This week Bitcoin’s price primarily hovered around the $10,000 mark. It seemed like a tug of war between bulls and the bears with $10,000 in between. While the first half went to the bulls, the bears started to strengthen their hold and now are in control.
Nevertheless, this week probably witnessed the beginning of an altseason. This was the first week since Q2 of 2019 when altcoins recorded significant gains over Bitcoin. The dominance of Bitcoin also fell to 64.4%.
EOS was one of the best performing cryptocurrencies during the week. At the beginning of the week, it gained more than 10% on BTC. Moreover, it held its gain looking for further upside. However, Bitcoin [BTC] bearish pressures seem to have affected alt traders as well.
Opening Price: $4.33
Closing Price: $4.22
Weekly Loss: 2.3%
Weekly High/Low: $4.8/$3.8
Monero has been one of the more stable tokens this week. While there were multiple days during the week with a negative close, these candlesticks represent spinning tops and dojis. Hence, the price has continued to hover around $80.
Opening Price: $84.5
Closing Price: $79.5
Weekly Loss: 5.9%
Weekly High/Low: $87/$75
Bitcoin Cash [BCH]
While most altcoins have taken about double-digit gains during the week. Nevertheless, BCH has lost comparatively less in value than others. Currently, $300 is building as a support level for the cryptocurrency.
Opening Price: $321
Closing Price: $304
Weekly Loss: 5.2%
Weekly High/Low: $326/$282
The Exchange backed tokens Huobi and LEO have both performed well this week. While the other utility coins have been uncertain about their direction, the exchanges have continued to benefit from the rising interest in cryptocurrencies.
Huobi Token [HT] rose by almost 6% 22nd July. It has corrected almost 50% from the gains and it looking to find support here.
Opening Price: $4.39
Closing Price: $4.55
Weekly Gains: 3.6%
Weekly High/Low: $4.9/$4.3
Another exchange backed token, LEO also looked to maintain its stability during the week. Bitfinex has been under a lot of attacks lately from the NY Attorney General and even media sources.
Opening Price: $1.27
Closing Price: $1.346
Weekly Gains: 5.5%
Weekly High/Low: $1.34/$1.25
*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 13: 00 Hours UTC on 28th July 2019.
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.