Bitcoin [BTC]’s bull run in the past few weeks has been staggering. The cryptocurrency reached its yearly high above $13800 on 26th June. The price rallied from $11,350 to gain over 22% in 24hours to reach the top on Wednesday. The rise was so overwhelming that even Bitcoin permabull, Mike Novogratz regretting selling a few hours earlier.
Nevertheless, the rise was short-lived as Bitcoin plummeted almost instantly as the FOMO was apparently interrupted by a server overload and performance issues at Coinbase. Several Exchange portals saw a surge of users and eventually, some of them were not equipped well enough.
While Bitcoin looked further bearish as the parabolic rise seemed to mark an end to FOMO. However, it has been trading in a tight range since then about $12000 leaving the traders uncertain about the next bullish break or a bearish pullback.
Opening Price: $10675
Closing Price: $11,525
The weekly Gains: 7.3%
Weekly High/Low: $13880/$10,300
As Bitcoin continued to increase its dominance over the cryptocurrency markets, almost all the altcoins were looking at a downside. The FOMO in Bitcoin was evidently one-sided with stablecoins gaining popularity and support from the institutions. However, the future of altcoins lied in the dark.
Litecoin broke below $110 momentarily as Bitcoin broke instantly from its yearly highs. However, Litecoin has gained back above $130 during the weekend. The altcoin traders anticipating an altcoin bull season could look forward to Litecoin because of its performance in the past month.
Opening Price: $139
Closing Price: $130
The weekly loss: 6.4%:
Weekly High/Low: $19.4/$12.8
Ethereum [ETH] was one of the most stable altcoins in terms with Bitcoin’s Price. As Bitcoin continued to gain in double digits, Ether also broke above $350 taking a cue from the momentum.
However, the FOMO in Bitcoin has gripped Ethereum traders as they looked to Exchange their Ether with FIAT or Bitcoin. Nevertheless, it is on a recovery path, trying to find support in the $300-$320 range.
Opening Price: $300
Closing Price: $304
The weekly Gains: 1.33%
Weekly High/Low: $364/$273
Chainlink was the best performing altcoin this week as it grained more than 300% during the week. The rise can be attributed to chainlink’s mention in Google’s Cloud Platform tutorial. The bullish move in the altcoin has continued since then. Moreover, rise around 58% in a day could also act as the infection point for other altcoin gains.
Opening Price: $1.8
Closing Price: $4.16
The weekly gains 131.1%:
Weekly High/Low: $4.16/$1.73
LEO LED UNUS (LEO)
Leo Led Unus (LEO) is the Exchange utility token from Bitfinex. The Exchange backed token raised $1 billion in the IEO conducted by Bitfinex. Currently, with a Mcap of about $1.8 billion, it is positioned 13th according to total market capitalization.
Although, Bitfinex was in the news against allegations of misusing their funds using USDT. The Exchange has continued to expand its business and also working on the development of a DEX.
Opening Price: $1.885
Closing Price: $1.889
The weekly gains 0.05%:
Weekly High/Low: $2/$1.7
*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 30th June 2019.
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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