Hi Readers, welcome to cryptocurrency price analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.
The Bitcoin had a funny week as the coin moved sharply on both sides of USD 4000. The good thing about Bitcoin is that it still hols itself in a range between USD 3600 to USD 4200. The prices hit the high point of USD 4,109.02 and the lowest point of USD 3,653.07 during the week.
The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (9.20%), CoinBit (5.64%) and CoinBene (4.40%)
Among prominent news around Bitcoin, Josh Rager, a crypto trader, and investor tweeted saying “As the volume continues to slowly descend Bitcoin could see more sideways ranging This could last for days or weeks until a decrease in buyers, currently holding up the market, at these levels. Nice support below $3,000 with lots of buyers waiting there.”
XRP moved back to the second place again but Ethereum continues to stay close to regain its spot back. On the top, this week the prices of XRP were at USD 0.381949 and towards the bottom, it quoted USD 0.327159.
The exchanges that were more active, in volumes, with XRP across various pairs this week were ZB.COM (11.57%), ZBG(6.52) and Exrates (3.79%)
For XRP this week, After multiple tests and announcements by several banks and payment processors, Euro Exim Bank of London finally announced that it will use XRP and Ripple’s xRapid software in a matter of weeks and before the end of Q1 this year.
Ethereum outperformance over other altcoin has taken a halt this week and XRP has again pushed Ethereum to the third position. Ethereum on the top, this week was at USD 158.45 and were at lows of USD 125.24.
The markets that were more active, in volumes, with ETH across various pairs this week were DOBI Exchange (4.58%), LBank (4.03%) and LocalTrade (3.48%)
Among news surrounding Ethereum this week, Ethereum is expected to undergo the Constantinople hard fork- an upgrade called a hard fork. This event is expected to improve some key features on Ethereum. According to Vitalik Buterin, the upcoming hard fork is expected to make Ethereum more like Zcash.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on January 13 at 3:35 pm IST) were
- CariNet – Showing a rise of 842.43%
- Cashbery Coin – Showing a rise of 177.49%
- EvenCoin – Showing a rise of 149.02%
- LRM Coin – Showing a drop of 58.27%
- Autonio – Showing a drop of 56.59%
- DECENT – Showing a drop of 54.98%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
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.