WMA: Bitcoin sets a new record high for 2020 as Ethereum and DeFi’s remain in the spotlight
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 $334 billion
- Bitcoin increases by more than 17% to reach $12,100 before losing $1,000 on Sunday
- Ethereum gets a spectacular boost of 26% to climb over $400
- XRP regains its position on the market cap podium after a remarkable 30% surge
- The newly-released DeFi token YFI becomes second-most expensive crypto
Crypto Trends 27th of July – 02nd of August 2020: PERFORMANCE & ANALYSIS
After several months of expectancy, Bitcoin finally defends its honor as the “king of cryptos” by going on a rampant ascent and setting a new record high for 2020. Most of the altcoins lost precious points during the last week of July, but the most significant ones (Ethereum, XRP) stood their ground and even increased in value.
Bitcoin started the week on an upward trend following last weekend’s breakage of the $10k barrier. By mid-week, it had reached $11,230, and on the brink of the weekend, it was trading just a bit above $12,000.
At the moment, the bullish push has taken a break, and BTC is trading for $11, 120. However, optimism remains high among investors, who are seeing similarities in this year’s breakout to that of 2017, which took the Bitcoin value close to $20,000.
Bitcoin also increased in total market share to 62.6%, which forced most of the ensuing altcoins to trade in the red.
However, not all of them followed suit. Ethereum continued its impressive run by increasing in value by more than 26%. ETH started the week trading at around $300, and on Sunday morning it was valued at $406. At the time of this writing, Ethereum is trading at $365. After registering an increase in mining revenue of up to 80% in one month, Ethereum looks like it won’t stop its ascent anytime soon.
Ripple’s XRP is flying high for the second week in a row as it surpasses most of the resistance levels that laid ahead at the beginning of the week. On Monday, one XRP was selling for $0.21, and by Sunday morning, it had reached $0.31. In the meantime, it has surpassed Tether in market cap by almost 3 million and regained its position as the 3rd-largest cryptocurrency in market capitalization.
At the moment, XRP is trading at $0.28 and looking to stay away from the nearest support level at $0.24.
A special mention this week goes to YFI. The DeFi crypto was released on July 21st, and it has already reached exceptional levels of popularity. The craze around DeFi’s has pushed it higher than anyone predicted, and it shortly became the second-most expensive crypto. At the moment, YFI is trading at $3,723, and it has a current supply of 30,000 with 29,930.287 in circulation.
What’s in the News?
- According to this report, the Ethereum (ETH) ecosystem exceeds $50 billion
- The Philippines Central Bank considers a possible CBDC issuance
- The scammers behind PlusToken have been finally arrested in China
Next Week’s Market Forecast
For the week ahead, investors will be curious to see how far BTC can go above the $10k level, but also for how long it will manage to stay there. Bitcoin’s surge of 2020 differs from the one in 2017 by price and volume, which have seen rapid expansion, suggesting that it’s staying power will be more reliable as it goes over higher resistance levels.
Other crypto market areas will be equally interesting. Ethereum is long far gone above its breakout zone around $250, and together with XRP’s revival and the furor surrounding DeFi’s, we are preparing for a fireworks show bound to last for many weeks to come.