Cryptocurrency Market Recap: Are The Bulls Slowly Regaining Control?

2021/07/12 12:00:00

The cryptocurrency market has had weeks where it has experienced heavy volatility but its performance in the last 7 days has been quite the opposite. Most of the top digital currencies have experienced relatively less volatility than usual.

Despite the lower market volatility, there was a brief spike in volatility on Friday, which sent the crypto market cap to $1.30 trillion although it recovered above $1.37 trillion within the same session. The total market cap is currently trading at $1.41 trillion, indicating that it is slowly closing in on its weekly high of $1.47 trillion. Here is a recap of the most popular coins and their performance.

Bitcoin

Bitcoin’s performance in the last 7 days has been limited between $35,00 and $32,000. It bottomed out at $32,199 on Thursday after a weekly high of $34,937 on Wednesday.

 Source- Decoin

Bitcoin is presently trading at $34,152 and is currently oversold according to the Stochastic indicator. The selling volume is also on the low side, meaning that it has some potential upside if the market news is favorable.

ETH

ETH is currently trading at $2,123 which is notably higher than its weekly low of $2,047 which it registered during Friday's trading. However, it is still trading substantially lower than its weekly high of $2,398. Its current price is down by 0.20% in the last 24 hours and 7.99% in the last 7 days.

 Source -Decoin

Although ETH’s performance in the last week was underwhelming, its price especially towards the weekend highlights some bullish attempts that are currently being counteracted by some selling pressure. ETH’s performance in the last 3 days emphasizes some price correction and a nice bullish run in the last week of June. It still has a lot of bullish upside courtesy of its EIP-1559 upgrade and the transition to a proof-of-stake consensus mechanism.

XRP

XRP is currently trading at $0.64 courtesy of some bullish recovery in the last two days after attaining a weekly low of $0.58 on Friday. However, it still has some way to go before reaching its previous weekly high of $0.70.

 Source- Decoin

The cryptocurrency’s price is up by 2.31% in the last 24 hours but still in the red by 6.12% for the last 7 days. Although XRP’s performance reflected the overall market performance especially in the last 7 days, it has been subdued by the uncertainty regarding XRP’s legal battle with the SEC. However, there has been a lot of hype in the last few days, regarding the part that it will play in the future of the global banking and remittance industries.  The lawsuit appears to be leaning in Ripple’s favor and the future of XRP currently looks optimistic.

BNB coin

BNB is currently one of the top performers this week. It is presently trading at $324.41 after gaining by 2.31% in the last 24 hours and 6.12% in the last 7 days.

 Source- Decoin

BNB’s current performance highlights an impressive rally from its weekly low of $292.43. However, it still has some ways to go before reaching its weekly high o$339. It is facing some bearish pressure which will likely encounter strong resistance near the $316 price range if the selling continues.

Summary

 

Although some of these cryptocurrencies have ongoing developments that will impact their price, most of the market is still heavily influenced by Bitcoin’s performance. This week is off to some overall bullishness after some regulatory FUD that prevailed in the previous week, but as always, there is a lot of uncertainty and the cryptocurrency market’s performance heavily hinges on the type of market news that will prevail in the next few days.

 

DTrade
user
Patrick Smith United States

Top Trader is now Live

Join now!

Next DTrade Live Session will start:

Top Traders are Waiting for You to Invest with them

Join now!