Bitcoin has been trading in a narrow range around $14,000 for most of the week, but overnight took a quick leg up to trade above $14,700 at the time of writing. It’s 3.9% up on this time last week. Other big projects were up too, including Ether (7.9%), XRP (2%), and Stellar (4.5%). However, Chainlink (1.1%), Litecoin (1.2%), Bitcoin Cash (0.5%) and Bitcoin SV (1.1%) ended the week close to where they began, while EOS actually lost 2.6%.
Sell-offs in US equities, the strengthening US dollar and ludicrously high Ethereum gas prices appear to have weighed heavily on crypto markets this week. Bitcoin was trading above $16,500 this time last week (US$12K) but has now fallen back to test the $14,000 (US$10K) mark, with occasional dips below. It’s currently trading at $14,400 and is 11.2% down on this time last week. Although markets have recovered slightly since the weekend, it’s still a sea of red: Ethereum is 19% down, Chainlink (-20.9%), Ripple XRP (-14%), Bitcoin Cash (-16.5%), Bitcoin SV (-10%), Litecoin (-20.1%), EOS (-11.6%) and Stellar (-19%).
Bitcoin has broken through the US$12K mark and is currently trading just under AU$17,200. Bitcoin is up 3.3% for the week. The increase comes after Bitcoin posted a 21-month low for volatility in late July – a new report points out the 12 previous volatility lows have been followed by an average 140% increase afterwards. Ethereum gained another 8.5% to trade above $600, recording its highest price since mid-2018. Apart from BSV (down 0.5%) everything else was green: XRP (5.4%), Chainlink (27%), Bitcoin Cash (4.9%), Litecoin (14.7%), EOS (16.7%) and Stellar (7%).
Another week of bullish price action saw Bitcoin top the US $12,000 ($16,600) mark yesterday, to record its highest weekly close since January 2018 – and the highest price since June 2019. Bitcoin is currently up 4.4% on seven days ago to trade around $16,650. But all eyes were on Chainlink which gained another 50%. EOS gained 5.8%, Bitcoin Cash was up 1.2% while Ethereum and Stellar finished the week flat. XRP (-6.1%), Bitcoin SV (-2.3%) and Litecoin (-1%) lost ground.
July was a great month in the markets, with almost every major coin appreciating in price. Social media sentiment appears to indicate we could be entering a bull market with the Fear and Greed Index at 75 (Greed). Markets barely broke a sweat after the weekend’s flash crash and Bitcoin is currently up 4.6% on the same time last week to trade just above $16,000 at the time of writing (23% up on a month ago). Ethereum was up 18.9% this week, and 67% this month, while XRP has awoken and recorded 37.5% gains this week and 72% for the month. Everything else is up on a week ago: Bitcoin Cash (8.7%), Bitcoin SV (8.6%), Litecoin (99.3.3%), Chainlink (23.5%), EOS (6.3%) and Stellar (10.5%). The total crypto market cap is $482 billion which is within sight of the 2019 peak of $531 billion.
Fundstrat’s Tom Lee likes to point out the majority of Bitcoin’s gains come in the “ten best days” each year. Today may well be one of those ten, with Bitcoin up 11.23 percent in the past 24 hours to trade around $15,600 at the time of writing. Bitcoin blew right past the psychological US$10,000 barrier yesterday and topped US$11,250 this morning for a new year-to-date high. The total market cap is at $284 billion with dominance at 63%. The price spike followed Ethereum’s big move earlier in the week which has led to 36.5% gains on seven days ago to trade around $450. The DeFi coins that led this cycle have pulled back, including LINK, which is down 4.6% this week. Most of the top ten were green though with XRP up 14.5%, Bitcoin Cash (20.5%), Bitcoin SV (22.5%), Litecoin (27.2%) and EOS (11). Stellar pulled back 1.4%.