16th July 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin attempted to break out this week but dipped back below resistance at 31140. Ethereum made gains but also failed to sustain short term break above 1950.
Secondary coins had a good week, propelled by regulatory news in relation to Ripple that the market interpreted bullishly. Ripple recorded a gain of 53%, followed by Stellar at 39% and Solana at 24%. All of the aforementioned make new short term highs; most other coins encounter short term downtrends or resistance.
Crypto related assets enjoyed a good week as well, with gains of 33% in Coinbase, 23% in Riot and 20% in Microstrategy. Microstrategy, Hive, Riot, Coinbase and Marathon have all made new short term highs. They all become short term overbought, and Hive and Coinbase encounter some short term resistance.
Headlines
The very sharp rally in Crypto assets this week was triggered by a court ruling on Thursday morning in relation to Ripple, that, except for when the token is been sold to institutional investors directly, its sale does not constitute the selling of a security.
The judge also made the observation that she could not make a ruling on secondary sales of XRP, “because that question is not properly before the Court.”
The U.S. Department of Justice arrested former CEO of bankrupt crypto lender Celsius Network Alex Mashinsky filing seven criminal charges. The DOJ said Mashinsky earned more than $40 million after allegedly manipulating the price of CEL, Celsius’ native digital asset, and stealing the returns.
Bitcoin and Ethereum are up significantly this year and amazingly Crypto scammers are making less money, too. Analytics firm Chainalysis announced cryptocurrency-related crime has dropped by 65% so far this year compared with 2022. Chainalysis said “illicit crypto transaction volume is falling much more than legitimate crypto transaction volume.” and that “ total scam revenue has plummeted compared to last year,” the firm said.
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 30,332.68 | -3.6% | -42.99 | -0.1% | 64 | 42 | 0 | 10 |
| Ethereum | 1,937.43 | -3.3% | 65.09 | 3.5% | 55 | 8 | 0 | 2 |
Bitcoin attempted to break out but dipped back below resistance at 31140. Ethereum made gains but also failed to sustain short term break above 1950.
Ratio Chart
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| XRP (Smart Contract Coin) | 0.72 | 53.8% | 65 | 58 | -41 | -16 |
| Stellar (Privacy Coin) | 0.14 | 39.2% | 65 | 58 | -88 | -52 |
| Solana (Smart Contract Coin) | 26.77 | 24% | 68 | -25 | -88 | -72 |
| Polygon (Smart Contract Coin) | 0.81 | 19.6% | 53 | -75 | -47 | -54 |
| Avalanche (Smart Contract Coin) | 14.68 | 15% | 53 | -75 | -88 | -85 |
| Cardano (Smart Contract Coin) | 0.33 | 15.6% | 51 | -75 | -88 | -85 |
| ChainLink (Cross Chain Coin) | 6.96 | 13% | 60 | -75 | -88 | -85 |
| Near (Smart Contract Coin) | 1.51 | 12% | 53 | -75 | -88 | -85 |
| Theta Token (Gaming Coin) | 0.81 | 10.6% | 54 | -75 | -88 | -85 |
| Decentraland (Gaming Coin) | 0.42 | 8.3% | 49 | -75 | -88 | -85 |
| The Sandbox (Gaming Coin) | 0.45 | 7.2% | 45 | -75 | -88 | -85 |
| Cosmos (Smart Contract Coin) | 9.81 | 6.7% | 52 | -75 | -88 | -85 |
| Polkadot (Cross Chain Coin) | 5.46 | 6.6% | 56 | -75 | -92 | -88 |
| BNB Chain Native Token (Smart Contract Coin) | 248.19 | 5.2% | 46 | -75 | -47 | -54 |
| Fantom (Smart Contract Coin) | 0.28 | 5.5% | 49 | -75 | -88 | -85 |
| DogeCoin (Memecoin) | 0.07 | 4.8% | 51 | -75 | -88 | -85 |
| THORChain (Smart Contract Coin) | 1.04 | 0.7% | 47 | -75 | -88 | -85 |
| Monero (Privacy Coin) | 160.65 | -2.9% | 61 | 8 | -47 | -34 |
Secondary coins had a good week, propelled by regulatory news in relation too Ripple that the market interpreted bullishly. Ripple recorded a gain of 53%, followed by Stellar at 39% and Solana at 24%. All of the aforementioned make new short term highs, most other coins encounter short term downtrends or resistance.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 48.57 | -2.1% | 11.1% | 65 | 50 | -88 | -54 |
| Block Inc | 75.46 | -1% | 12.2% | 62 | -33 | -88 | -74 |
| Coinbase Global Inc Cl A | 105.31 | -1.6% | 33.8% | 84 | 100 | -92 | -45 |
| Hive Blockchain Technologies Ltd | 5.98 | -9.9% | 8.1% | 76 | 100 | 88 | 91 |
| Marathon Digital Hldgs Inc | 18.07 | -6.4% | 15.3% | 73 | 100 | -41 | -6 |
| Microstrategy Cl A | 458.86 | -0.6% | 20.5% | 79 | 100 | 0 | 24 |
| Riot Blockchain Inc | 19.12 | -5.8% | 23.5% | 76 | 100 | 0 | 24 |
| Robinhood Markets Inc Cl A | 12.38 | -0.6% | 14.7% | 78 | 58 | -88 | -52 |
| Tesla Inc | 281.38 | 1.3% | 2.5% | 68 | 75 | -89 | -49 |
Crypto related assets enjoyed a good week as well, with gains of 33% in Coinbase, 23% in Riot and 20% in Microstrategy. Microstrategy, Hive, Riot, Coinbase and Marathon have all made new short term highs. They all become short term overbought, and Hive and Coinbase encounter some short term resistance.