Week 18 – Overview of fundamentals and markets

currency, week 18, trading

Welcome to our weekly brief. Here you will find what is going on on the markets and what are expected events in week 18. It should help you with jumping back on track. 

Fundamentals and expected events: week 18

Crypto markets: After falling to $ 56,000 yesterday, Bitcoin was able to gain back $ 2,000 in a short period of time, reaching $ 58,000. Ethereum reached a new historical record of $ 3,100 and a number of other altcoins also gained value thus helping the crypto market cap to gain more than $ 70 billion a day. This is a new record in the total crypto market capitalization, which is now just below $ 2.3 billion.

Stock and commodity markets: A number of financial results are expected this week, for example from ConocoPhillips, Pfizer, Activision Blizzard, PayPal, Moderna and Beyond Meat. The expected positive results and the starting economy, especially in the USA, suggest a general optimism on the markets. In contrast, there are reports of a sharp rise in the prices of fuel coal and wood and other commodities. The demand for gold bars and coins is also growing, which recorded a significant year-on-year increase in the first quarter of this year. Sales of physical gold to private investors increased by 36 percent to 339.5 tons. The growth in demand for physical gold can be traced to a decline in the stock price of gold and fears of inflation.

Important events: Jerome Powell, head of the American Fed, will speak on Monday. The possibility of increasing the tax burden on corporations and higher taxation of capital market profits is still at stake. The current development of the pandemic will also be important, as investors are watching the sharply deteriorating development of the situation in India.

Cryptomarkets and marketcap: week 18

The total crypto market capitalization reached the important milestone of $2,283 trillion on May 03rd.

Less than four months ago, the crypto market had reached the $1 trillion in market cap for the first time ever. This rate of growth shows that investors are hugely bullish on the potential of the sector and the ones who delay their investment decisions may have to enter at much higher levels.

Bitcoin’s price is currently $57,528.19.

Bitcoin’s dominance is currently 47.2%.

BTC/USD

The most actual price for one Bitcoin [BTC] is $58 067.90. Bitcoin is listed on 85 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $44 216 436 349, while the Bitcoin market cap is $1 085 773 251 511 which ranks it as #1 of all cryptocurrencies.

Bitcoin closed the previous trading week with a 12.8 percent loss after hitting its lowest point for the last 50 days on Sunday, April 25. It dropped as low as $46,937 during intraday but managed to recover to $49,186 before the candle close. The BTC/USD pair started trading on Monday by forming a solid bullish engulfing candle on the daily chart and completely erasing the losses from the period between Thursday and Sunday. The coin added 9.7 percent to its value and climbed back above the $51,500-$53,000 support zone. Range resistance is between $58,220 and $59,450.

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ETH/USD

The most actual price for one Ethereum [ETH] is $3 167.04. Ethereum is listed on 92 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $49 331 731 513, while the Ethereum market cap is $366 501 574 045 which ranks it as #2 of all cryptocurrencies. On Monday, May 3, 21, Ethereum crossed the historic $ 3,000 mark and created a new ATH worth $ 3,204. Within the chart, investors follow the pattern of the bullish channel. Even more interestingly, $ETH is up 53.28% in the past one-month period and up 330.23% in the year-to-date period. Ethereum’s impressive price action is due to large purchases of $ETH by institutional investors. Its creator, Russian-Canadian programmer Vitaly Dmitriyevich Buterin (better known as “Vitalik Buterin”) who wrote the original Ethereum white paper and published it on his blog in December 2013, now became the youngest crypto billionaire.

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