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WMA: BTC pushing to break past $12k while ETH surges well above $400
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 $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.