Tag: Alts

The Year Of Alt Season: Altcoins Dominate Market In 2021

by NEWSBTC

Bitcoin has had a favorable year in 2021 but the altcoins have dominated the market. The advent of the alt seasons this year had seen multiple altcoins rally towards new highs even when market-mover bitcoin had remained stagnant at times. This move, coupled with the growth and adoption that rocked the crypto space this year, has proven that the altcoins dominated the market on a large scale.

Altcoins Rule 2021

So many new things came out of the altcoin industry this year and have found success at the same time. Basically, the year 2021 has been one long alt season when we look at the performance of some of these assets.

Related Reading | The Year In Review: An Emotional Rollercoaster For Crypto Investors

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A lot of this growth has been driven by decentralized finance (DeFi), NFTs, and most recently, the metaverse gaining popularity among investors. These have brought to the forefront some interesting projects that have had their tokens rally because of it. Most of the time, they followed the growth of bitcoin. While at other times, these assets broke free and rallied on their own accord.

Altcoins total market cap chart from TradingView.com

Altcoins market cap at $1.32 trillion | Source: Altcoins Total Market Cap on TradingView.com

This has led to bitcoin losing a significant portion of its market dominance to altcoins. Starting the year out at about 75% of total market dominance, it has now fallen to 38% where altcoins have continuously eaten into the pioneer cryptocurrency’s market share. Ethereum was, as always, leading this charge as it took the largest chunk of the market share.

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Memecoins also found favor in the market this year. Coins like Dogecoin and Shiba Inu grew into the thousand and million percentile, as well as “ETH killers” also making a play in the market.

Mid-Caps Take The Lead

Altcoins always showed out in the indexes with triple-digit gains for the year. Bitcoin which had a tremendous run of it this year still recorded the lowest gains being the only index that returned double-digit gains. All other indexes, the small, mid, and large cap indexes enjoyed the majority of the gains.

Related Reading | Bullish Signal? Ethereum Market Dominance Sitting Above 20%

Bitcoin’s returns for the year only came out to 73%. While this is still vastly ahead of top investment vehicles like gold, the S&P, and NASDAQ, it still performed poorly in comparison to the other indexes.

Chart showing crypto indexes performance in 2021

Mid Cap Index records highest returns of 2021 | Source: Arcane Research

The Large Cap Index saw the second-lowest returns with 179%, but even it saw returns over 100% higher than that of bitcoin. The Small Cap Index made a splash with returns reaching as high as 485% for the year.

Finally, the Mid Cap Index came out as the winner for 2021 marking returns of 830%. This index consists mostly of Layer 1 tokens which had seen some of the most gains for the year, outperforming even ethereum despite its massive 485% returns for the year.

Featured image from Investment U, charts from Arcane Research and TradingView.com

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Bitcoin Dominance Down As Market Hits $2 Trillion, Altcoins Are Taking Over

by NEWSBTC

Bitcoin market dominance continues to decline as the markets make their way back up the charts. The top cryptocurrency has seen its market share consistently dropping as investors get interested in altcoins. Over the five years since it has been in operation, Ethereum now has a bit under half the market dominance of the digital asset. This has translated to altcoins like Ethereum rallying despite what direction the price of bitcoin is headed.

Now, once again, as is the same with all bull markets, the altcoins are breaking away from the influence of bitcoin. As the bull rally continues to rage on, alts are creeping up to steal more market share for themselves. Just this year alone, BTC has lost over 30% of market dominance. Starting out the year in the 73% range, to where it now sits at 44.13%.

Bitcoin market cap dominance from TradingView.com

Bitcoin market cap dominance from TradingView.com


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BTC market cap dominance down to 44% | Source: Market Cap BTC Dominance on TradingView.com

Related Reading | Crypto Market Cap Inches Closer To $2 Trillion, What To Expect From The Market

Although BTC continues to have the highest market cap of all, alts are seeing increasing numbers. Ethereum’s market cap has seen another upward trend that is sending the asset’s total market cap towards $400 billion. Coming hot on the heels of the London Hard Fork that brought increased interest into the asset.

Total Market Cap Hits $2 Trillion

The crypto total market cap took a severe beating down three months back when it crashed down from its all-time high of $2.4 trillion. Spending the last three months in a perpetual state of sluggish movement that looked to be the beginning of a brutal bear market.

