US$11,000 ($15,525) mark this week? Altcoins were a sea of green, with Ethereum up 3.7%, XRP (4.5%), Bitcoin Cash (5.8%), Chainlink (16.7%) and Bitcoin SV (15.3%). Outside of the top 10 Litecoin was up 4.2%, EOS (2%), Stellar (4.1%), Synthetix (32.8%) and OMG (45%).
In Markets
Bitcoin ended the week lower alongside the US stock market, which fell to a two month low on Monday amid fears of a surge in pandemic cases. But the price floor of US$10,000 ($13,800) has been holding well. Bitcoin is currently 2.2% down for the week at just above $14,500. Everything else was down – with DeFi tokens the hardest hit including Chainlink (-27.2%) and Synthetix (-29.8%). Ethereum lost 8.7% Bitcoin Cash (-7%), XRP (-5.7%), Litecoin (-11.5%), EOS (-8.2%) and Stellar (-12.3%).
Bitcoin has been trading in a narrow range around $14,000 for most of the week, but overnight took a quick leg up to trade above $14,700 at the time of writing. It’s 3.9% up on this time last week. Other big projects were up too, including Ether (7.9%), XRP (2%), and Stellar (4.5%). However, Chainlink (1.1%), Litecoin (1.2%), Bitcoin Cash (0.5%) and Bitcoin SV (1.1%) ended the week close to where they began, while EOS actually lost 2.6%.
Sell-offs in US equities, the strengthening US dollar and ludicrously high Ethereum gas prices appear to have weighed heavily on crypto markets this week. Bitcoin was trading above $16,500 this time last week (US$12K) but has now fallen back to test the $14,000 (US$10K) mark, with occasional dips below. It’s currently trading at $14,400 and is 11.2% down on this time last week. Although markets have recovered slightly since the weekend, it’s still a sea of red: Ethereum is 19% down, Chainlink (-20.9%), Ripple XRP (-14%), Bitcoin Cash (-16.5%), Bitcoin SV (-10%), Litecoin (-20.1%), EOS (-11.6%) and Stellar (-19%).
Bitcoin spent the week trading between $15,000 and $16,000 and is currently just 0.5% down on the same time last week to trade around $15,900. Bitcoin dominance has fallen from 62% a month ago to 57.2% today. The Fear and Greed Index has eased back from “Extreme Greed” last week, to simply “Greed” (75). It’s been a mixed bag for the other major cryptocurrencies, with Ethereum up 7.3% and Chainlink increasing 2.15%. Meanwhile XRP fell 2.5%, Bitcoin Cash was down 5.9%, Bitcoin SV (-5.6%), EOS (-5%), Stellar (-5.9%).
Bitcoin traded well above the US $12,000 ($16.7K) mark this week, but crypto markets pulled back across the board on the weekend. The dip has barely caused a blip on the Fear and Greed Index, which has hovered around ‘Extreme Greed’ for most of the month. The Bitcoin price has remained above the US$10,000 (A$13,950) mark for the second-longest stretch ever (28 days), beaten only by the 63 days above that level during the all-time high. Bitcoin is currently down 4.2% on seven days ago to trade just under $16,500. Everything else except OMG (+70%) was down (but they’re all still up on a month ago): Ethereum (-5.8%), XRP (-9.3%), Chainlink (-15.6%) Bitcoin Cash (-8.9%), Bitcoin SV (-10.4%), EOS (-10.6%) and Stellar (-9.8%).