4th June 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin was up 1.6% on the week while Ethereum gained 4.3%; both reasserted short term uptrends.
Within Secondary coins, Ripple and Solana were the standout gainers on the week, with rises of 11.9% and 9.6% respectively. Ripple reasserts short term uptrend, while Solana forms a base above 20. Ripple is the only Secondary coin with a short term uptrend.
Crypto related equities were also better, with gains of 13.4% in Coinbase, which attempts short term bases, and 12.3% in Marathon, which reasserts short term uptrend. Ark Innovation also forms a possible base.
Headlines
Demented Senator Elizabeth Warren says Crypto is helping to fund the Fentanyl trade.
Developers have created a “SatoshiGPT” to provide Bitcoin education as an easy window to understand Satoshi’s thoughts on certain subjects, utilising a dataset of his old emails and three Bitcoin books.
Binance, the largest Crypto exchange is thought to be considering job cuts but talks about some ludicrous concept of “talent density”.
Selected AI engineers warn of the potential dire consequences of their technology in a letter co-signed by hundreds of signatories.
It is reported that the proposed Digital Mining tax, targeting Bitcoin miners, has been withdrawn as part of the debt ceiling agreement reached on Sunday.
The amount of Ethereum held on decentralised exchanges has fallen to a five year low according to data analytics provider Glassnode. This may be the result of a combination of the FTX fallout as well as the increase in staked Ether. the amount of Ether on centralised exchanges is 15% of the total supply of Ether.
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 27,253.54 | 1.6% | 537.74 | 2% | 45 | 42 | 0 | 10 |
| Ethereum | 1,907.70 | 2.4% | 78.16 | 4.3% | 52 | 42 | 0 | 10 |
Bitcoin was up 1.6% on the week while Ethereum gained 4.3%; both reasserted short term uptrends.
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| The Sandbox (Gaming Coin) | 0.58 | 12% | 50 | -75 | -88 | -85 |
| XRP (Smart Contract Coin) | 0.53 | 11.9% | 62 | 42 | -88 | -56 |
| Solana (Smart Contract Coin) | 21.32 | 9.6% | 50 | -75 | -88 | -85 |
| Cardano (Smart Contract Coin) | 0.38 | 4.2% | 44 | -75 | -88 | -85 |
| Stellar (Privacy Coin) | 0.09 | 4.6% | 47 | -75 | -92 | -88 |
| THORChain (Smart Contract Coin) | 1.19 | 3.3% | 39 | -75 | -88 | -85 |
| Decentraland (Gaming Coin) | 0.49 | 3.9% | 42 | -75 | -88 | -85 |
| Near (Smart Contract Coin) | 1.62 | 2.3% | 38 | -75 | -88 | -85 |
| DogeCoin (Memecoin) | 0.07 | 2.1% | 40 | -75 | -88 | -85 |
| ChainLink (Cross Chain Coin) | 6.45 | 1.5% | 42 | -75 | -88 | -85 |
| BNB Chain Native Token (Smart Contract Coin) | 308.67 | 0.1% | 38 | -33 | 47 | 28 |
| Cosmos (Smart Contract Coin) | 10.75 | 0.9% | 48 | -75 | -88 | -85 |
| Avalanche (Smart Contract Coin) | 14.51 | 0.9% | 34 | -83 | -88 | -87 |
| Polkadot (Cross Chain Coin) | 5.28 | 0.6% | 40 | -75 | -92 | -88 |
| Theta Token (Gaming Coin) | 0.85 | -0.6% | 34 | -83 | -88 | -87 |
| Fantom (Smart Contract Coin) | 0.32 | -1.7% | 34 | -83 | -88 | -87 |
| Polygon (Smart Contract Coin) | 0.90 | -1.3% | 42 | -75 | 0 | -18 |
| Monero (Privacy Coin) | 146.15 | -3% | 35 | -75 | -47 | -54 |
Ripple and Solana were the standout gainers on the week, with rises of 11.9% and 9.6% respectively. Ripple reasserts short term uptrend, while Solana forms a base above 20. Ripple is the only Secondary coin with a short term uptrend.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 41.62 | 1.2% | 6.4% | 68 | 42 | -88 | -56 |
| Block Inc | 63.46 | 3.2% | 7.6% | 55 | -75 | -88 | -85 |
| Coinbase Global Inc Cl A | 64.55 | 1.5% | 13.4% | 59 | -75 | -92 | -88 |
| Hive Blockchain Technologies Ltd | 3.25 | -0.9% | 8.7% | 48 | -33 | 47 | 28 |
| Marathon Digital Hldgs Inc | 10.03 | 0.4% | 12.3% | 52 | 42 | -88 | -56 |
| Microstrategy Cl A | 302.13 | 0.7% | 6% | 50 | 75 | -41 | -12 |
| Riot Blockchain Inc | 11.71 | -5.6% | 7.2% | 52 | 75 | 0 | 18 |
| Robinhood Markets Inc Cl A | 9.34 | 3.5% | 5.9% | 55 | -75 | -88 | -85 |
| Tesla Inc | 213.97 | 3.1% | 10.8% | 81 | 8 | -92 | -67 |
Crypto related equities were also better, with gains of 13.4% in Coinbase, which attempts short term bases, and 12.3% in Marathon, which reasserts short term uptrend. Ark Innovation also forms a possible base.