The cryptocurrency market is living its greatest moment since late 2017. BTC is creating the buzz and dominance is increasing. However, altcoins are rising soundly as well, with total marketcap excl. BTC sitting at levels basically not seen since summer ’18. All seems set for an altseason once BTC slows down a little bit.
bitcoin weekly analysis
The past week was very good for the cryptocurrency market. BTC price kept climbing without stopping and was able to cross and hold the 15’000 USD level. Altcoins generally lagged the movement but still were overwhelmingly in the green for the period.
The rally was fueled by the news that PayPal is going to integrate BTC and crypto payoments on its platform. The news is both a great one in terms of recognition from a huge payments business player like PayPal and in terms of effective crypto usefulness given how wide PayPal network is. BTC was trading in a lateral phase and this was exactly the kind of news needed in order to take a clear direction.
The 99-periods Moving average which was being tested a couple weeks ago held as a support and this keeps the general uptrend for BTC still intact.
On Friday, the market experienced some turbulence after the news that one of OKEx exchange keys-holder was cooperating with a public security bureau because of an investigation. This in turn caused the freezing of withdrawals from the exchange and BTC price to drop 3% in minutes. However, the 11’000 USD level was not touched and the price rebounded afterwards.
The past week was mildly negative for the cryptocurrency market. BTC price experienced some news-induced volatility during the last days of the period but the performance was not significantly in the red overall.
The past week was significantly negative for the cryptocurrency market. BTC price experienced some volatility and rebounded on its 100-periods daily moving average after falling consistently. All the top cryptos fell, with only Cardano (ADA) being able to report a positive result.
The past week was overall positive for the cryptocurrency market, despite not all the top coins posting positive performances. BTC catched the bulk of investors’ attention pushing to 11’000 USD. Some of the altcoins, however, were even able to beat its performance and catch a fair share of the spotlight.
The cryptocurrency market moved laterally during the past week. BTC failed to rebound significantly but still managed to keep the USD 10,000 level. All in all, volatility was moderate and no news revived the market.
BTC dominance kept falling and is now around 56%. Altcoins have reacted better than the past to BTC price correction, which is a good sign for the market in itself. We are probably going to still see interesting projects being liked by the market and this leaves some more margin of analysis with respect to a market entirely driven by BTC.
The cryptocurrency market has taken a breath during the past week after several weeks of very good performances. Some of the altcoins still posted good results, but the general context was for sure weaker than it was a week ago.
BTC dominance recovered a little but is still below 60%. There aren’t any particular news or development triggering the pause of the upward movement, therefore there is no actual reason to suppose that the positive mood of the market in the last month is coming to an end. This looks more like a lateral week for the market. BTC even tried to push over 12’000 USD and then came back, possibly causing the cool-off of altcoins as well.
The past week was another positive one overall for the cryptocurrency market, with some very impressive performances among the top cryptocurrencies. Bitcoin was in the middle of the pack in terms of performance and is steadily losing ground with respect to its dominance.