Week 11 – Overview of fundamentals and markets

2020, week 11, visions

Welcome to our weekly brief. Here you will find what is going on on the markets and what are expected events in week 11. It should help you with jumping back on track. 

Fundamentals and expected events: week 11

Cryptomarkets: The weekend was marked by growth for Bitcoin. Bitcoin added $ 1,000 on Saturday before reaching new highs after breaking the mid-February record of $ 58,400. After several attempts, the asset surpassed the psychological level of $ 60,000 and continued to its highest ATH to date, $ 61,800. However, the cryptocurrency could not keep its upward movement and reversed. In the following hours, BTC fell by more than $ 3,000 to an intraday low of $ 57,500 and is still falling. Altcoins also enjoyed the weekend with significant profits. However, like Bitcoin, most altcoins have fallen quite sharply in the last 24 hours. Overall, the market capitalization of all cryptoactive assets has suffered a major loss, as while reaching a new high of $ 1.850 trillion yesterday, it has lost about $ 120 billion since then.

Stock and commodity markets: The key news is that China is undergoing a sharp recovery. Chinese industry jumped by incredible 35.1% year-on-year in the first two months of this year. It is similar with retail sales, which increased by an unexpected 33.8%. This in turn catapulted oil prices. Brent oil therefore jumped to $ 70 a barrel. More and more investors are also afraid of inflation. This is not good for European stocks, which are rather stagnant and waiting to see what will happen in the world. Fear of global inflation is favouring the dollar.

Important events: Elections were held in Germany, which the governing party CDU / CSU lost in two regions with a record poor result. The European Central Bank announced on Thursday afternoon that it would speed up purchases under its emergency program in the next quarter. Another ECB press conference is expected this week.

Cryptomarkets and marketcap: week 11

The global crypto market cap is $1.72T, a 4.70% decrease over the last day.

The total crypto market volume over the last 24 hours is $147.83B, which makes a 14.52% increase. The total volume in DeFi is currently $12.41B, 8.39% of the total crypto market 24-hour volume.

Bitcoin’s price is currently $56,621.50.

Bitcoin’s dominance is currently 61.25%, a decrease of 0.80% over the day.

BTC/USD

The most actual price for one Bitcoin [BTC] is $56 570.32. Bitcoin is listed on 85 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $63 617 610 242, while Bitcoin’s market cap is $1 055 303 764 875 which ranks it as #1 of all cryptocurrencies.

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Bitcoin has successfully broken through resistance and is currently above $ 52,000. We see resistance in the $ 58,000 range. If BTC breaks this resistance, we’ll stop at $ 64,000.

UNI/USD

Uniswap [UNI] is $30.27. Uniswap is listed on 36 exchanges with a sum of 80 active markets. The 24h volume of [UNI] is $1 355 053 637, while Uniswap’s market cap is $6 364 909 799 which ranks it as #15 of all cryptocurrencies. The graph shows the end of the Cup and Handle pattern. The current reluctance of investors to rise above the resistance of $ 34.7 is related to today’s decline in Bitcoin. We see support at $ 28.9.

Graphical user interface, chart

SRM/USD

Serum is the world’s first completely decentralized derivatives exchange with trustless cross-chain trading.

Serum [SRM] is a token based on Ethereum blockchain. The most actual price for one Serum [SRM] is $5.81. Serum is listed on 11 exchanges with a sum of 21 active markets. The 24h volume of [SRM] is $92 584 971, while Serum’s market cap is $290 529 633 which ranks it as #127 of all cryptocurrencies.

On the chart we see a strong support line that dictates the pace of investors. If the support line will continue, investors can pull the price to 8 USD. This value also represents the ATH that we recorded on 25.02.21

Graphical user interface, chart, histogram

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