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Total crypto market cap chart from TradingView.com

Total crypto market cap chart from TradingView.com


Total crypto market cap hits $2 trillion for the first time in months | Source: Crypto Total Market Cap on TradingView.com

A bounce back in the prices of cryptocurrencies all across the market has seen the market cap recover. Breaking the $2 trillion mark for the first time since the crash and now, indicators show that the market could be on its way to breaking the record high. The rebound in the crypto market cap has now seen renewed interest in the market.

Bitcoin and altcoins alike have rallied in the past couple of weeks, leading to a breaking of $2 trillion. More projects are fueling the interest of their investors.  Projects like Cardano and Ethereum continue to be top of mind in the market. Their continued dedication to making their network optimal drives continued faith in the market.

Altcoins Will Rally With Or Without Bitcoin

The market dominance of BTC shows that altcoins are on their way to being completely independent of what is happening to the top crypto. Prices of cryptocurrencies have historically always rallied behind bitcoin. But it seems that that era is coming to an end.

Related Reading | Why A Shocking Altcoin Season Could Be On The Horizon

Soon, some altcoins will have taken enough market share from bitcoin to put them on almost equal footing. This will mean that the prices of these alts with high market dominance will also determine the direction of the market, regardless of what direction BTC is facing.

This is why “alts season” is a popular saying in the market. Every time altcoins take market share from the top cryptocurrency, the market sees a rally in the prices of alts. Whereas at the same time, the price of bitcoin could be stagnant or even be experiencing a downward trend while alts record massive gains.

Featured image from Personal Financial, charts from TradingView.com

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Bitcoin and Ether Market Update August 12, 2021

by Btcmanager

Total crypto market cap added $76 billion to its value for the period since Monday and now stands at $1.9 trillion. The top ten coins are mostly in red for the last 24 hours with just XRP (XRP) posting some gains with a 12.9 percent of increase for the period. At the time of writing bitcoin (BTC) is trading at $45,374. Ether (ETH) is at $3,149.

BTC/USD

Bitcoin closed the trading day on Sunday, August 8 with a red candle down to $43,818. The coin erased 1.8 percent of its value for the day after peaking at $45,470 in the early hours of trading. Still, the biggest cryptocurrency ended the seven-day period with a 9.7 percent of price increase after breaking above the 21-period EMA on the weekly timeframe.

On Monday, the BTC/USDT pair jumped by 5.4 percent and reached $46,513 for the first time since May 16. The RSI indicator was already pointing in the direction of trend exhaustion, confirmed by bearish divergence on the daily timeframe.

The Tuesday session saw bitcoin hitting $46,763 in the morning. Buyers, however, were not able to keep up with the momentum and lost control of the price action later in the day. The coin eventually closed with a loss at $45,607 but not before falling as low as $44,629.

The mid-week session on Wednesday came with a second consecutive day in the red. Buyers were once again rejected at the $46,700 level, which resulted in a pullback down to $45,455.

What we are seeing early on Thursday, August 12, is another highly volatile session with bears trying to break below the 200-day EMA. Bitcoin is trading at $45,460.

ETH/USD

The Ethereum Project token ETH dropped down to $3,010 on Sunday, August 8. The coin experienced its first price pullback since August 3 as the rally started to lose momentum. The leading altcoin and major decentralized application protocol added the stunning 17.7 percent to its valuation on a weekly basis and was already trading above its highest ever monthly candle close.

On Monday, the ether formed the exact same candle, but in the opposite direction, which helped it erase all the losses from the previous session and stabilize around $3,164.

The mentioned level was slowly becoming a major horizontal resistance and on Tuesday bulls failed to break above it for the second time in three days. It is worth noting that the ETH/USDT pair was extremely volatile, moving up and down the $3,232 – $3,042 range during intraday.

The third day of the workweek started with a solid upward movement in the morning that pushed the price up to $3,272. The trading volumes and momentum, however, were not strong enough to support a breakout and the coin quickly retraced down to $3,158 in the evening.

As of the time of writing, ETH is struggling in the above-mentioned zone, flat for the day.


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Bitcoin, Ether, Major Altcoins – Weekly Market Update August 2, 2021

by Btcmanager

The total crypto market cap added $71 billion to its value for the last seven-days and now stands at $1,608 billion. The top 10 coins were all in green for the same time period with Polkadot (DOT) and XRP (XRP) leading the pack with 31.9 and 22.4 percent of price increase respectively. Bitcoin (BTC) is currently trading at $39,530 while ether (ETH) is at $2,589.

BTC/USD

Bitcoin closed the trading session on Sunday, July 25 at $35,400 and after five consecutive days in green managed to closed the seven-day period with a 11.4 percent increase and 21 percent up from the $29,300 low registered on July 20.

