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Week 04 – Overview of fundamentals and markets

financial system, week 04

Welcome to our weekly brief. Here you will find what is going on on the markets and what are expected events in week 04. It should help you with jumping back on track. 

Fundamentals and expected events: week 04

  • Cryptocurrencies: The price of Bitcoin was like on a roller coaster last week and erased almost all the profits of 2021 on Thursday. The cryptomarket lost almost hundreds of billions in a few days as bitcoins and most altcoins fell by double digits. The decline in bitcoins continued in the last 24 hours, as BTC fell below $ 30,000 for the first time since early January. Most altcoins are also in red, and the total market capitalization has dropped to $ 900 billion – a drop of more than $ 100 billion a day. However, according to analysts, institutions continued to buy bitcoins despite volatility and short-term bearish sentiment on the market.
  • Stock and commodity markets: European stock markets are now rather nervous, partly due to the news of a faster spreading of a new coronavirus mutation and other lockdowns and measures that are holding back the economy, already suffering from the spring lockdowns. On top of that there is a report from our country that the average inflation rate for the last year reached 3.2%. This is the highest inflation rate in the last 8 years and at the same time the third highest inflation rate in the European Union. Due to this, Czech shares also fell, when the Prague Stock Exchange experienced the strongest decline since mid-September. Gold and other commodities are now rather stagnant.
  • Important events: Among the expected events of this week will be, in particular, announcement by the US Fed about interest rates and also announcement about the development of GDP in the USA.

Cryptomarkets and marketcap: week 04

  • Today, we reached a marketcap value of $1 010 billion.
  • Last week we were recording a low of $970 billion and a high $1 068 billion. Bitcoin is low at $29 900 over the same period. High on Bitcoin at $39 300, now $34370.
  • Bitcoin dominance is now 63,5%, from 64% last week.
  • Market sentiment is at 74 points, meaning greed and a drop from last weeks 79 points.

BTC/USD

The most actual price for one Bitcoin [BTC] is $34 370.33. Bitcoin is listed on 82 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $40 016 950 247, while the Bitcoin market cap is $639 634 856 193 which ranks it as #1 of all cryptocurrencies. (Data: coinpaprika.com)

Chart, histogram

Bitcoin has been quite volatile lately, with its price experiencing some major intraday moves. BTC opened the month at $31 000, but reached over $39 800, falling below $34 000. It has been moving sideways since then, with significantly reduced volatility. It seems that consolidation is happening.

ETH/USD

The most actual price for one Ethereum [ETH] is $1 429.28. Ethereum is listed on 95 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $31 926 137 985, while the Ethereum market cap is $163 508 149 044 which ranks it as #2 of all cryptocurrencies. (Data: coinpaprika.com)

The price of Ethereum has historically followed that of Bitcoin. Therefore, it is not surprising that it is currently behaving exactly like the number one coin. After opening the month at $1240 and rising to $1430 is now consolidating at around $1440.

Chart

XRP/USD

The most actual price for one XRP [XRP] is $0.278158. XRP is listed on 121 exchanges with a sum of 396 active markets. The 24h volume of [XRP] is $1 942 316 734, while the XRP market cap is $12 659 468 026 which ranks it as #5 of all cryptocurrencies.

Chart

The price may drop as low as $0.24 and go as high as $0.36,5 within the month. The closing price is predicted to be $0.29, with a gain of 18 – 27%.

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