Week 19 – Overview of fundamentals and markets

bearish investors, week 19

Welcome to our weekly brief. Here you will find what is going on on the markets and what are expected events in week 19. It should help you with jumping back on track. 

Fundamentals and expected events: week 19

Crypto markets: Bitcoin  reached again a new three-week high above $ 59,600. However, the asset’s inability to break $ 60,000 cost it part of its market dominance. The metric drops below 44% as Ethereum, Binance Coin, Cardano, Litecoin and Chainlink reached all a new all-time high. Ethereum reached the new ATH when it exceeded for the first time value of 4,000 USD on Monday, while a week ago it was a thousand USD less. The cumulative market capitalization of all cryptoassets has reached a new record, now generating more than $ 2.5 billion.

Stock and commodity markets: Investors are currently monitoring several factors that are crucial for the upcoming period. These are massive state aid packages designed to support the economy, the fear and apprehension of rapid inflation and the development of situation regarding coronavirus. This week, markets expect Q1 economic results from Novavax, BioNTech, Palantir, fuboTV, Lemonate, Upstart, Sundial Growers, QuantumScape, EA Games, Alibaba, Disney, Airbnb and others. European stock markets weakened slightly at the start of the new week, mainly due to worse than expected Friday’s reports from the US labor market and inflation concerns, which are not declining despite assurances from central banks. While the basic raw materials sector is particularly successful, the travel and hospitality sectors are still declining. Gold and silver are strengthening slightly, with oil prices being influenced by the latest hacker attack on US pipelines. As far as food and consumer goods prices are concerned, there is not a rise in prices, but a reduction in packaging volumes or quality, and thus a less noticeable creeping “shrinkflation”.

Important events: An informal EU summit was held to discuss the release of patents for the coronavirus vaccine, and a wave of opposition arose during the summit against the EU’s inability to tackle unemployment. Today, a statement by US President Joe Biden, a weekly statement by the Governor of the British Central Bank and other macro data on inflation are awaited.

Cryptomarkets and marketcap: week 19

The total crypto market capitalization reached the important milestone of $2,48 trillion on May 10.

Bitcoin’s price is currently $57 857.91.

Bitcoin’s dominance is currently 43,8%.

BTC/USD

The most actual price for one Bitcoin [BTC] is $57 857.91. Bitcoin is listed on 83 exchanges with a sum of 400 active markets. The 24h volume of [BTC] is $63 437 709 565, while the Bitcoin market cap is $1 082 286 454 374 which ranks it as #1 of all cryptocurrencies.

Currently, investors are attacking the resistance band and will try to get over $59,500. We see a short support line that supports this growth but also bears attack before breaking $59,500.

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BNB/USD

The most actual price for one Binance Coin [BNB] is $668.29. Binance Coin is listed on 57 exchanges with a sum of 306 active markets. The 24h volume of [BNB] is $4 031 214 440, while the Binance Coin market cap is $96 959 593 120 which ranks it as #3 of all cryptocurrencies.

Binance Coin (BNB) is currently consolidating in an uptrend. The bulls are buying the dips to the $480 support while the bears are defending the $700  resistance zone. A range-bound action after a strong uptrend shows that traders are not hurrying to book profits.

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ETH/USD

The most actual price for one Ethereum [ETH] is $4 161.40. Ethereum is listed on 94 exchanges with a sum of 400 active markets. The 24h volume of [ETH] is $73 061 032 758, while the Ethereum market cap is $481 964 610 896 which ranks it as #2 of all cryptocurrencies.

While Bitcoin was slow to break out to the upside, the price of ETH, the Ethereum upgrade addressing network usability and ETH monetary policy. With a strong bullish consensus among market participants, ETH jumped 30.58% last week to near 4,000 USDT, setting consecutive new all-time highs.

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