This week came as a relief for a lot of crypto investors and enthusiasts with some good long-term developments. No much of positives for the price of major cryptocurrencies but definitely a spurt of buying at the end of the week which bought Bitcoin back above the important resistance level of USD 6000. The crypto market has added over $26 billion in the past 2 days heading to the weekend, as major assets including bitcoin, Ethereum, and Bitcoin Cash rose in double digits.
With the spurt in volumes and inflow of USD into cryptos, a lot of over enthusiast analyst and supports have already spoken of the crypto marketing entering a short-term bull phase, but it is still too early to predict. This past week and couple of weeks to come will be more of a litmus test for major cryptocurrencies to be above their resistance level than to exponentially grow. From the corporate front, the major news that was captured this week is that of Facebook reversing its advertising policy for cryptocurrencies.
Bitcoin, the leader of the pack, saw a clear battle between the bulls and the bears. As the bears hammered in the first half of the week the bull came back pounding at the end with the week ending with a gain of 5.65 %. The mark capitalization sat at USD 106 billion. The prices hit the high point of USD 6465.51 and the lowest point of USD 5835.78 during the week showing a clear tussle around the resistance levels of USD 6000. The exchanges that were more active, in volumes, with BTC across various pairs this week were Binance (10.36%), CoinEx (7.58%) and ZB.com (4.38%). An interesting fact with regards to volume handling of the exchange, the most pair traded seem to be BTC/USDT an interesting pair, in terms of the most volatile crypto paired with the stable coin tether.
A few voices that were noted speaking of Bitcoin. Tyler Winklevoss compared Bitcoin to Digital Gold. Ron Paul, a former member of the U.S. Congress and a Distinguished Counselor to the Mises Institute, was quoted saying Bitcoin, Gold-Backed Currency Can Coexist in Free Society. Allianz’s chief economic advisor, Mohamed El-Erian, said that Bitcoin would be in a buy territory if it would fall USD 5000.
Ethereum, the second largest cryptocurrency by market capitalization, has also managed to bounce off the support similarly to Bitcoin and other cryptos. It had been in very shallow red although after seeing a lot of green tops as the week ended. As we report ETH was just below 0.96% after seeing some highs which were too because of cool of being noticed. Ether prices, on the top, this week were at USD 461.21 and were at lows of USD 419.68 again showing a wide range that the bulls and bears fought at. The exchanges that were more active, in volumes, with ETH across various pairs this week were CoinEx (5.97%), OKEx (4.42%) and Finance (3.69%). ETH/ USDT pair generating the maximum volumes
Some news this week around Ethereum were A crypto hedge fund, Austin-located, called Multicoin Capital and supported by Chris Dixon, Andreessen Horowitz’s was very positive on Ethereum’s future and tanking down on Ripple and Litecoin. South Africa’s Central Bank, has concluded a multi-bank project to test bank-to-bank payment transfers using the Ethereum based platform, Quorum under “Project Khokha.” Also, Basketball Team Sacramento Kings have decided to mine Ethereum to Fund Tech Education Scholarships.
XRP also followed the trend of other coins breaking the descending trendline. It did support the momentum although it also saw selling pressures at higher levels as bears begin assaulting closing the week in red with a fall of 3.47%. XRP prices, on the top, this week were at USD 0.491110 and were at lows of USD 0.427302. The exchanges that were more active, in volumes, with XRP across various pairs this week were CoinBene (21.86%), Bitbank (12.61%) and Bithumb (8.88%). XRP/ USDT pair generated the maximum volumes followed by XRP pairs with Japanese JPY and Korean KRW.
XRP gathered news which included SBI Holdings Chairman saying Ripple (XRP) Is Next Global Standard Of Cryptocurrency And Money. Ripple also found a new partner in Indian banking system in form of Kotak Mahindra Bank which will allow Kotak take advantage of xCurrent to allow for quicker and more efficient remittance payments.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on July 1 at 11:30 pm IST) were
- SelfKey- Showing a rise of 396.03%
- SalPay- Showing a rise of 170.11%
- Whalecoin- Showing a rise of 132.34%
- Peepcoin- Showing a drop of 92.95%
- Zippie – Showing a drop of 45.59%
- Token Desk- Showing a drop of 45.57%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
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Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.