WMA: Bitcoin teases with early surge only to fall below the dreaded $10K barrier 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 $274 billion
- Bitcoin jumped to almost $10,500 mid-week but slumped back to $9,400 support
- Ethereum is pushing against the $245 resistance level for another week
- XRP falls below $0.20 and loses (again) its 3rd position in the market cap table to Tether
- Cardano surprises the market with a spectacular increase of 35%
- Most legacy markets are flying high as they recover from the COVID-19 impact
Crypto Trends 1st – 7th of June 2020: PERFORMANCE & ANALYSIS
Last week, Bitcoin rode a bullish wave long enough to go above the dreaded $10,000 mark, trading as high as $10,430. Unfortunately, the ride was short-lived as the bears dragged it below $9,500 in a matter of hours creating a domino effect for the ensuing altcoins that instantly lost precious points as well.
The week started well for BTC, which experienced a remarkable surge in price by 7% in a single hour on Tuesday. It managed to trade above $10,000 until Wednesday morning, and the investors were optimistic that this would be the week that Bitcoin finally starts its post-halving ascent.
However, the most popular crypto in the world disappointed everyone when it fell by 7% again on the same day. The wild rollercoaster ride saw a substantial number of short and long positions getting liquidated.
At the time of this writing, Bitcoin is trading at $9,662. It faces a relatively easy journey towards the next resistance level at $9,815, while the nearest support lies at $9,426.
Bitcoin’s seesaw trajectory impacted the rest of the cryptocurrency market as most altcoins began bleeding as soon as BTC dropped.
Ethereum dropped from $251 to trade for almost $20 less, but it quickly recovered. As of now, it has increased by 10%. It is trading for $241 at the moment, and it is aiming to go past the $245 resistance level and stay there for the foreseeable future.
Elsewhere, Ripple’s XRP is still trading sideways and losing the battle for the title of the 3rd largest cryptocurrency in the world to Tether. At the time of this writing, XRP is trading at $0.202 and looking to get over the next resistance level at $0.215. The nearest support levels lie at $0.2 and $0.192.
The most impressive climber of the week was Cardano, which increased in value by 35%, and it is now trading at $0.086, and firing past Tezos to occupy the 10th place in the market capitalization hierarchy.
What’s in the News?
- The S&P 500 increased by 6% throughout the week, while Nasdaq 100 is up by almost 4%
- Gemini has teamed up with IT giant Samsung to create a blockchain wallet
- Maerki Bauann, a private Swiss bank, has announced a crypto trading service for institutional investors
- This report reveals cryptocurrency frauds totaling $1.4 billion in the first five months of 2020
- Kaspersky reports that it has blocked more than 11,700 cryptojacking attempts between January and March this year in Singapore alone
Next Week’s Market Forecast
In the upcoming week, the bulls and the bears will continue to fight over Bitcoin supremacy. There is intense anticipation in the market as the investors’ patience to witness an instant boom is rapidly dissolving.
Elsewhere, the Ethereum hash rate is set to continue its increase anticipating the launch of Ethereum 2.0 in July. Ripple’s XRP will be looking to regain its historic superiority over Tether, and the top-20 altcoins will be hoping for a less eventful week on the crypto market so they can finally start trading in green again.