Market update
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%).
In Markets
Bitcoin is up 12.8% on this time last week to trade at just under $14,800 at the time of writing. However, BTC seems very reluctant to make a sustained break above the psychological US$10,000 mark (A$15,331). The overall trend is very positive with BTC up by a third in the past month. Ryan Selkis from Messari noted that what he’s calling the ‘Pomp Trade’ – “Long Bitcoin Short the Bankers” – has paid off in spades this year, with BTC up 38% YTD while the major US banks have lost 37% or more. Ether was up 15.2% on seven days ago, XRP was up 6.2%, Bitcoin Cash (6.9%), LTC (9.3%), EOS (10.5%) and Stellar (12%).
In Markets
Despite a sharp fall on the weekend, Bitcoin finished the week just 3.24% down and was trading at just over $13,500 at the time of writing. It’s up 25% for the month. The Bitcoin Fear and Greed Index is at 40 or ‘neutral’ which suggests traders have quickly shrugged off the volatility. Still, it was a sea of red for the remainder of the top ten with Ethereum down 10.3%, XRP (-12.2%), Bitcoin Cash (-5.8%), Bitcoin SV (-11.2%), Litecoin (-12.5%), EOS (-13.5%). Stellar was down 15.2%.
Market Update 29th April – 5th May 2020
In Markets
The Bitcoin price has been on the move in the lead up to next week’s halving, with BTC up 15.1% on a week ago to trade just over $14,000. Altcoins have increased to a lesser extent: Ethereum was up 6.6%, XRP (11.4%), Bitcoin Cash (2%), Bitcoin SV (6.8%), Litecoin (7.1%), EOS (2%). Stellar increased another 10.6%, bringing its gains for the month to a hefty 68%.