The past week has also been extremely positive for the broader crypto market. While last week, the market had managed to gain over 15%, this week the market gained another 13%, thanks to a bunch of altcoins taking the lead to make profits. Bitcoin has been playing a supporting role to the overall market while the altcoin king led the rally. While Bitcoin rallied 13.4% in the past week, the altcoin king, Ethereum managed to gain an impressive 28% in the same timeframe!
Apart from these flagship tokens, a bunch of other altcoins also managed to gain significant amounts in market cap. Coins like Lido DAO (LDO) and Ethereum Classic (ETC) managed to gain over 75% and ApeCoin (APE) rallied 45% in the past week. A bunch of others like THORChain (RUNE), Polygon (MATIC) and NEAR Protocol returned over 30% ROIs in the same timeframe.
The broader market is showing optimistic signals so far with it being able to sustain itself above the crucial support zones and the psychological region of the trillion dollar mark. This exudes some amount of confidence amongst market participants, be it investors, traders, miners, stakeholders and everybody else.
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Crypto Market Over $1 Trillion: Weekly Wrap
|Global crypto market cap||$1.05 trillion|
|Rise/Fall in crypto market cap||13% (WoW)|
|Global DeFi TVL||$85.34 billion|
|Rise/Fall in DeFi TVL||11.1% (WoW)|
*As on 22 July, 2022 – sourced from Tradingview, CoinMarketCap & DefiLlama
Additional Read: Why Ethereum Price Surged?
Why is Bitcoin Price Going Up?
Taking a closer look at Bitcoin’s technical structures, we can clearly identify that for the third consecutive day, prices have managed to sustain above the 50-day moving average despite some minor profit booking at these levels. This indicates that the immediate short term trend has still not turned bearish and the recovery streak that began two weeks ago can be expected to continue going forward into the next week.
The minor profit booking at current levels has also given the Relative Strength Index a little time to cool off after the extensive rally that has been happening. This would give it an opportunity to provide some support as and when the rally resumes.
However, going ahead we must take note of the hurdles along Bitcoin’s way. The first would be the next psychological price level of $30,000 and the region around it. That was a zone where Bitcoin consolidated for most of the month of May and a part of June too. If the $30,000 level is breached, then the next wide resistance zone roughly $37,000 to $42,000, where Bitcoin prices had consolidated for a major part of this year before crashing down.
So, the current technical structures seem quite bullish, and the coming week can be expected to stay bullish.
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TOP CRYPTO MARKET NEWS OVER THE PAST WEEK
1. AVERAGE BITCOIN INVESTORS IN PROFIT
In one of the biggest news of this week, Bitcoin’s realised price has finally entered into a profitable territory. Analysing this metric in comparison to current prices indicates whether the average investor is operating at a profit, or at a loss. So according to data from Glassnode, Bitcoin’s current trading prices is above the realised price of around $21,940.
2. POLYGON LAUNCHES ZKEVM TO FURTHER CUT COSTS
Polygon has had an event filled week so far and has come out with its latest offering. It has announced the launch of its Polygon zkEVM (zero knowledge Ethereum Virtual Machine), which is said to be the first Ethereum-compatible scaling solution that uses the cryptographic method called zero-knowledge proofs. This comes just days after Polygon was selected as the only blockchain firm in the Disney’s Accelerator Program of 2022.
Additional Read: Why is Polygon Price Going Up?
3. THORCHAIN PHASES OUT SUPPORT FOR RUNE TOKENS
In its most recent development, the exchange has announced that it will eventually phase out the RUNE tokens based on the Ethereum and Binance Smart Chain blockchains in favour of the new RUNE token issued on its own native blockchain network. The move comes weeks after THORChain’s native blockchain went live on seven supported networks.
4. TESLA SELLS 75% OF ITS BITCOIN HOLDINGS
In an unprecedented move by one of the most influential figures in the crypto space, Elon Musk’s Tesla sells 75% of its Bitcoin holdings. Tesla revealed this during its second-quarter earnings call that it sold 75% of its Bitcoin holdings between April and June. It must be noted that the company still holds $218 million worth of digital assets and this move added $936 million in cash to its balance sheet.
5. BITCOIN MINER ‘CORE SCIENTIFIC’ GETS $100 MILLION FINANCING SCHEME
In a major move amidst the crypto bear market, the largest Bitcoin miner by hashrate, Core Scientific (CORZ) has signed an agreement with an investment bank called B Riley, to issue upto $100 million of shares to the bank over the next two years to enhance liquidity. According to CEO Mike Levitt, the company plans to use this additional funding to bolster its balance sheet and help the miner expand.
TOP CRYPTO PRICES OVER THE WEEK
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (7-DAY)||ATH||MARKET CAP|
|ETHEREUM CLASSIC (ETC-INR)||$26||₹2140||76%||$135||$3.5 BILLION|
|LIDO DAO (LDO-USDT)||$1.5||₹124||76%||$6.5||$490 MILLION|
|APECOIN (APE-INR)||$6.8||₹566||45%||$26||$2 BILLION|
|ETHEREUM (ETH-INR)||$1570||₹1,30,000||32%||$4800||$190 BILLION|
|POLYGON (MATIC-INR)||$0.9||₹75||30%||$2.9||$7.2 BILLION|
|COIN||PRICE ($)||PRICE (INR)||% CHANGE (7-DAY)||ATH||MARKET CAP|
|ELROND (EGLD-INR)||$56||₹4800||-4%||$492||$1.3 BILLION|
|QUANT (QNT-INR)||$103||₹8600||-1%||$394||$1.25 BILLION|
*As on 22 July, 2022 – sourced from Tradingview & CoinMarketCap
CRYPTO MARKET: THE WEEK AHEAD
So going ahead, the market can be expected to continue its bullish for the third consecutive week too. This is because, so far there aren’t any bad news pending for the week ahead. Now, anything might pop up that could have possibly negative effects on the market however, as of now there isn’t. That will be aided by technical sound structures for the continuation of this bullishness in the overall crypto market and we may see more of these altcoins making major strides over the week.
With both Bitcoin and Ethereum edging away from their immediate resistances levels, one can have a sense of confidence for the week ahead. Bitcoin still has some way to go before reaching a reasonably safer zone, but Ethereum ahead of its highly anticipated ‘Merge’ event has made massive strides to position itself well within a safe zone. This would help the prices sustain in case there’s something untoward that happens. If not, it will be able to continue its upward momentum with greater force.
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