27th May 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin and Ethereum were barely changed on the week
Secondary coins were generally lower on the week with the exception of Cosmos which rallied 4.5%. The worst performers were Fantom, down 11.4%, and Theta, down 7.6%. Only Ripple maintains short term uptrend. Several coins including Chainlink, Polkadot and Cosmos test the bottom of their ranges.
Crypto related equities were mixed with Hive and Marathon down just under 3%; most equities under review now trade sideways short term.
Headlines
There was little news of substance last week.
Pudgy Penguins, who have a popular NFT collection, have released Pudgy Penguin toys on Amazon.
Analysis undertaken by Coinshares show a fifth week of outflows from Crypto markets. Trading volumes were noted to be down 40% on average weekly volumes.
Three unnamed sources say Crypto exchange Binance, commingled billions worth of customer funds in 2020 and 2021, according to a Reuters report. The article cites three anonymous sources, one of which said Binance used bankrupt Silvergate Bank to commingle billions of dollars on a regular basis.
Hackers are understood to have suffered in the bear market for a wide range of crypto tokens as fraud dropped by 70% in the first quarter of 2023, compared to the same period from last year.
Meta is training its AI application on religious texts. Zuckerburg may want to be God.
Terra criminal Do Kwon has had his bail revoked in Montenegro and is now back in gaol according to Bloomberg.
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 26,715.80 | 0.9% | -180.33 | -0.7% | 42 | 42 | 0 | 10 |
| Ethereum | 1,829.55 | 1.2% | 15.86 | 0.9% | 44 | 42 | 0 | 10 |
Bitcoin and Ethereum were barely changed on the week.
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Polygon (Smart Contract Coin) | 0.91 | 4.5% | 36 | -75 | 0 | -18 |
| BNB Chain Native Token (Smart Contract Coin) | 308.42 | -0.9% | 43 | -33 | 47 | 28 |
| Cosmos (Smart Contract Coin) | 10.66 | -0.3% | 41 | -75 | -88 | -85 |
| XRP (Smart Contract Coin) | 0.47 | 0.1% | 45 | 8 | -88 | -64 |
| Monero (Privacy Coin) | 150.66 | 0.1% | 47 | -75 | -47 | -54 |
| THORChain (Smart Contract Coin) | 1.16 | -1.9% | 27 | -83 | -91 | -89 |
| Cardano (Smart Contract Coin) | 0.36 | -1.5% | 37 | -33 | -88 | -74 |
| Stellar (Privacy Coin) | 0.09 | -1.7% | 31 | -75 | -92 | -88 |
| Avalanche (Smart Contract Coin) | 14.39 | -2.4% | 29 | -92 | -91 | -91 |
| ChainLink (Cross Chain Coin) | 6.35 | -2.5% | 33 | -75 | -88 | -85 |
| Polkadot (Cross Chain Coin) | 5.25 | -2.3% | 33 | -75 | -92 | -88 |
| DogeCoin (Memecoin) | 0.07 | -3.4% | 27 | -83 | -91 | -89 |
| Solana (Smart Contract Coin) | 19.44 | -4.9% | 39 | -75 | -88 | -85 |
| The Sandbox (Gaming Coin) | 0.52 | -4% | 33 | -75 | -88 | -85 |
| Near (Smart Contract Coin) | 1.59 | -5.2% | 29 | -83 | -91 | -89 |
| Decentraland (Gaming Coin) | 0.47 | -5.3% | 31 | -75 | -88 | -85 |
| Theta Token (Gaming Coin) | 0.85 | -7.6% | 28 | -92 | -91 | -91 |
| Fantom (Smart Contract Coin) | 0.33 | -11.4% | 29 | -42 | -91 | -79 |
Secondary coins were generally lower on the week with the exception of Cosmos which rallied 4.5%. The worst performers were Fantom, down11.4%, and Theta, down 7.6%. Only Ripple maintains short term uptrend. Several coins including Chainlink, Polkadot and Cosmos test the bottom of their ranges.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 39.10 | 1.9% | 1% | 51 | -33 | -88 | -74 |
| Block Inc | 59.00 | -0.5% | 0.6% | 44 | -75 | -92 | -88 |
| Coinbase Global Inc Cl A | 56.92 | 0.1% | 0.2% | 44 | -75 | -92 | -88 |
| Hive Blockchain Technologies Ltd | 2.99 | 0.3% | -2.9% | 39 | -33 | 47 | 28 |
| Marathon Digital Hldgs Inc | 8.93 | -2% | -2.7% | 44 | 42 | -88 | -56 |
| Microstrategy Cl A | 285.10 | 1.5% | -1.1% | 45 | 42 | -41 | -20 |
| Riot Blockchain Inc | 10.92 | -1.4% | -1.4% | 46 | 75 | 0 | 18 |
| Robinhood Markets Inc Cl A | 8.82 | 2.6% | 4.1% | 40 | -75 | -88 | -85 |
| Tesla Inc | 193.17 | 4.7% | 7.2% | 56 | -33 | -92 | -78 |
Crypto related equities were mixed with Hive and Marathon down just under 3%; most equities under review now trade sideways short term.