WMA: Bitcoin gets bullish support to trade around $11,000 as Uniswap airdrops a fortune on its users
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This Week’s Summary
- The Crypto Market ends the week at a total market capitalization of $349.5 billion.
- Bitcoin increases by 6% over the week to trade around $11,000
- Ethereum got a 4% boost in value to reach $385 levels.
- XRP moved sideways throughout the week and around the $0.25 level
- Uniswap announced its dedicated UNI token on Thursday and airdropped huge amounts of it to its users.
Crypto Trends 14th – 20th of September 2020: PERFORMANCE & ANALYSIS
The cryptocurrency market ends a productive week for the first time this month and looks ahead to build on this positive trend as it increased by $4 billion in market cap compared with last week.
Bitcoin had an exciting run throughout the week, thanks mainly to the bullish support of the investors. It started trading on Monday at around $10,300, but it quickly surged from day to day, reaching as high as $11,150 on Saturday. It was a gratifying evolution for the most popular crypto out there and quelled the fears of those who saw it drop below the psychological $10k level.
At the moment, Bitcoin is trading for $10,871 after a small retreat, but the traders are hopeful that the bulls will get behind the crypto again next week.
Most of the top-10 altcoins have followed in Bitcoin’s steps this week. Ethereum increased by more than 4%in value to briefly get past the $385 level, and it is aiming to stay above the 2019 high of $364. At the moment, Ethereum is trading at $374 and looking to go above the next resistance levels at $390 and $400.
Ripple’s XRP was one of the few cryptos that failed to impress this week. After Climbing back above $0.25 last weekend, XRP seesawed above and below that value and only registered a measly 3.4% increase in value throughout the week. Right now, XRP is trading at $0.2465.
Elsewhere, most of the DeFi protocols continued their steady increase, except for SUSHI, which saw a massive 30%drop in value. However, the big news came from Uniswap on Thursday, as the leading decentralized exchange launched its dedicated UNI token and yield farming incentives. Some of the biggest exchanges in the industry, including Binance and Coinbase, listed it immediately.
Uniswap also decided to reward its most loyal users as it dropped 400 UNI tokens to everyone who used the exchange before September 1st. The users started trading the coins almost instantly as well, and interest in the fresh token skyrocketed to $6.64 on most exchanges.
At the moment, UNI is trading for $5.77, and the traders are curious to see where it will go from here. However, they should also keep an eye out for the scams that usually surround newly-issued tokens. A few fake Uniswap free giveaway schemes are already making victims out there.
What’s in the News?
- Kraken is the first cryptocurrency exchange for becoming a US Bank.
- Wirex’s new MasterCard-supported card will have no less than 19 links to crypto and fiat currency accounts.
- The Ethereum 2.0 lead developer announced the submission of the first proposal for Phase 0 Launch.
Next Week’s Market Forecast
The cryptocurrency market is bracing for the last full week of an eventful September. It’s been a month in which Bitcoin and most of the altcoins have experienced high volatility. In contrast, the DeFi protocols have spurred unexpectedly to rise and reach unprecedented levels for newly-issued assets.
It will be interesting to see if the bulls can get Bitcoin past the $11,000 level and back to the $12,000 high of 2020. If the bears lose their grip, BTC should rise spectacularly and pull up Ethereum and other altcoins along with it.