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Week 52 – Overview of fundamentals and markets

week 52, week 05

Welcome to the last weekly brief of this year of what is going on on the markets and what are expected events in week 52. It should help you with jumping back on track after weekend. 

Fundamentals and expected events: week 52

  • Cryptocurrencies: After a weekend, when Bitcoin price increased to a new ATH of USD 24,300, the markets are in the red numbers today. Bitcoin has sunk below $ 22,700, which is a drop by 3.5% in one day and altcoins are even worse off today. This turnaround in crypto markets took place at a time when there was a massive pullback in traditional financial markets affected by the collapse of European stock indices on the one hand and US futures on the other.
  • Stock and commodity markets: European stock markets started the week before Christmas with a sharp decline, mainly due to the worsening development of coronavirus infection in most European countries and concerns about hard Brexit. Britain reported a new, more contagious coronavirus mutation, triggering another wave of border closures across Europe and beyond. In addition, the Brexit negotiations are still without a final agreement. This means that even if an agreement can be reached, it will not be approved before the end of the year. Positive news from the other side of the ocean in the form of an agreement on another fiscal package in the US is currently being ignored by financial markets.
  • Important events: Due to the upcoming holidays and the approaching end of the year, no major events or announcements are planned. However, unplanned events cannot be ruled out, as well as strong volatility on all of the markets, torn by uncertainty in several different areas.

Cryptomarkets and marketcap: week 52

  • Today, we reached a marketcap value of $635 billion.
  • Last week we were recording a low of $559 billion and a high $680 billion. Bitcoin is low at $19 120 over the same period. High on Bitcoin at $24 316, now $22 770.
  • Bitcoin dominance is now 66,2 %.
  • Market sentiment is at 92 points, meaning extreme greed, last week it was at 95 points.

BTC/USD

Bitcoin price today is $22 668,29 USD with a 24-hour trading volume of $50 678 765 628 USD. Bitcoin is down 2,96% in the last 24 hours. The current CoinMarketCap ranking is #1, with a market cap of $421 114 632 945 USD. It has a circulating supply of 18 577 256 BTC coins and a max. supply of 21 000 000 BTC coins.

As part of the slump, we see support just above 22,000 USD. The resistance comes after we reached a new ATH of 24,300 USD last night.

Support: 22 295 USD

Resistance 24 300 USD

Graphical user interface

ETH/USD

Ethereum price today is $610,22 USD with a 24-hour trading volume of $17 299 772 727 USD. Ethereum is down 5,60% in the last 24 hours. The current CoinMarketCap ranking is #2, with a market cap of $69 518 914 347 USD. It has a circulating supply of 113 924 319 ETH coins and the max. supply is not available.

In the chart we see how Ethereum fell from resistance to 680 USD. The collapse was expected. The current value is just above $ 600 and we do not rule out a further decline. The slump can reach as low as $ 560. Shortly afterwards, however, Ethereum bounces up after Christmas.

Support: 560 USD

Resistance 680 USD.

Timeline

LTC/USD

Litecoin price today is $107,17 USD with a 24-hour trading volume of $10 405 468 609 USD. Litecoin is down 6,13% in the last 24 hours. The current CoinMarketCap ranking is #5, with a market cap of $7 087 668 142 USD. It has a circulating supply of 66 136 511 LTC coins and a max. supply of 84 000 000 LTC coins.

In late November, LTC dropped from $90 to $66, then climbed to retest the $90 level as resistance and gradually descended to $71. LTC subsequently broke out beyond the psychological $100-level. It showed a bearish divergence between the price and the momentum recently and it could dip once more to the region of liquidity at $105-$110.

Support 103 USD, 90 USD

Resistance: 130 USD

Chart

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