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Week 50 – Overview of fundamentals and markets

money, future, week 50

Welcome to our weekly brief of what is going on on the markets and what are expected events in week 50. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 50

  • Cryptocurrencies: Bitcoin calmed down over the weekend after a highly volatile week with two consecutive historical highs on some crypto exchanges. The cryptocurrency circled around the level of $ 19,000 and the situation has not changed much in the last 24 hours. Bitcoin’s inability to infiltrate uncharted territory north of $ 20,000 has to some extent affected the general sentiment in the cryptocurrency community. Altcoins, especially those with medium and low capitalization, are known for their high volatility. Just last week, they moved from annual highs for a few tokens to a loss of up to two-digit percentages during the American Thanksgiving Massacre. There has been a slight increase since then.
  • Stock and commodity markets: It has been confirmed that AirBnB is preparing for an IPO. According to many analysts, the shares are behaving illogically, because they continue to grow and do not reflect the current situation and events, but rather the optimism of investors about new vaccines against COVID-19. Commodity markets are now rather stagnant or falling slightly.
  • Important events: The mountain of fresh US debt contrasts with the mountain of institutional cash, which could potentially flow into bitcoins thanks to a significant FOMO. With the imminent inauguration of the US president, Biden has already said he plans another $ 7 trillion support package to address the effects of the coronary crisis. That would add another huge new piece of debt to the already huge debts that the US has. At the same time, against the background of the weakening dollar, the US could face a strong cocktail of dangerous economic factors that reduce wealth. So far, Brexit is approaching in the EU – and it is either a Brexit trade agreement or a hard break. After many late deadlines and the latest efforts to resolve the issues, both sides now admit that time is up. In addition, the ECB is again expected to comment on the economic situation in the EU.

Cryptomarkets and marketcap: week 50

The total crypto market cap added $ 9 billion to its value for the last seven days and now stands at $ 570 billion.

  • Today, we reached a marketcap value of $570 billion.
  • Last week we were recording a low of $551 billion and a high $589 billion. Bitcoin is low at $10 450 over the same period. High on Bitcoin at $19 100, now $ 19 210.
  • Bitcoin dominance is now 62,5 %.
  • Market sentiment is at 94 points, meaning extreme greed, while last week it was at 88 points.

BTC/USD

The most actual price for one Bitcoin [BTC] is $19 211.77. Bitcoin is listed on 92 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $16 834 387 593, while the Bitcoin market cap is $356 661 991 956 which ranks it as #1 of all cryptocurrencies.

The cost to purchase one Bitcoin token can go up to $22,000 in the fourth quarter.

That is possible if a textbook technical indicator plays out as it typically does. Dubbed as “Rising Wedge,” the pattern holds the history of reversing uptrends 63 percent of all times. It gets formed when an asset trades upward inside a structure bordered by two rising converging trendlines.

Resistance: $20 000, $22 000

Support: $17 860

Graphical user interface, chart

 

ETH/USD

The most actual price for one Ethereum [ETH] is $595.59. Ethereum is listed on 99 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $9 971 071 854, while the Ethereum market cap is $67 739 095 188 which ranks it as #2 of all cryptocurrencies.

Ethereum, the major altcoin of the global market, is seen booming as Bitcoin and peer altcoins gain massive momentum. Alongside, ETH coin is seen pumping since the beginning of the ongoing quarter as the price trend remains inclined towards the upper resistance line and has already breached the major 2-year resistance above $600 at $635, while currently trades at $594.39.

Timeline

 

LINK/USD

Chainlink [LINK] is a token based on Ethereum blockchain. The most actual price for one Chainlink [LINK] is $13.21. Chainlink is listed on 81 exchanges with a sum of 182 active markets. The 24h volume of [LINK] is $308 854 296, while the Chainlink market cap is $5 020 325 588 which ranks it as #7 of all cryptocurrencies.

LINK is consolidating at the $13 price area after a brief drop to $12.50
$12 is still a strong support zone for ChainLink
The 50-day moving average could provide an area for a bounce towards $14
The number of ChainLink addresses holding 1,000 LINK or more has seen an increment of 445 in the past one month. This is according to data from the team at Santiment feed who also pointed out that such accumulation by LINK whales could be a precursor to a price increment in the days to follow.

Chart

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