The coin moved above all short-term EMAs on the daily chart in the aftermath of what was, according to many veteran traders, the final capitulation before the bull run re-start.

On Monday, the BTC/USDT pair went parabolic on the news that the largest e-commerce company in the world Amazon was getting ready to accept bitcoin and other cryptocurrency as a payment method in the coming months as well as to start working on its own digital asset project. Bitcoin jumped 14 percent to $40,500, but retraced 8 percent of the move almost immediately once Amazon denied the rumors. Still, it touched the $40k mark for the first time since June 16.

Buyers, however, were not that quick to capitulate and on Tuesday pushed the price further up to $39,350 or another 5.8 percent. The RSI and Stoch RSI indicators were both on overbought territory while 24-hour trading volumes were declining.

The mid-week session on Wednesday came with another attempt to break above $41,000, but again sellers were there to react. BTC closed at $40,000.

On Thursday, July 29 the coin remained flat in the zone below the 100-day EMA.

The move was followed by another solid price increase on Friday. After falling to $38,270 in the early hours of trading, Bitcoin climbed all the way up to $42,224 and added 5.5 percent or $2,060 to its valuation. It is worth mentioning that the coin broke the bearish market structure and closed above the previous high thus forming a higher high on the daily chart.

The weekend started with a small pullback to $41,500 on Saturday, but still, BTC ended the month of July 17 percent higher, fully engulfing the previous monthly candle.

Then on Sunday, August 1, it dropped further down to $39,870, losing another 3.4 percent.

What we are seeing midday on Monday is a third consecutive day in red.

ETH/USD

The Ethereum Project token ETH closed flat at $2,185 on Sunday, July 15, but that did not stop it from adding 15.3 to its value on a weekly basis. The move helped it surpass the 21-EMA on the weekly timeframe and also break above the falling wedge formation, usually a bullish reversal signal.

On Monday, the ether continued to rise. It climbed up to $2,228 at the daily candle close after hitting $2,430 during intraday on the already-mentioned false Amazon rumor.

The Tuesday session was a good one for bulls as well. The ETH/USDT pair first dropped to $2,150 in the early hours of trading, then recovered in the evening pushing its price further up to $2,300.

The third day of the workweek was when the coin reached the important daily/weekly timeframe resistance right below $2,400. That key zone was one of the most actively traded in the last few months providing support and resistance on multiple occasions, including the last registered peak from early July.

The leading altcoin closed the day flat after trading in the wide $2,240-$2,345 range.

On Thursday, July 29, it made one more step in the upward direction, this time to the zone above the Fibonacci 23.60 level at 2,380.

The Friday session was no different and the ether continued to increase in value forming another green candle to $2,456. The ETH/USDT pair was now forming a bullish W pattern on the daily chart with a breakout line around $2,800 around the June high and the Fibonacci 38.20 level.

The first day of the weekend came with 11th consecutive day in green for the altcoin and a fresh new monthly high – $2,528. The month of July was closed with a 10 percent increase.

On Sunday, August first, the ETH token hit $2,697 but sellers quickly absorbed the buy orders and pushed the price down to $2,550 at the candle close.

As of the time of writing, the coin is trading slightly higher – at $2,585.

Leading Majors


One of the most popular cryptocurrencies from the last bull run, XRP started to grow again in the last few weeks and quickly reached #6 on CoinGecko’s Top 100 list.

The XRPUSDT pair added 18 percent to its value for the last seven days and is now 44 percent up from its July bottom, currently trading around $0.75.

The $0.75-$0.80 area is a solid resistance that is visible on the weekly timeframe. It is where the altcoin peaked back in November, 2020 and again in February, 2021. It is also where the price of XRP found stability during the May market crash.

Next target in front of bulls, even the above zone is surpassed, will be $1.1.

Potential support at $0.65.

Altcoin of the Week

Our Altcoin of the week is Ankr (ANKR). The blockchain node hosting provider jumped with 61 percent during the last week and is now trading near the important $0.1-$0.11 support/resistance level.

The ANKR coin re-entered the Top 100 list and is now situated at #97 with a total market cap of $744 million. It peaked at $0.107 on Sunday, August 1.

The most probable reason for the recent surge is the recent listing on Binance US as well as the announced improvements in the Ankr’s Developer API, which is now also available on the Polygon ecosystem.

As of the time of writing, the ANKR/USDT pair is trading at $0.95.

