Weekly Crypto Market Analysis: Bitcoin is flying high for the 2nd week in a row while most of the altcoins trade in the green again
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 $236 billion
- Bitcoin price gets closer to the $9,000 mark
- Ethereum escalates over the $160 threshold
- XRP enjoys a promising run and moves above the $0.23 barrier
Crypto Trends 13th–19th of January 2020: PERFORMANCE & ANALYSIS
The past week has seen the Bitcoin price increase by 13% in comparison with its value almost 7 days ago. The most popular crypto in the world went as high as $8,900 in the second consecutive week of double-digit gains.
While the geopolitical stage remained largely the same, BTC continued its surge backed by the ravenous bulls who want to get the price as high as possible before the Chinese New Year begins. The diminishing tensions between the United States and Iran have had a lesser impact on the cryptocurrency market. Nevertheless, the traditional decline in value occurring every 12 months during China’s famous holiday should put the investors on their toes for an imminent bearish decline.
At the time of this writing, Bitcoin was trading at $8,664 and is looking forward to another bull-dominated week. It is the case of the other altcoins, too as most of the major cryptocurrencies are trading in the green for the second week in a row.
The second best-valued crypto, Ethereum is flying high after pushing over the $150 barrier earlier this week. At the time of this writing, it is trading at $165.70 on the back of a 40% bullish increase from last week’s selling price. Many believe that the reason behind this speedy ascension is Binance’s decision to list it on its Futures exchange platform.
Elsewhere, XRP is also enjoying a 13% increase from last week. It is a general opinion that if it can go above the $0.2345 resistance barrier, Ripple’s asset will benefit from the bulls’ push to get over the $0.24 mark before the first month of 2020 comes to a close. At the time of this writing, XRP trades at $0.2337.
What’s in the News?
- More than 10 million BTC has remained dormant in accounts for more than a year
- Japan’s Financial Services Agency (FSA) is improving rules on margin trading in cryptocurrencies
- The United Nations has warned that attending North Korea’s crypto conference in February might violate international sanctions currently imposed on Kim Jong-un’s country
- S-based crypto exchange Kraken expands into the Asia Pacific by acquiring Australia’s Bit Trade
- Seven Bank is among the investors in the Lightnet, a blockchain-based mobile money-transfer service based in Thailand
- Grayscale has raised more than $600 million in investments throughout 2019
- Bitcoin SV increased by more than 80% mid-week following an uptrend of the crypto market
Next Week’s Market Forecast
In the upcoming week, Bitcoin should consolidate its value as market participants look forward to a healthy, stabilized surge. The concern regarding the stagnation of hash rates that dominated the end of 2019 seems to be over. For now, there are no signs of BTC price slumping underneath the $7,000 barrier before January is over.
The first month of 2020 has delivered plenty of pleasant surprises and spectacular wins for the bulls, so far. It is interesting to see where the crypto market will go from here and whether we will witness a strong revival of crypto interest from external investors.
The cryptocurrency community has one major event for next week’s agenda:
- The European Blockchain Convention in Barcelona (20-21 January)