In an update earlier today, global tech conglomerate Meta shared news of its latest moves surrounding digital collectibles. From September 29th, subsidiaries Facebook and Instagram will now allow users to link their virtual wallets with their accounts and also share non-fungible tokens. Users Across 100 Countries Can Access New Meta Feature Everyone on @instagram and @facebook can now share their digital collectibles in the US, and on Instagram in the previously announced 100+ countries,” Meta announced in a tweet .…
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $369 billion.
- Bitcoin continues to trade just a little under $12,000
- Ethereum equals 2018 and 2019 highs after reaching $438
- XRP drops below the $0.28 support but regains 6% towards the weekend
- Chainlink continues to surge with another impressive 70% increase.
Crypto Trends 10th – 16th of August 2020: PERFORMANCE & ANALYSIS
The cryptocurrency market continues to ride high for the third week in a row, and there is no end in sight for this positive trend.
Bitcoin started the week by breaking over the $12,000 level. While it didn’t stay there for long, the investors remain optimistic that BTC will move far and above in a couple of weeks. The middle of the week was not the best period for the no.1 crypto as it dropped as low as $11,200, but the bulls got behind it again, and Bitcoin is now trading at $11,779.
Ethereum was one of the big climbers this week as it managed to break past the resistance at $400 and reach as high as $440 on the back of a 15% increase. The 2nd-largest crypto by market cap matched its record highs of 2018 and 2019 when it reached $438.
On Sunday, Ethereum has dropped a few points, and it is now trading at $420, but the prospect of another surge is looking good. The next resistance lies at $438, while the nearest support is at $400.
Ripple’s XRP provided investors with a mid-week scare when it went crashing below the $0.28 support level, which many expected to hold out valiantly. Fortunately, it recovered after a 6% increase on Friday, and it is now trading at $0.296. The next resistance levels are at $0.30 and $0.316, while the closest support lies at $0.286.
Elsewhere, Chainlink continues to impress after another week of spectacular rise. This time, it skyrocketed from close to $12 to almost $20. It had its wobbles, and the surge wasn’t always easy, but fruitful, to say the least. At the moment, Chainlink is trading at $19.49 and most likely preparing for another explosive week ahead.
What’s in the News?
- Newly-created crypto YAM gets $500 million support in DeFi protocols from the cryptocurrency community.
- MicroStrategy has become the first NASDAQ-listed company to buy Bitcoin after purchasing stock worth $250 million.
- Seongnam, a city in South Korea, is developing a blockchain-based payment system that will help its older people make online payments.
Next Week’s Market Forecast
For the week ahead, the investors will keep a close eye on BTC’s attempt to get over the $12,000 barrier and stay there, but also at the gold-trading market. Some industry voices predict that if long-time Bitcoin-opponent Warren Buffet would start massively buying the precious metal, Bitcoin could surge towards $50,000.
For the time being, traders will merely try to push Bitcoin past $12,100, and even that will be enough to make things interesting for the upcoming week. Elsewhere, Ethereum should maintain its ascent and aim to trade above $470, and most of the top-20 altcoins should trade in green as long as BTC benefits from the bulls’ support.