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WMA: Bitcoin climbs back to $10,500, the altcoins move sideways and the DeFi’s keep soaring
Get the weekly summary of cryptocurrency market trends, news, and forecasts!
This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $348 billion.
- Bitcoin slowly recovers as it reaches $10,500 on the weekend.
- Ethereum moves sideways with a 4.5% increase on Saturday.
- XRP gains 4%on its value to reclaim the $0.25 level
- The DeFi market carries on with impressive value boosts for several assets.
Crypto Trends 7th – 13th of September 2020: PERFORMANCE & ANALYSIS
The cryptocurrency market puts an end to a rather disappointing week. While Bitcoin and some of the altcoins recovered on the weekend, most of the coins moved sideways throughout the week. Several crypto assets are still recovering from last week’s SUSHI debacle except for DeFi’s, which are riding high again.
Bitcoin had a shaky start of the week as it dropped below $10,000 for brief periods on Monday and Wednesday. Towards the weekend, the bulls decided that enough is enough and grouped to push the primary cryptocurrency from $10,140 to $10,500.
The recent surge is important for Bitcoin’s ambition to regain the $12,000 level, which was in spitting distance just a couple of weeks ago. For now, its price continues to wobble, but if it manages to pass the $11,000 resistance level, the market should follow-up, even if only from inertia.
At the moment, Bitcoin (BTC) is trading for $10,482. The next resistance levels are at $10,780, $10,900, and $11,000.
Ethereum followed in Bitcoin’s shadow for most of the week, and it mimicked its increase in value with a 4.5% jump over the weekend. The second crypto in command had an unstable week as well as it fluctuated between $330 and $370.
At the moment, Ethereum (ETH) is trading at $380 and aiming for the next resistance level at $400. The closest support level lies at $364.
Ripple’s XRP failed to impress this week as it oscillated between $0.233 and $0.248. It finally climbed back above the $0.25 threshold on the weekend, but it didn’t last there for long. At the moment, XRP is trading at $0.249 and looking to break the resistance at $0.255. On the other hand, the nearest support lies at $0.23.
Elsewhere, the DeFi market was the quickest to recover after the SUSHI-induced crisis. Most of the assets started trading in the green almost instantly, and some of them had a remarkable trajectory. Yearn.Finance (YFI) managed to climb briefly above $40,000 on the weekend, which means that you would have to spend 4 BTC for a single YFI if you wanted to gamble on the current DeFi boom.
Lastly, in an unexpected turn of events in the SUSHI saga, the former lead developer of Sushiswap, Chef Nomi, has returned the $14 million worth of ETH he drained six days ago.
What’s in the News?
- Changpeng Zhao (CZ), the CEO of Binance, has announced that the exchange will boost its DeFi ecosystem with a $100 million fund.
- The U.S. Securities and Exchange Commission (SEC) has fined rapper T.I. for his ICO fraud involvement.
- The IRS will reward anyone who can break Monero and Lightning with $625,000
Next Week’s Market Forecast
The cryptocurrency market managed to get back almost $20 billion in value from the $40 billion it lost the previous week. While Bitcoin’s recovery and the pursuing altcoins are more than welcome, the progress is slow, uncertain, and far from the exhilarating summer surge.
It may take a couple of weeks more before the crypto market recovers completely, and until Bitcoin will attempt to climb the $12,000 again. For now, caution is guiding most investments. Until the bulls shake off their hangover, all we can do is watch the DeFi market continue its impressive ascension.