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Bitcoin, Ether, Major Altcoins – Weekly Market Update July 26, 2021

by Btcmanager

The total crypto market cap added $265 billion to its value for the last seven-days and now stands at $1,536 billion. The top 10 coins were all in green for the same time period with ether (ETH) and bitcoin (BTC) leading the pack with 23 and 20.1 percent of gains respectively. The biggest cryptocurrency is trading at $38,550 while the leading altcoin is at $2,350.

BTC/USD

Bitcoin was using the zone above $31,000 as horizontal support for quite some time. On Sunday, July 18, it jumped up from that level to end the week at $31,700, but still failed to move above the $32,300 mark – the neckline of the big head and shoulders pattern on the weekly timeframe. BTC lost that important line, confirming the bearish pattern and erasing 7-percent of its value for the period.

On Monday, the coin dropped to $30,800, closing below $31,00 for the first time since January 27. The entire cryptocurrency market was bleeding with a lot of coins in the Top 100 registering double-digit losses.

The situation worsened on the next day when bitcoin fell further to $29,800 as many analysts were already pointing to $25,000 as the next zone of support followed by the previous bull market’s all-time high at $19,400.

The third day of the workweek was slightly better for buyers and the leading cryptocurrency climbed to $32,150 after rebounding from the mentioned lows, which resulted in a 7.7 percent increase. BTC was rejected at the 21-day EMA on the daily chart.

On Thursday, July 22, it consolidated in that area but was once again unable to surpass the moving average. Still, the coin stabilized its price around the Head and Shoulders break point thus keeping the bulls’ hopes alive.

The Friday session came with a continuation of the upside reversal and 4 percent price increase that pushed the price of BTC up to $33,630. It finally broke the 21-day EMA and the short-term diagonal downtrend line.

The weekend of July 24-25 started with a move towards the next major resistance zone around $35,000. The BTC/USDT pair closed the day at $34,330 as more and more buyers joined the market claiming the crypto market bottom was finally in.

Then on Sunday, the most popular cryptocurrency registered its fifth day in green since it last visited the sub-$30,000 area. Bitcoin ended the seven-day period at $35,300 completely engulfing the last two candles on the weekly chart.

What we are seeing on Monday morning is a solid uptrend in an attempt from buyers to break the $40,000 mark and the last visited high at $43,330.

ETH/USD

The Ethereum Project token ETH continued to be caught in a downtrend corridor, making lower highs and lower lows on the daily chart. On Sunday, July 18 it was rejected at the $2,000 mark – close to the 21-day EMA and fell down to $1,893 fully retracing its daily gains. The coin was 11.4 percent down for the seven-day period.

Looking at the weekly chart the ether is in quite a bad shape two weeks before the major network upgrade – the London hard fork, which is scheduled for August 4. The ETH/USDT pair moved below the stable support zone that was established in the $1,940-$1,980 range and broke below the Falling Wedge pattern, invalidating it.

On Monday, bears continued to be in charge pushing the price down by 3 more percent to $1,816.

The trading session on Tuesday was no different and the leading altcoin formed a candle to $1,780 – its lowest daily close since March 29. It is worth mentioning that during intraday, the ETH token was trading even lower – at $1,703 before bulls stepped in.

On Wednesday, July 21, we saw the so-called “relief bounce” as sell orders were absorbed to open space for an 11 percent increase session to $1,990.

On Thursday, the ETH/USDT remained relatively stable trading in a narrow range below the 21-day EMA.

The last session of the workweek came with a 4.7 percent increase and a third-straight green candle on the daily chart as the ETH token hit the upper boundary of the downtrend corridor near $2,118 or right next to the next major multi-timeframe resistance area.

The first day of the weekend was no different as bulls were in total control of the market. The ether climbed further to $2,185. It stabilized in that area on Sunday, July 25, and closed the weekly candle above both the horizontal resistance and the 21-period EMA while also breaking out of the falling wedge formation.

On Monday, the ETH/USDT pair is trading significantly higher – at $2,350.

Leading Majors

  • Polkadot (DOT)

Previously a Top 3 contender, Polkadot was one of the worst-performing assets on the list, heavily hit by the recent price correction. The DOT/USDT pair bottomed at $10.3 on July 20 and is on its way up ever since then, adding 43 percent to its value (as of the time of writing).

The coin is currently trading around $14.7 right into the next resistance zone that is situated in the $14.5-$16 range around the previous demand zone.

Down, we see $10 as the next logical level of support given the fact bulls already found stability around the January 2021 high.

