22nd October 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin and Ethereum made gains on the week, Bitcoin testing the top of the range at 30,000. Ethereum has found support at the bottom of the range, while the ration between the two has extended significantly recently (see below).
Secondary coins were generally better on the week with a sharp gain in Solana, which rallied over 23%. Ripple gain 6%. Both these forms short term bases. Thorchain, Solana and Chainlink have short term uptrends, while Ripple maintains a medium term uptrend.
Crypto related equities were better on the week even in a down market, with Microstrategy up by 9.4%. These equities generally maintain short term downtrends but have also found short term support.
News
Bitcoin’s mining difficulty level has hit a new high making it even more challenging for Bitcoin miners to uncover blocks. According to data from CoinWarz, after the latest update the mining difficulty—the estimated number of hashes required to mine a block—is now at 61.03 trillion.
Attorneys for Sam Bankman-Fried submitted a request to the Judge in the FTX founder’s trial so that he be allowed access to his prescribed medication during his ongoing fraud trial, saying he is unable to focus without it.Can Sun, supposedly the FTX general counsel, said in testimony that he was involved in structuring loan worth $2 billion to FTX insiders. He had no idea he was a pivotal component of the fraud being executed by FTX.
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 29,694.85 | 3.4% | 2808.67 | 10.4% | 68 | 42 | 0 | 10 |
| Ethereum | 1,605.89 | 2.4% | 52.28 | 3.4% | 50 | -83 | -88 | -87 |
Bitcoin and Ethereum made gains on the week, Bitcoin testing the top of the range at 30,000. Ethereum has found support at the bottom of the range, while the ration between the two has extended significantly recently (see below).
Ratio Chart
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Solana (Smart Contract Coin) | 27.06 | 23.6% | 73 | 100 | -88 | -42 |
| XRP (Smart Contract Coin) | 0.52 | 6% | 56 | -75 | 41 | 12 |
| Polygon (Smart Contract Coin) | 0.54 | 4% | 54 | -83 | -88 | -87 |
| ChainLink (Cross Chain Coin) | 7.58 | 4.3% | 64 | 75 | -88 | -48 |
| Stellar (Privacy Coin) | 0.11 | 4.2% | 36 | 0 | -45 | -34 |
| BNB Chain Native Token (Smart Contract Coin) | 212.32 | 3% | 50 | -83 | -88 | -87 |
| The Sandbox (Gaming Coin) | 0.30 | 3.4% | 52 | -83 | -88 | -87 |
| Cardano (Smart Contract Coin) | 0.25 | 2.1% | 51 | -83 | -88 | -87 |
| DogeCoin (Memecoin) | 0.06 | 2.5% | 46 | -83 | -88 | -87 |
| Decentraland (Gaming Coin) | 0.29 | 2% | 52 | -83 | -88 | -87 |
| Near (Smart Contract Coin) | 1.01 | -0.5% | 40 | -92 | -92 | -92 |
| Fantom (Smart Contract Coin) | 0.18 | -0.6% | 45 | -83 | -88 | -87 |
| Avalanche (Smart Contract Coin) | 9.23 | 0.7% | 49 | -83 | -88 | -87 |
| Polkadot (Cross Chain Coin) | 3.72 | -0.1% | 41 | -83 | -97 | -94 |
| Monero (Privacy Coin) | 154.87 | 0.8% | 65 | -33 | -88 | -74 |
| Theta Token (Gaming Coin) | 0.59 | 0.6% | 49 | -83 | -88 | -87 |
| THORChain (Smart Contract Coin) | 1.64 | -1.5% | 51 | 75 | -88 | -48 |
| Cosmos (Smart Contract Coin) | 6.41 | -2.4% | 48 | -83 | -88 | -87 |
Secondary coins were generally better on the week with a sharp gain in Solana, which rallied over 23%. Ripple gain 6%. Both these forms short term bases. Thorchain, Solana and Chainlink have short term uptrends, while Ripple maintains a medium term uptrend.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 36.03 | -1.6% | -4.6% | 29 | -83 | -95 | -92 |
| Block Inc | 43.98 | -0.4% | 1.9% | 31 | -83 | -92 | -90 |
| Coinbase Global Inc Cl A | 74.66 | 2.1% | 1.7% | 45 | 0 | -45 | -34 |
| Hive Blockchain Technologies Ltd | 2.97 | 1% | 3.8% | 46 | -83 | 47 | 15 |
| Marathon Digital Hldgs Inc | 7.76 | 0.6% | 0.6% | 36 | -83 | -88 | -87 |
| Microstrategy Cl A | 348.04 | 1.7% | 9.4% | 52 | 0 | 41 | 31 |
| Riot Blockchain Inc | 8.87 | 0.6% | -3.1% | 42 | -83 | 0 | -20 |
| Robinhood Markets Inc Cl A | 9.13 | 1.8% | -0.1% | 33 | -75 | -88 | -85 |
| Tesla Inc | 211.99 | -3.7% | -15.6% | 30 | 0 | -92 | -69 |
Crypto related equities were better on the week even in a down market, with Microstrategy up by 9.4%. These equities generally maintain short term downtrends but have also found short term support.