The top 100s is lit with an array of two of the most popular colors in crypto – green and red. The table has more reds than greens, indicating that the crypto market could not hold on to the bullish lead it had. Market fundamentals were a strong force in the uptrend of the market.
One price-driving story over the last seven days is that of U.S. inflation hitting a new high in October. The news pumped the crypto market as it surged to an all-time high of $3 trillion, a few hours after the announcement.
Other news reports that made the rounds this week include the much anticipated declaration that AMC is now accepting payments for its services. The confirmation came via Twitter in which Adam Aron cited Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) as the acceptable cryptos and revealed further plans to get Dogecoin on the list.
The crypto industry was valued at $2.8 trillion at the start of the week. Unfortunately, the surge through the week that led to a new ATH could not be sustained as we notice that the market is valued at $2.78 trillion at this time.
Top performing coins over the last seven days include Loopring, gaining more than 100% and LPT with a 70% increase. DOT, OMG, and Cake are some of the top losers as they have lost more than 10% respectively.
Sundays have been known for the tremendous increase the market enjoys. The image above shows that we are seeing a reverse of the bullish pattern as Bitcoin has seen little or no impact in its price since the start of the day. As the week is coming to an end, let’s see how some coins in the top performed this week.
A weekly outlook noted that bitcoin had the biggest surge at the start of the week. The bulls are aiming for a breakout above $70,000 and may rally the coin to a new all-time high.
BTC peaked at $69,000 (the most recent ATH) on Bitstamp and lower on other exchanges. The first existing cryptocurrency saw a low of $62,555 during that time and was seen mostly oscilating between $63k and $65k.
The most valued coin has seen little or no increase in its worth over the past three days. Nonetheless, the largest coin by market cap is about closing the week at a 4% increase against its opening price.
The last seven days saw the $62,400 support hold as the $70k resistance continues to hold. The Relative Strength Index (RSI) is still taking a dip as the price retracement extends. The Moving Average Convergence Divergence (MACD) also had a bearish cross.
The second largest coin by market is down by almost 2% this week. Last week saw ether regain composure at $4,150, surging to a new ATH afterwards. The coin enjoyed hikes that sent it soaring above the $4,500 and going as high as $4,643 on the third day of the month.
The past seven days have been much better than the previous as the largest alt surged to a new all-time high. Ethereum gradually picked up momentum and was sent as high as $4,868 but retraced afterwards.
Several predictions were aimed at ETH crossing $5,000 this week. Unfortunately, it seemed like a pipe dream as ether is trading below $4,600 with no indications of a surge above the current ATH.
It is also important to note that the second largest cryptocurrency by market cap held on to the $4,500 through the week. Nonetheless, the $5,000 price level remains a long term mark as ETH failed to test it.
Binance coin opened the week at $649 and is currently trading below the mark. One outlook noted that the $680 mark is a tough level that BNB will have to flip to get a shot at further price levels and projected that the next seven days will see the third largest cryptocurrency by market cap retest the $700 resistance.
We saw the first part of the projections take place as BNB flipped the first highlighted resistance. The exchange token also came close to flipping the $700 mark as it peaked at $696 but was met by a lot of sell off.
As with most cryptocurrencies in the top 10, the Binance Coin was unable to hold on to its bullish lead. The chart above shows the third largest coin currently trading at the same price it started.
The $700 mark remains a tough resistance to break. After racing past $680 once but failing to stay above the mark, it still remains a resistance. With the price retracement ravaging the market, $600 support is the strongest before the subs.
Solana opened the seven day candle at $249 after seeing 23% increase the previous week. Traders were hopeful of a return to $260 and possibly another ATH. Unfortunately, this prediction did not come true.
The chart above shows the fifth largest cryptocurrency experience bearish actions for the most part of the week. SOL has gone down by more than 5% over the past seven days. The coin saw a weekly high of $253.
The $200 support was not tested throughout the week as the price dip was halted at $220. It is also important to note that MACD had a bearish interception and is yet to recover from its effect.