Altcoin of the Week

Our Altcoin of the week is Axie Infinity (AXS). This cryptocurrency project focuses on blockchain-enabled gaming that enables players to earn while developing the Axie virtual world ecosystem. It is literally the most traded token for the last few weeks with a 24-hour trading volume record of $7 billion during the weekend of July 24-25. The AXS/USDT pair added 133 percent to its value for the last seven days and is 2,182 percent up since its May low.

Axie moved up to #50 on CoinGecko’s Top 100 chart with a total market cap of approximately $2.28 billion.

The coin peaked at $49.5 on Saturday, July 24, and is currently trading at $40.8 against USDT on Binance.

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Bitcoin and Ether Market Update July 22, 2021

by Btcmanager

Total crypto market cap added $28 billion to its value for the period since Monday and now stands at $1.30 trillion. The top ten coins are all in green for the last 24 hours with Polkadot (DOT) being the best performing digital asset with a 4 percent of price increase. At the time of writing bitcoin (BTC) is trading at $31,750. Ether (ETH) is at $1,977.

BTC/USD

Bitcoin was using the zone above $31,000 as horizontal support for quite some time. On Sunday, July 18, it jumped up from that level to end the week at $31,700, but still failed to move above the $32,300 mark – the neckline of the big head and shoulders pattern on the weekly timeframe. BTC lost that important line, confirming the bearish pattern and erasing 7-percent of its value for the period.

On Monday, the coin dropped to $30,800, closing below $31,00 for the first time since January 27. The entire cryptocurrency market was bleeding with a lot of coins in the Top 100 registering double-digit losses.

The situation worsened on the next day when bitcoin fell further to $29,800 as many analysts were already pointing to $25,000 as the next zone of support followed by the previous bull market’s all-time high at $19,400.

The third day of the workweek was slightly better for buyers and the leading cryptocurrency climbed to $32,150 after rebounding from the mentioned lows, which resulted in a 7.7 percent increase. BTC was rejected at the 21-day EMA on the daily chart.

What we are seeing midday on Thursday is a slight pullback below the weekly open.

ETH/USD

The Ethereum Project token ETH continued to be caught in a downtrend corridor, making lower highs and lower lows on the daily chart. On Sunday, July 18 it was rejected at the $2,000 mark – close to the 21-day EMA and fell down to $1,893 fully retracing its daily gains. The coin was 11.4 percent down for the seven-day period.

Looking at the weekly chart the ether is in quite a bad shape two weeks before the major network upgrade – the London hard fork, which is scheduled for August 4. The ETH/USDT pair moved below the stable support zone that was established in the $1,940-$1,980 range and broke below the Falling Wedge pattern, invalidating it.

On Monday, bears continued to be in charge pushing the price down by 3 more percent to $1,816.

The trading session on Tuesday was no different and the leading altcoin formed a candle to $1,780 – its lowest daily close since March 29. It is worth mentioning that during intraday, the ETH token was trading even lower – at $1,703 before bulls stepped in.

On Wednesday, July 21, we saw the so-called “relief bounce” as sell orders were absorbed to open space for an 11 percent increase session to $1,990.

On Thursday, the ETH/USDT pair is trading at $1,980, unable to surpass the 21-day EMA on the daily chart.

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Bitcoin, Ether, Major Altcoins – Weekly Market Update July 19, 2021

by Btcmanager

The total crypto market cap lost $127 billion from its value for the last seven days and now stands at $1,273 billion. The top 10 coins were all in red for the same time period with Polkadot (DOT) and Dogecoin (DOGE) being the worst performers with 21.6 and 16.8 percent of losses respectively. Bitcoin (BTC) is at $31,206 at the time of writing. Ether (ETH) is currently trading at $1,860.

BTC/USD

Buyers pushed the price of BTC up to the multi-timeframe resistance at $34,700 on Sunday, July 11 in an attempt to save the weekly candle which was about to close below that level for the first time since January. However, they were rejected right there which caused bitcoin to end the week at $34,300 with a 2.8 percent loss.

On Monday, the leading cryptocurrency failed to break above the 21-period EMA on the daily timeframe and was forced to retrace down to $33,000, trading at $32,600 during intraday. The move resulted in a 3.4 percent pullback.

The Tuesday session was no different and the BTC/USDT pair continued to slide forming the second consecutive red candle on the daily chart by touching $32,600. What is worth noting is that bears managed to push the price down to the next weekly support zone around $32,200 – the neckline of the big head and shoulders pattern on the weekly timeframe.

