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.
Bitcoin continues to sit close to USD 8000 which finally looks a stability zone for now. The prices hit a high point of USD 9,008.31 and the lowest point of USD 8,172.55 during the week. The exchanges that were more active, in volumes, with BTC across various pairs this week were, BitMex (8.04%), Negocie Coins (6.63%) and Coinall (2.82%)
Among prominent news around Bitcoin, Prominent Bitcoin Core developers Dr. Pieter Wuille and Greg Maxwell have authored a Bitcoin Improvement Proposal (BIP), which involves the development of a relay protocol that would effectively reduce the “transaction bandwidth” size used by the Bitcoin (BTC) network.
Ethereum followed Bitcoins move and sits well over USD 250 now after some months. Ethereum on the top, this week were at USD 287.20 and were at lows of USD 247.35. The markets that were more active, in volumes, with ETH across various pairs this week were LATOKEN(3.80%), DOBI Exchange (3.59%) and Fatbtc (2.88%)
Among news surrounding Ethereum, Paul Brody, Principal and Global Innovation Leader at “Big Four” professional services firm Ernst & Young (EY), has argued that five out of six, or approximately 83%, of Ethereum (ETH)-based decentralized applications (dApps) have not been developed to enhance productivity.
On the top, this week the prices of XRP were at USD 0.469458 and towards the bottom, it quoted USD 0.407021. The exchanges that were more active, in volumes, with XRP across various pairs this week were, ZBG (6.25%), BW.com (4.63%) and HitBTC (4.05%)
For XRP this week, At the end of his blog post on Codius, former Ripple CTO Stefan Thomas winds up by writing, “Here’s to smart contracts that aren’t terrible!” Smart contracts have been around for a few years and are synonymous with the Ethereum platform. He says that one of his significant assignments at Ripple was to design its smart contracts system.
The Other Movers and Shakers
The Other coins that made to the top and bottom this week according to Coin Market Cap (accessed on June 02 at 6:30 pm IST) were
- Crystal Token – Showing a rise of 1148.57
- Jewel- Showing a rise of 719.31%
- Amon- Showing a rise of 551.43%
- Beetle Coin- Showing a drop of 69.64%
- Globalvillage Ecosystem- Showing a drop of 58.80%
- OVCODE– Showing a drop of 58.30%
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.