Hi Readers, welcome to crypto analysis for the week. Do not forget to check movers and shakers for this week at the last of the article.
This week Bitcoin saw a bit of positivity after the past couple of weeks of selling. The prices hit a high point of USD 11,052.77 and the lowest point of USD 9,163.13 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, OEX (3.47%), CoinBene (3.32%) and BW.com (3.15%)
Among prominent news around Bitcoin, Prominent technical analyst Joe McCann said that charts of Bitcoin are showing the same signals that preceded two previous 60% BTC rallies
Ethereum has been kind of weak over past few days and the price is slowly inching back towards the USD 200 mark. Ethereum on the top, this week were at USD 235.03 and were at lows of USD 193.99. The markets that were more active, in volumes, with ETH across various pairs this week were Coinegg (5.04%), Coineal (3.44%) and IDAX (3.40%)
Among news surrounding Ethereum Vitalik Buterin released the whitepaper that indicated the creation of a blockchain that would support application development without being tied to a single specific scripting language.
On the top, this week the prices of XRP were at USD 0.340477 and it quoted USD 0.291294 towards the bottom, The exchanges that were more active, in volumes, with XRP across various pairs this week were, HitBTC (8.62), BW.com (6.49%) and BITKER (5.03%)
For XRP this week, On July 20, 9,999,000 XRP was transferred from an unknown wallet to Bitstamp exchange, a heavy number for XRP.
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 21 at 12:30 pm IST) were
- Tarush – Showing a rise of 450.59%
- DEXTER – Showing a rise of 421.54%
- Conceal- Showing a rise of 394.06%
- Big Bang Game Coin – Showing a drop of 93.54%
- Bezant- Showing a drop of 78.04%
- ZEON – Showing a drop of 65.68%
What do you think would be the sentiment of the crypto markets next week? Do let us know your views on the same.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.