The mid-week session on Wednesday came with a sharp 3.8 percent drop to $31,600 in the early hours of trading. The selling activity was quickly absorbed and BTC was able to recover to $32,800 at the candle close.

On Thursday, July 15, however, we witnessed how bears renewed the selling pressure and bitcoin once again lost the mentioned support line falling further to $31,800. The price of the coin revisited $31,000 during intraday for the first time since June 26.

The Friday session was no different and the biggest cryptocurrency continued to move South, this time reaching $31,368 thus entering the extremely important demand zone right above $30,000.

The weekend of July 17-18 started with a relatively calm day on Saturday during which the coin managed to stabilize in the above-mentioned area, staying flat.

Then on Sunday, it climbed up to $31,767 with a short green candle.

What we are seeing on Monday morning is a continuation of the downtrend.

ETH/USD

The Ethereum Project token ETH regained positions near $2,140 on Sunday, July 11, but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180).  It lost 8.2 percent on a seven-day basis, which drove the price down below the 21-period EMA – a strong bearish sign.

On Monday, the ether was rejected at the short-term EMA on Daily and retraced down to $2,030, a 5.1 percent correction.

The Tuesday session was no different and the major altcoin fell further to $1,940, closing below the $2,000 mark for the first time since June 28.

The third day of the workweek saw ETH hitting another monthly low. First, it touched $1,867 in the morning, then recovered to $1,991 in the latter part of the session. The selling pressure was there, with strong momentum, but it is also worth noting that on the weekly chart, the ETH/USDT pair is in a Falling Wedge reversal formation and the price just hit its lower boundary.

On Thursday, July 15, ETH erased 3.5 percent to perfectly hit the lower part of the mentioned trading pattern. Some traders were already suggesting the downtrend is exhausted and the on-chain metrics are in favor of bulls that expect a short-term reversal.

The Friday session though proved them wrong. The ether continued to lose ground, this time touching $1,873.

The first day of the weekend came with a low volatility session, during which the leading altcoin remained around the price reached during the last 24 hours.

On Sunday, buyers made a short-lived reversal attempt by pushing the price up to $2,000 in the morning, but the rally was fully retraced later in the day.

As of the time of writing, the coin is trading slightly lower – at $1,860.

Leading Majors

  • Litecoin (LTC)

One of the oldest cryptocurrencies out there did not increase in price during the last week, but still managed to stabilize around its previous horizontal support.

The coin was last rejected in the zone near $170 where few important indicators met – the 21-day EMA, the horizontal resistance, and the lower boundary of the bearish pennant. This resulted in a heavy drop to the next support at $145 and then another sharp decline to May low of $117.

What is next for the LTC/USDT pair is to stabilize above the mentioned support level and attempt a break above the 21-day EMA and the diagonal resistance line above $135.

Altcoin of the Week

Our Altcoin of the week is NEM (XEM). The ecosystem of blockchain platforms, which is also one of the most popular legacy coins from the last bull run, added 15 percent to its value for the seven-day period.

The main reason for the recent surge in the price of NEM is the announcement from the Government of Colombia that its Ministry of Information Technology and Communications will collaborate with the software development company Peersyst Technology to experiment with blockchain in series of government projects. The company itself uses Symbol, NEM’s enterprise-grade blockchain solution.

The move helped the coin climbed up to #65 on CoinGecko’s Top 100 list with a market capitalization of approximately $1.27 billion.

The XEM/USDT pair peaked at $0.171 on Saturday, July 17 and as of the time of writing is trading at $0.138.

 

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Bitcoin and Ether Market Update July 15, 2021

by Btcmanager

Total crypto market cap lost $91 billion from its value for the period since Monday and now stands at $1.31 trillion. The top ten coins are mostly in red for the last 24 hours with Poladot (DOT) losing 3.5 percent while Binance Coin (BNB) was the sole gainer with a 2.8 percent increase. At the time of writing bitcoin (BTC) is trading at $31,800. Ether (ETH) is at $1,914.

BTC/USD

Buyers pushed the price of BTC up to the multi-timeframe resistance at $34,700 on Sunday, July 11 in an attempt to save the weekly candle which was about to close below that level for the first time since January. However, they were rejected right there which caused bitcoin to end the week at $34,300 with a 2.8 percent loss.

On Monday, the leading cryptocurrency failed to break above the 21-period EMA on the daily timeframe and was forced to retrace down to $33,000, trading at $32,600 during intraday. The move resulted in a 3.4 percent pullback.

