2nd September 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin and Ethereum ended the weekly modestly down, with Bitcoin testing short term support at 25340. Ethereum has formed short term top, with support at 1520.
Secondary coins were generally lower on the week, with falls of 7.9% in Stellar, 6% in Polkadot and over 5% in Ripple, Solana and The Sandbox. On the technical level, Cosmos, The Sandbox, Polkadot make new short term lows, while several other coins test recent lows. Only Thorchain, Ripple and Stellar maintain short term uptrends.
Crypto related equities were better on the week, assisted by stronger stock Indices, despite the retreat in Crypto coins. Marathon was up 13.7%, followed by Riot at 6.5% and Coinbase at 5%. All of the latter find short term support.
Crypto News
The long-standing discount between Grayscale’s Bitcoin Trust and the value of Bitcoin has fallen to its lowest level since December 2021, now showing around 18%. At its nadir this discount was above 50%. The Trust holds $17 billion worth of Bitcoin. This sharp narrowing of the discount was prompted by a successful appeal by Grayscale to the circuit court, which ruled that the SEC had not shown due cause for blocking Grayscale’s request to turn the Trust into an ETF, which, if successful, would eliminate the discount.
Robinhood was able to complete a buyback of $606 million of it own shares that were caught up in the bankruptcy of FTX.
Trading volumes for the largest cryptocurrencies , Bitcoin and Ethereum, are likelty to result in their worst quarter since Q1 2019.Â
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 25,812.93 | -0.5% | -259.64 | -1% | 32 | 0 | 0 | 0 |
| Ethereum | 1,630.36 | -1% | -24.45 | -1.5% | 30 | -75 | 0 | -18 |
Bitcoin and Ethereum ended the weekly modestly down, with Bitcoin testing short term support at 25340. Ethereum has formed short term top, with support at 1520.
Ratio Chart
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| THORChain (Smart Contract Coin) | 1.56 | 5% | 67 | 42 | -88 | -56 |
| DogeCoin (Memecoin) | 0.06 | 1.3% | 29 | -83 | -91 | -89 |
| Monero (Privacy Coin) | 140.84 | 0.6% | 32 | -75 | -88 | -85 |
| Fantom (Smart Contract Coin) | 0.20 | -1.9% | 37 | -75 | -88 | -85 |
| Polygon (Smart Contract Coin) | 0.54 | -1% | 26 | -92 | -91 | -91 |
| Avalanche (Smart Contract Coin) | 9.95 | -1.2% | 24 | -100 | -91 | -93 |
| ChainLink (Cross Chain Coin) | 5.95 | -1.1% | 30 | -75 | -88 | -85 |
| BNB Chain Native Token (Smart Contract Coin) | 213.86 | -2.2% | 36 | -75 | -88 | -85 |
| Cardano (Smart Contract Coin) | 0.26 | -2.3% | 32 | -83 | -88 | -87 |
| Decentraland (Gaming Coin) | 0.29 | -4.2% | 24 | -92 | -91 | -91 |
| Theta Token (Gaming Coin) | 0.61 | -4.7% | 25 | -92 | -91 | -91 |
| Near (Smart Contract Coin) | 1.13 | -5.4% | 33 | -75 | -88 | -85 |
| XRP (Smart Contract Coin) | 0.50 | -5.1% | 21 | 25 | 38 | 35 |
| Solana (Smart Contract Coin) | 19.39 | -5.3% | 32 | 0 | -88 | -66 |
| The Sandbox (Gaming Coin) | 0.31 | -5.4% | 18 | -100 | -91 | -93 |
| Polkadot (Cross Chain Coin) | 4.22 | -6% | 27 | -92 | -95 | -94 |
| Stellar (Privacy Coin) | 0.11 | -7.9% | 32 | 75 | -41 | -12 |
| Cosmos (Smart Contract Coin) | 6.68 | -8% | 21 | -100 | -91 | -93 |
Secondary coins were generally lower on the week, with falls of 7.9% in Stellar, 6% in Polkadot and over 5% in Ripple, Solana and The Sandbox. On the technical level, Cosmos, The Sandbox and Polkadot make new short term lows, while several other coins test recent lows. Only Thorchain, Ripple and Stellar maintain short term uptrends.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 43.62 | -0.3% | 6.5% | 40 | 33 | -88 | -58 |
| Block Inc | 58.17 | 0.9% | 4.1% | 26 | -83 | -95 | -92 |
| Coinbase Global Inc Cl A | 77.99 | -2% | 5% | 35 | 75 | -45 | -15 |
| Hive Blockchain Technologies Ltd | 3.47 | -4.9% | 0.6% | 33 | 0 | 88 | 66 |
| Marathon Digital Hldgs Inc | 12.00 | -4.5% | 13.7% | 36 | 0 | 0 | 0 |
| Microstrategy Cl A | 351.48 | -1.7% | 4.6% | 35 | 33 | 41 | 39 |
| Riot Blockchain Inc | 11.04 | -2.7% | 6.5% | 27 | -8 | -3 | -4 |
| Robinhood Markets Inc Cl A | 11.11 | 2% | 5.4% | 36 | 33 | -88 | -58 |
| Tesla Inc | 245.01 | -5.1% | 2.7% | 44 | 33 | -92 | -61 |
Crypto related equities were better on the week, assisted by stronger stock Indices, despite the retreat in Crypto coins. Marathon was up 13.7%, followed by Riot at 6.5% and Coinbase at 5%. All of the latter find short term support.