The top 20 cryptocurrencies have today been on a bullish trajectory with most candles turning green. Monero and Dash had the biggest percentage gains, standing at 4.26% and 6.85% respectively. Additionally, the BTC/USD recovered from last week’s slump. The pair saw an upward surge over the last 24 hours, gaining about 0.05. The total market capitalization stood at $209 Billion at the time of writing, with Bitcoin dominating the market at $109 Billion which translates to about 53% market dominance.
On price analysis charts, the Relative Strength Indicator for most cryptos showed a strong bullish momentum with trading activity increasing before dipping slowly this morning. The slow dip can be attributed to an imminent deadline set by the U.S. Securities and Exchange Commission (SEC) on 9 ETFs to file submissions against an earlier rejection by the same body. Owing to this, traders stood back awaiting SEC’s decision which could have the ripple effect of shifting crypto prices upwards or downwards or generally affecting the market.
Bitcoin’s stability subsided throughout the week. A small dip of around 2% was recorded with RSI at the stable zone. A high of $6548 and a low of $6307 was recorded throughout the week. The exchange market was active with BTC exchanges Bithumb, BitMEX and CoinBene dominating at 10.3%, 7.1% and 3.1% respectively.
Chart indicating various cryptos’ performance throughout the week
Among the top cryptos, Ripple recorded the least loss. Prices reached a high of USD 0.46 and a low of USD 0.43 indicating continued periods of stability. Ripple also recorded a high trading volume indicating low volatility in the market. Exchanges continued to trade in high volumes with ZB.COM dominating the market with 27.3% of the trades. Bithumb and Bitbank commanded 6.8% and 7.3% of the XRP/USD market respectively.
The ETH/USD pair hit a high of $205 and a low of $195 seeming to test the $200 support. Coinbit dominated the market, commanding 5.4% of the trading volume. This week, news from a Maryland University research indicated that a lack of diversity of ETH smart contracts poses a threat to the Ehereum blockchain ecosystem.
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