WMA: Bitcoin wobbles again, but did it finally spend its last week under $10k?
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 $269 billion
- Bitcoin slumped to almost $8,700 but surged back to $9,500 over the weekend
- Ethereum is flying high on a 10% increase during the week
- XRP finally climbs above the $0.20 mark and stays there for more than a day
- Argentina defaults on $65 billion worth of foreign debt
Crypto Trends 25th – 31st of May 2020: PERFORMANCE & ANALYSIS
Last week, the cryptocurrency market saw another attempt from Bitcoin to rise above the $10,000 barrier. The double-digit mark has become somewhat of a nemesis for the most popular crypto out there, as BTC has not managed to climb over it and stay there for months.
Bitcoin started the week on a slippery downtrend, and on Tuesday it was trading as low as $8,770. The bulls regrouped and managed to increase its value by almost 10%. Towards the weekend, BTC tried to push past the resistance level at $9,600 but faced instant rejection.
At the time of this writing, Bitcoin is trading at $9,560, and all the signs point to a bull upheaval for the next 7-day period. All bullish fingers are crossed as BTC will try to overcome the $10,000 scarecrow.
Elsewhere, Ethereum did not seem to suffer much from Bitcoin’s teetering and managed to grow by 10% during the week. After climbing back over the $200 mark last week, Ethereum is now trading at $235, and it has set its sights on the $247 resistance level for next week. The closest support level is at $211.
Ripple’s XRP reclaimed its position as the 3rd best-trading cryptocurrency, which was briefly asserted by Tether last week. However, the switch was short-lived as the USD-pegged coin dropped in value by 0.44% this week.
In the meantime, XRP managed to get over the $0.20 threshold after a long battle. This time around, it looks like it will stay there for a while as it is now trading at $0.203 and aiming for the next resistance level at $0.215. The next support levels lie at $0.2 and $0.192 respectively.
What’s in the News?
- Argentina has declared its 9th sovereign default, this time on $65 billion worth of foreign debt
- China aims to launch digital Yuan by 2022 Winter Olympics
- Bitwage launches ‘World’s First’ Bitcoin 401k Plan enabling employees to have a Bitcoin retirement plan
- Coinbase has acquired crypto prime brokerage firm Tagomi
Next Week’s Market Forecast
In the upcoming week, Bitcoin may finally trade above $10,000 for a longer time after oscillating between $8,500 and $9,800 for more than a month. The halving has yet to produce the spectacular boost that everyone was expecting, so investors hope that a bullish assault in June will push BTC past the double-digit barrier.
Elsewhere, we may observe a continuing uptrend for most of the top-20 altcoins, with Ethereum and XRP expected to trade again in the green despite Bitcoin’s seesawing trajectory.