The Tuesday session was no different and the BTC/USDT pair continued to slide forming second consecutive red candle on the daily chart by touching $32,600. What is worth noting is that bears managed to push the price down to the next weekly support zone around $32,200 – the neckline of the big head and shoulders pattern on the weekly timeframe.

The mid-week session on Wednesday came with a sharp 3.8 percent drop to $31,600 in the early hours of trading. The selling activity was quickly absorbed and BTC was able to recover to $32,800 at the candle close.

What we are seeing on Thursday morning is a renewed selling activity as bitcoin once again lost the mentioned support line.

ETH/USD

The Ethereum Project token ETH regained positions near $2,140 on Sunday, July 11, but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180).  It lost 8.2 percent on a seven-day basis, which drove the price down below the 21-period EMA – a strong bearish sign.

On Monday, the ether was rejected at the short-term EMA on Daily and retraced down to $2,030, a 5.1 percent correction.

The Tuesday session was no different and the major altcoin fell further to $1,940, closing below the $2,000 mark for the first time since June 28.

The third day of the workweek saw ETH hitting another monthly low. First, it touched $1,867 in the morning, then recovered to $1,991 in the latter part of the session. The selling pressure was there, with strong momentum, but is also worth noting that on the weekly chart, the ETH/USDT pair is in a Falling Wedge reversal formation and the price just hit its lower boundary.

On Thursday morning, ETH is trading significantly lower, at $1,914.

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Bitcoin, Ether, Major Altcoins – Weekly Market Update July 12, 2021

by Btcmanager

The total crypto market cap erased $42 billion from its value for the last seven days and now stands at $1,401 billion. The top 10 coins were all in red for the same time period with the only exception being Binance Coin (BNB) which added 5.6 percent to its value. At the same time, Dogecoin (DOGE) lost 13.4 percent. Bitcoin (BTC) is at $33,700 at the time of writing. Ether (ETH) is currently trading at $2,100.

BTC/USD

Bitcoin closed the trading day on Sunday, July 4 at $35,200 after three consecutive sessions in green. The short-term price rally helped the coin move above the multi-timeframe resistance at $34,700 and also to surpass the 21-day EMA. It registered a 1.5 percent growth on a weekly basis as the market volatility was slowly starting to decrease thus allowing more and more traders to re-enter.

On Monday, the BTC/USDT pair, however, fell sharply to $33,700, which resulted in 5 percent being erased from its market capitalization. It touched the $33,160 level during intraday and successfully found support at the uptrend trendline built around the lowest points of the daily candle wicks starting June 22.

The Tuesday session was a volatile one. Bitcoin jumped up to $35,170 in the early hours of trading, but was once again rejected at the mentioned horizontal resistance and partially retraced down to $34,200.

The mid-week session on Wednesday came with another attempt from bulls to climb above that solid barrier, which resulted in a failure and a candle close near the diagonal support.

On Thursday, July 8, the BTC/USDT pair fell below the weekly timeframe support by touching $32,100 but partially recovered in the latter part of the session by closing at $32,800.

The trading day on Friday was the complete opposite as the coin erased all losses from the previous 24 hours and closed at $33,800 as bulls were starting to show some strength.

The first day of the weekend came with high volatility. Bitcoin was moving in the $34,200 – $32,900 area and made a step down at the daily candle close hitting $33,400.

On Sunday, July 11, bulls made an attempt to fully save the weekly candle by pushing the most popular cryptocurrency up to $34,200 (34,600 during intraday). Still, it lost the important $34,700 support.

What we are seeing on Monday morning is another rejection at the 21-day EMA.

ETH/USD

The Ethereum Project token ended the previous seven-day period with a solid 16 percent increase after touching the horizontal support on the weekly timeframe right below $2,000. The trading session on Sunday, July 4 was a good one for bulls and the ether closed above the $2,300 line for the first time since June 18,

On Monday, the ETH/USDT pair erased all gains and fell below the 21-day EMA and the mentioned resistance. Still, it found stability near the diagonal uptrend line.

The second day of the workweek came with another jump in price and a daily candle close at $2,320. The leading altcoin was without a doubt in an uptrend but it was lacking the necessary bullish momentum to support a solid breakout up to $2,500.

On Wednesday, July 7, buyers pushed the price to $2,415, but the move was fully retraced later in the evening.

The overall sentiment in the market was bullish given the upcoming Ethereum network upgrade expected in early August. However, crypto once again surprised both traders and analysts dropping heavily on Thursday. ETH was not an exception correcting its price with 8.8 percent in the downward direction.

