WMA: Bitcoin stays loyal to its sideways trend, but altcoins rise again

Data & Research / 12.07.2020

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 $273 billion.
  • Bitcoin continues to wobble between $9,000 and $9,500 with just a small 1% increase.
  • Ethereum increases by more than 5% to reach $240
  • XRP steals the spotlight with an 11% increase as it climbs over $0.20
  • Dogecoin increases by 95% after Tik Tok users pump up the joke crypto.

Crypto Trends 06th – 12th of July 2020: PERFORMANCE & ANALYSIS

The second week of July has delivered some unexpected but pleasant surprises to the crypto community.

First off, most of the top-20 altcoins increased in value, with Ethereum, Chainlink, and Ripple’s XRP being among the biggest earners. Then, China’s economic recovery strengthened its surge. And lastly, the joke token Dogecoin received massive support from Tik Tok users, thus increasing the cryptocurrency market’s overall attention.

The only slightly disappointing news came from Bitcoin. The most popular crypto out there is knee-deep into the murky waters between $9k and $9.5k. Its correlation with the S&P 500 index and news about the COVID-19 pandemic keep it stuck there for the moment.

Bitcoin started the week promisingly, and by Wednesday, it had reached $9,414. However, on Friday morning, news of the global markets dropping also forced BTC to take a tumble to $9,050. It regained 2% of its value by Saturday evening, and it is now trading at $9,250.

Ethereum did not seem to bother with Bitcoin’s trajectory, and it managed to increase by 5.3% over the week. It is now trading at $240 and aiming towards the $255 resistance level. The nearest support is located at $225.

XRP defied all expectations as it rose from $0.175 on Monday to its current trading value of $0.201. Ripple’s native crypto had been on a downward trajectory for almost three weeks, and few investors were optimistic about its recovery. The impressive 11% surge is now a glimmer of hope for traders everywhere who dream about the $0.215 resistance level’s conquest.

Chainlink also experienced a value boost as news of China’s Blockchain Service Network launch increased considerably. The crypto is trading today at $6.35.

Elsewhere, there was a lot of rumble on the social media app Tik Tok as many users got together to promote Dogecoin. Their ambition to boost the joke cryptocurrency to unprecedented levels has started well, and the token increased by more than 100% over the week and a 683% spike in volume. Dogecoin is now trading at $0.0037.

What’s in the News?

  • DeFi (Decentralized Finance) transactions on the blockchain increase, prompting experts to question its “bubble potential.”
  • Binance acquires crypto card issuer Swipe for an “undisclosed” amount.
  • Bitfinex must face N.Y. suit over $800 Million in lost funds, according to this report.
  • Cryptocurrency exchange giant Coinbase prepares for a stock market listing.

Next Week’s Market Forecast

In the upcoming week, investors do not have high expectations for a Bitcoin surge. As the cases of COVID-19 increase globally, it is unlikely that the popular crypto will unshackle itself from the flux of bad news. The bulls should keep their grip on BTC and keep it within the same values as they did in the past two weeks.

However, there is optimism concerning most altcoins. Ethereum should make a move for the $255 resistance level, and XRP is looking to maintain its upward trend above the $0.215 threshold. It is an altcoin season on the cryptocurrency market, and the smaller digital assets are loving it.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.