The crypto industry recorded another win against regulators as Australia’s securities regulator has hinted that it could give the green light for bitcoin and ether exchange-traded products. The last seven days have seen more wins for the crypto market.
Wharton Business School of the University of Pennsylvania joined the list of schools accepting crypto as payment for services as it announced that starting 28 of this month, it will accept cryptocurrency as tuition to admit students.
The total cryptocurrency market is closing at almost the same price it started. Starting at $2.5 trillion, the market is currently estimated at $2.6 trillion; recording a low of $2.3 trillion.
Looking at the top 100 coins by market cap, we noticed that there are almost an equal amount of gainers and losers. Meme coins are the top gainers as of the time of writing with coins like ELON gaining more than 200% and SHIB surging by 157%.
The past seven days have been quite bullish for some cryptocurrencies. Unfortunately, not all these projects held on to this positive lead and are down by some percentages as seen in the image above. Let’s take a look at how some coins in the top 10 performed this week.
The early parts of the week saw the saw BTC surge as high as $63k sparking speculations of a return to the ATH. BTC may be closing the week better than it started as the coin is up by 1.3% as of this time. Not much of an increase, many will say, but the most valued coin recovering from a dip that sent it as low as $56,435.
One prediction last week was that with the $60k support continuous flipping of the $60k support, BTC did not drop below $59k – making it a support to watch. In a case of an intense price dip, we may expect the buyers to hold the most valued coin at $56,000.
The $56,000 support held as projected and more than $1 billion worth of long account got liquidated as the largest coin by market cap sank deeper into bearish dominance. A gradual recovery resulted in the 1st cryptocurrency trading above $61,000.
Using the Pitchfork, a channel was created – revealing support and resistance. The key support as of this time is the $56,000 as breaking the it will expose the $52,000 support and prices may dip to testing it.
With the successful start of the Altair Beacon Chain update, more than 98.7% of nodes have been upgraded as of now. The upgrade played a key role in the Beacon chain as it provided the needed boost for clearing the way for the merger with the Ethereum mainnet and the transition to a proof-of-stake (PoS) consensus mechanism in Ethereum 2.0.
Following the upgrade, ether hit a new ATH at $4,460 as the full effect of the update is felt. The largest alt has not hit $4,500 as predicted, but we notice that it keeps edging closer to the mark with every passing hike.
The second largest coin by market cap is about to close another week in gains as it is 6% higher than its opening price. The coin saw a low of $3,893 during that time. We noticed that prices dipped to the sub-$4,000 but met support before or a little after $3,900. ETH may continue to hold this level provided there is no intense selloff.
Binance coin joins the list of gainers in the top 100 as it is worth 10% higher than it was at the start of the week. The project saw a high of $542 and low of $436 during this time. The third largest coin by market is a little docile with regards to market fundamentals. Nonetheless, both factions of traders had equal share of the market with reference to the timeframe.
The $440 support is a critical mark but has flipped nearly every time it came under test. The $400 mark has been tough to test as the bulls defended the coin at $430 – making it the support we could bank on.
It is also important to note that the third largest coin may not dip as low as the highlighted level as we may see more bullish actions from BNB. The Moving Average Convergence Divergence (MACD) is about converging to give off a bullish signal. This may set the exchange token up for a test of the $560 resistance.