6th August 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin was marginally lower on the week. Ethereum was down 2.4%, testing short term support.
Secondary coins were lower on the week, with falls of 14.7% in Stellar, 10.8% in Ripple, and above 8% in both Solana and Chainlink. Technically, Stellar approaches support at 0.13 and Ripple approaches support at 0.6. Solana may find support at 22.5. Polygon approaches recent lows at 0.6, while Cosmos tests recent lows at 8.5.
Crypto related equities had a poor week as well, with falls of 18.9% in Block, 3.3% in Microstrategy and 11.7% in Hive. Block approaches recent lows, while Coinbase tests recent breakout support at 86. Hive also approaches recent breakout support at 4.3. Microstrategy has support at 344.
News
Coinbase announced results this week, highlighting the continued drop in market activity in Crypto. Coinbase said trading volume dropped quarter-over-quarter by a substantial amount, to $92 billion from $145 billion. Compared to the same period a year ago, it represented a 57% decline from $217 billion.
Coinbase has also asked a judge to dismiss the U.S. Securities and Exchange Commission lawsuit against the cryptocurrency exchange. It said that the SEC’s “claims must be dismissed” because “the subject matter falls outside the agency’s delegated authority.”
Margot Robbie says Bitcoin is for “Kens”. “Barbie” star Margot Robbie entered crypto discourse this weekend, after poking fun at Bitcoin as a stereotypically ‘Ken’ conversation topic—one she’s repeatedly bemoaned with director Greta Gerwig.
Tether reported $850 million profit in the second quarter and announces it has $3.3 billion in reserves.
Apecoin, the token connected to the Bored Ape Yacht Club NFT collection, hit an all-time low during the week.
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 29,103.98 | -0.3% | -246.75 | -0.8% | 44 | 42 | 0 | 10 |
| Ethereum | 1,830.65 | -0.3% | -44.93 | -2.4% | 50 | 8 | 0 | 2 |
Bitcoin was marginally lower on the week. Ethereum was down 2.4%, testing short term support.
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| BNB Chain Native Token (Smart Contract Coin) | 241.74 | -0.2% | 55 | -75 | -47 | -54 |
| THORChain (Smart Contract Coin) | 0.93 | -0.9% | 48 | -75 | -88 | -85 |
| Monero (Privacy Coin) | 158.59 | -2.7% | 43 | 42 | -88 | -56 |
| Near (Smart Contract Coin) | 1.34 | -3.7% | 49 | -75 | -88 | -85 |
| Polkadot (Cross Chain Coin) | 4.99 | -4.4% | 52 | -75 | -92 | -88 |
| Theta Token (Gaming Coin) | 0.76 | -4.4% | 55 | -75 | -88 | -85 |
| Fantom (Smart Contract Coin) | 0.23 | -5.7% | 37 | -92 | -88 | -89 |
| Cardano (Smart Contract Coin) | 0.29 | -5.4% | 55 | -75 | -88 | -85 |
| DogeCoin (Memecoin) | 0.07 | -5% | 62 | 0 | -88 | -66 |
| Cosmos (Smart Contract Coin) | 8.49 | -6% | 44 | -92 | -88 | -89 |
| Polygon (Smart Contract Coin) | 0.66 | -6.5% | 54 | -75 | -47 | -54 |
| Avalanche (Smart Contract Coin) | 12.41 | -6.3% | 50 | -75 | -88 | -85 |
| Decentraland (Gaming Coin) | 0.36 | -6.4% | 51 | -75 | -88 | -85 |
| The Sandbox (Gaming Coin) | 0.40 | -7.6% | 50 | -75 | -88 | -85 |
| Solana (Smart Contract Coin) | 22.83 | -8.2% | 65 | 42 | -88 | -56 |
| ChainLink (Cross Chain Coin) | 7.14 | -8.4% | 59 | 42 | -88 | -56 |
| XRP (Smart Contract Coin) | 0.64 | -10.8% | 60 | 75 | 41 | 49 |
| Stellar (Privacy Coin) | 0.14 | -14.7% | 58 | 75 | -41 | -12 |
Secondary coins were lower on the week, with falls of 14.7% in Stellar, 10.8% in Ripple, and above 8% in both Solana and Chainlink. Technically, Stellar approaches support at 0.13, and Ripple approaches support at 0.6. Solana may find support at 22.5. Polygon approaches recent lows at 0.6, while Cosmos tests recent lows at 8.5.