Week 37 – Overview of fundamentals and markets

markets, overview

Welcome to our new weekly brief of what is going on on the markets. It should help you with jumping back on track after weekend. 

Fundamentals and stock markets brief

  • Mark Zuckerberg’s Facebook stock exceeded $ 100 billion for the first time last week.
  • In addition to Microsoft, Twitter has now also expressed interest in purchasing the US portion of TikTok.
  • The news about Brexit had a negative effect, where we are starting to talk about hard form again.
  • Tensions between the United States and China are rising after the United States threatened to blacklist SMIC, China’s leader in chip production.
  • Investor sentiment could also be negatively affected by new reports of a relatively strong increase in the number of new infections on a global scale.

Cryptomarkets and marketcap

  • Today, we reached a marketcap value of $325 billion. This week we are recording a low of $315 billion and a high of $333 billion.
  • Bitcoin dominance is declining at 57.7%.
  • Market sentiment fell sharply to 41 points, which is in the fear region. Last week it was at 75 points, meaning greed.

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While the stock market is closed today, recognizing Labor Day, the crypto market is bleeding. Much like last week, Bitcoin dropped below $10,000 to as low as $9,880 on Bitstamp, albeit briefly. The ‘real’ trading volume meanwhile remains weak at just $1.4 billion. Last 3 week, before crashing, BTC price jumped to a new 2020 high 12 400 USD.

support: $9 950, resistance: $10 600

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Litecoin (LTC) is currently trading at around $48 after a 25,43% drop in price since last week. A serious summer downtrend send LTC to around $48 from $68. At the moment, LTC seems to be in bad shape after a massive drop from $68. High in year 2020 is around $84,52. 

support: $44,04, resistance: $54,26 and next continue $61,63 

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The second-largest cryptocurrency lost nearly 35% of its value last week to drop to $320. Currently, ETH/USD is around $335. Very low $300s is a real possibility going forward. $290 would be perfect. Last week, before crashing, ETH price jumped to a new 2020 high of $ 389. 

support: $312, resistance: $380 

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DeFi – bull run, possible bubble. A crash in Ether prices is not good news for altcoins, especially DeFi tokens. Among the top altcoins today is LINK with 3.70% gains and BSV 5.97% are the only exceptions. But in the past 24 hours, SNX and CRV are down by 11,2%, RUNE 9.4%, SRM 9.56%, YFI 8.6%, KAVA 8.14%, BAND 7.2%, REN 6.5%, LRC 5.1%, KNC 4.8%, LEND 3.2%, COMP 1.7%, AMPL 1.44%, and WBTC 1,1%.

If you would like to know more about our charts and what they mean, we are preparing a series of webinars for beginner traders. Follow us to learn more. 

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