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WMA: Bitcoin fails to impress as the market loses another $10Bn in value
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 $342 billion.
- Bitcoin trades sideways and struggles to reach $10,800
- Ethereum loses more than 12% of its value throughout the week, but it recovers slightly on the weekend.
- XRP lost 5.5% of its value before recovering briefly on the weekend
- The DeFi craze continues as the market is winning almost $1 billion per week in locked value protocols.
Crypto Trends 21st – 27th of September 2020: PERFORMANCE & ANALYSIS
The cryptocurrency market ended a rather disappointing week during which Bitcoin and most of the altcoins moved sideways. In terms of market capitalization, almost $10 billion were lost across the last 7 days compared to last Sunday.
Bitcoin started the week trading in red, and on Tuesday, the popular crypto was valued at $10,390. It seemed that the bears would drag BTC below the psychological $10k level. However, the pessimistic forecast quickly withered away as the bulls regained the lost ground and pushed it past $10,500 towards the end of the week.
At the moment, Bitcoin is trading around $10,680, and it is aiming to reach the critical resistance levels at $10,780 – $10,800.
Ethereum had another disappointing week as it dropped more than 12% of its value and traded as low as $321mid-week. On the weekend, the second crypto in-command regained a bit of its pride as it escalated past the crucial resistance level at $352.
At the moment, Ethereum is trading at $353, and it has its sights set on the crucial resistance level at $364. On the other hand, the nearest support level lies at $336
Ripple’s XRP didn’t have a week to brag about either. It started trading at $0.25 on Monday before swiftly falling as low as $0.22. The fear of dropping below the $0.20 level was strong enough to wake up the bulls, who recovered towards the weekend and keep XRP above the support level at $0.24.
Currently, XRP is trading at $0.24, and it is looking to break the first level of resistance at $0.251. If it succeeds, it could also try climbing over the next threshold at $0.261.
Chainlink is slowly slipping out of the Top-10 cryptocurrencies as Binance Coin (BNB) makes a spectacular return in the market cap hierarchy after an 8% increase in value.
Elsewhere, the DeFi market continues to surge as it finishes the week with almost $11 billion in value locked protocols.
What’s in the News?
- Hackers have drained the hot wallets of Singapore-based cryptocurrency exchange KuCoin in an unexpected attack.
- The first-ever Bitcoin exchange-traded fund will soon surface on the Bermuda Stock Exchange (BSX) by Hashdex, a regulated Brazilian fund manager, and Nasdaq.
- Gemini has officially launched operations for its entire range of services in the United Kingdom.
Next Week’s Market Forecast
The cryptocurrency market is going through a confusing period. The DeFi mania keeps the investors’ attention, but Bitcoin and most of the ensuing altcoins fail to impress. Even the Bitcoin searches on Google are at their lowest levels since the COVID-19 pandemic engulfed the world in spring 2020.
Next week, there is hope that the bulls will regain their strength and push Bitcoin past the $11,000 resistance level. If that happens, the pursuing altcoins like Ethereum, XRP, and even the newly-refreshed Binance Coin could make a decisive leap forward as well.