Hi guys and welcome to another week’s edition of Crypto Weekly, a weekly writeup that talks about the crypto market with reference to BTC, ETH, and EOS.
Last week was rather a scary moment for the entire crypto space after BTC plummet to a price below $17k this is after achieving a high of $19k, it brought about different FUD, and many thought that the BTC bull rally was over but what happened a few days later showed that BTC is here to stay and seeing greater buy-in, unlike any previous bull run.
Starting from a weekly low of $16526, BTC left the crypto space in a bloody state as coins/token that was naturally riding the blue movement some weeks back instantly changed to a downtrend achieving new lows that haven’t been seen for weeks or even months leaving nothing but fear on holders.
With so many rumors going on about the reason for the dump, nothing tangible reason could be drawn but rather just another market volatility as traders probably sold off their BTC holdings which affected the total circulation in supply.
BTC as we know is highly volatile and not pegged to any physical asset but rather ruled by scarcity and wants.
Starting from a new low, BTC later climbed from its initial starting price of $16526 to a new all-time high of $19845, a price greater than any before now probably marking another historical date by now.
Those who dared to buy the low few days back are already in profit and those who sold due to fear probably in loss or they were able to sell in profit, it’s just another market day as we have winners and also those who lose a certain amount over the week.
What section do you belong to?
BTC dumped took the entire market to a state of uncertainty and leaving many just speeches, ETH like many other altcoins fall under this category.
Starting from a weekly low of $497, ETH was able to gain higher heights pushing itself to a high of $635 stronger than the previous week’s price and currently selling at a price of $607 having a good support range at 580–600 but nothing is certain if the past week showed us anything.
With ETH 2.0 already available, the next month’s to come should be interesting to watch with staking, lower gas fee, better security, and other features coming in should be a great view and just maybe ETH will beat its all-time high.
What are your thoughts on this, do you consider it wishful thinking or a future reality in the coming days?
Do leave your comment on this below
Some days back we saw EOS take a sharp movement straight up diving far above the $3 mark, reaching a new high we haven’t seen for a very long time.
Reaching a new month high of $3.84, EOS soon took a sharp retrace to price below the $3 mark majorly caused by BTC movement, just like ETH, EOS and other crypto were not spared from BTC price volatility and just like ETH, EOS is gradually regaining its ground once again as it is currently trading at a price of $3.07 after climbing from a week’s low of $2.78.
The crypto space is once again looking bullish but with different offline events coming up in weeks to come, one can only wish for the best as the price can easily fall down or maybe a continuous green movement going all the way to next year.
What are your thoughts on the Crypto market in weeks to come, do you see a price correction coming anytime soon? Or maybe a continuous upward price movement?
Do leave your comment on this below.