The past week was one of the longest weeks for the crypto-traders and the community at large. The bears began the week strongly as Bitcoin seemed to break below $9000. The two consecutive days for Libra was no less than a roller coaster ride.
On the first day, the price dropped as the senate expressed disregard for Libra. Nevertheless, the second day’s 7-hour meeting with Libra Head and experts in the field turned out positive for traders. Not only the US but China and India too clarified their positions on cryptocurrency which was not entirely prohibitory in nature.
Moreover, the altcoins have also started to gain momentum as they broke above critical support levels. The total dominance of Bitcoin also dropped slightly over the week.
Litecoin [LTC] has been one of the best performing cryptocurrencies of 2019. Litecoin Foundation led by Charlie Lee has worked hard at building adoption and brand image of the cryptocurrency. Currently, it is facing resistance near $100. Recently, it signed as the official cryptocurrency for a major sports team.
Litecoin follows a similar protocol to Bitcoin and it’s halving date is due next month. This has had a significant effect on the market, however, history hasn’t fared well with FOMO buying during these times.
Opening Price: $89.5
Closing Price: $98.5
Weekly Loss: 10.05%
Weekly High/Low: $106.05/$76.86
Bitcoin Cash [BCH]
Bitcoin Cash [BCH] and Litecoin [LTC] share the same utility at the moment, i.e. a payment mechanism. Moreover, as Bitcoin Cash [BCH] is a fork of Bitcoin it is likely that it is widely distributed as Litecoin as well. Currently, it has a total market capitalization of $5.7 billion and is positioned at 5th.
At the beginning of last week, it touched lows near $250 but has managed to bounce back above it. It is currently testing resistance around $320.
Opening Price: $285
Closing Price: $325
Weekly Loss: 10.5%
Weekly High/Low: $251/$344
Bitcoin SV [BSV]
Bitcoin SV was one of the most controversial cryptocurrencies of this year. Its lead proponent Craig Wright has been a notable figure in the crypto-community. The Australian programmer and expert’s claim over the identity of Satoshi Nakamoto, the creator of Bitcoin has always created sudden changes in the market of BSV.
This week as the bearish momentum seemed to take control it tested support near $100. But, it bounced back above it with, rather handsomely as it broke above $180. The next big resistance is near $200.
Opening Price: $130
Closing Price: $175.7
Weekly Loss: 34.6%
Weekly High/Low: $187.9/$108
Tron is one of the most popular cryptocurrencies. The popularity can be mainly attributed to its Creator and lead proponent. Justin Sun. He himself with the Tron Foundation has worked hard towards the adoption of the token platform.
As all cryptocurrencies were bearish since the past month, even Tron tested lows around $0.02. However, it came back above $0.02 and is now facing resistance at $0.03. This week Tron Foundation established a partnership with NY Fintect firm. People are also looking forward to Warren Buffet’s lunch with Justin Sun this coming week.
Opening Price: $0.025
Closing Price: $0.0289
Weekly Loss: 15.6%
Weekly High/Low: $0.0316/$0.0199
Stellar has also been striving to reverse the bearish momentum on it. The price rose back on the news of staking at Binance. Moreover, it also began its staking reward on Binance last week. The token is currently looking at the next big resistance near $0.1.
Opening Price: $0.085
Closing Price: $0.093
The weekly Loss: 9.4%
Weekly High/Low: $0.0987/$0.075
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 21st July 2019.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com