On Friday, the ETH/USDT pair made a negligible change by forming a small green candle to $2,145. These minimal gains were erased on the first day of the weekend in a reciprocal move.

Then on Sunday, the ether once again regained positions near $2,140 but failed to close the weekly candle above the 21-period EMA (which was then situated around $2,180).

The ETH token is trading at $2,110.

Leading Majors

  • Binance Coin (BNB)

The native token of the Binance ecosystem – BNB has been quite stable recently and unlike some of the other major alts in the Top 10 list, it managed to respect most of its technical levels.

On the weekly timeframe, it found clear support in the $290-$300 zone, jumping up from an intra-weekly low of $220. This level is considered a major demand zone and already proofed its stability back in February and March 2021 then again it was where the BNB/USDT pair found its bottom during the last two major drops in May and June.

It is possible to see a run towards $400 (BNB loves round numbers), or right below the last visited high, in the coming days/weeks

The upcoming quarterly BNB token burn that is expected to happen in the period between July 15 and July 18 will surely add up to the upward momentum, although a correction based on the “buy the rumor, sell the news” mantra is expected as always.

Altcoin of the Week

Our Altcoin of the week is the Synthetix Network Token (SNX). The leading decentralized derivatives platform and DeFi blue-chip added 43 percent to its value for the last seven days, now standing at #52 on CoinGecko’s Top 100 list. The coin is currently 134 percent up from its June low and with a total market capitalization of approximately $2 billion.

Almost all coins from the DeFi subsector of the cryptocurrency market registered double-digit gains, but the SNX/USDT pair was leading the pack mainly due to the serious jump in the APY offered on the native token, which surpassed 39 percent sometime last week. This led to a significant increase in the Total Value Locked on the protocol to $1.22 billion as of the time of writing or 70 percent up from the beginning of July.

The SNX/USDT pair is currently trading at $12.8.

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Bitcoin and Ether Market Update July 8, 2021

by Btcmanager

The total crypto market cap lost $71 billion from its value for the period since Monday and now stands at $1.37 trillion. The top ten coins are all in red for the last 24 hours with Ether (ETH) and Dogecoin (DOGE) losing 10.5 and 9.9 percent of their values respectively. At the time of writing bitcoin (BTC) is trading at $32,500. Ether (ETH) is at $2,143.

BTC/USD

Bitcoin closed the trading day on Sunday, July 4 at $35,200 after three consecutive sessions in green. The short-term price rally helped the coin move above the multi-timeframe resistance at $34,700 and also to surpass the 21-day EMA. It registered a 1.5 percent growth on a weekly basis as the market volatility was slowly starting to decrease thus allowing more and more traders to re-enter.

On Monday, the BTC/USDT pair, however, fell sharply to $33,700, which resulted in 5 percent being erased from its market capitalization. It touched the $33,160 level during intraday and successfully found support at the uptrend trendline built around the lowest points of the daily candle wicks starting June 22.

The Tuesday session was a volatile one. Bitcoin jumped up to $35,170 in the early hours of trading, but was once again rejected at the mentioned horizontal resistance and partially retraced down to $34,200.

The mid-week session on Wednesday came with another attempt from bulls to climb above that solid barrier, which resulted in a failure and a candle close near the diagonal support.

What we are seeing on Thursday morning is a 4.7 percent correction down to the weekly timeframe support of around $32,300.

ETH/USD

The Ethereum Project token ended the previous seven-day period with a solid 16 percent increase after touching the horizontal support on the weekly timeframe right below $2,000. The trading session on Sunday, July 4 was a good one for bulls and the ether closed above the $2,300 line for the first time since June 18,

On Monday, the ETH/USDT pair erased all gains and fell below the 21-day EMA and the mentioned resistance. Still, it found stability near the diagonal uptrend line.

The second day of the workweek came with another jump in price and a daily candle close at $2,320. The leading altcoin was without a doubt in an uptrend but it was lacking the necessary bullish momentum to support a solid breakout up to $2,500.

On Wednesday, July 7, buyers pushed the price to $2,415, but the move was fully retraced later in the evening.

The overall sentiment in the market was bullish given the upcoming Ethereum network upgrade expected in early August. However, crypto once again surprised both traders and analysts dropping heavily on Thursday. As of the time of writing ETH is at $2,147, 11 percent South of yesterday’s peak.

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Bitcoin (BTC) $ 26,782.18 3.20%
Ethereum (ETH) $ 1,855.31 2.26%
Litecoin (LTC) $ 90.77 1.04%
Bitcoin Cash (BCH) $ 112.65 1.30%