Welcome to our new weekly brief of what is going on on the markets and what are expected events in week 38. It should help you with jumping back on track after weekend.
Fundamentals and expected events: week 38
- Ethereum 2.0 ‘Nearing Launch’ In Q4 2020 As Blockchain Development Surges To Seven-Month High
- Money Entering Crypto and DeFi at Record Pace; Stablecoin Supply Hits Nearly $20 Billion
- European Countries Support EU Stablecoin Regulation
- US Congress Adds Two Blockchain Proposals to the Consumer Protection Safety Act
- Switzerland Passes Blockchain Legislation Unanimously; Will Take Effect Early 2021
- ECB to Make a Decision on Digital Euro in the Coming Weeks
- Global pandemic reached a second wave, it was officially announced by several countries and more are expectd to follow
Cryptomarkets and marketcap: week 38
- Today, we reached a marketcap value of $350 billion. Last week we are recording a low of $317 billion and a high of $347 billion.
- Bitcoin dominance is declining at 56.4%.
- Market sentiment fell again to 39 points, which is in the fear region. Last week it was at 41 points, meaning fear.
Bitcoin is currently hovering at $10,600. We maintained support at $9,980. Investors definitely want to keep it above $10,000. The nearest support is at $ 11,100 after we broke the $ 10,600.
Support: $9 980
Resistance: $10 600 and next step by $11 100
Litecoin (LTC) is currently trading at around $49 after a 25,43% drop in price since last 2 weeks. 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. Will the altcoin again continue to down? Let’s take a look at the LTC chart.
Resistance: $54,26 and next continue $61,63
Currently, ETH/USD is around $379. Indeed the $360 has switched into a resistance, offering lower prices. Price breaks back into the $380-$360 range. Very low $312s is a real possibility going forward. Last week we can see pump about +23%, ETH price jumped to a new weekly high$ 381. Number of addresses with a balance in ETH hitting a new all-time high on the weekend at 45.89 million addresses.
During the past 24 hours there was a sharp increase of capital to some DeFi projects: YFI +16,73%, cDAI +1,89%, UMA +8,73%, LEND +4,11%, SNX + 5,41%, WBTC +4,4% yCrv -0,06%, COMP -1,1%, DAI +1,88%
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