Hi guys and welcome to another beautiful weekend, it has been one crazy week over here and the crypto market is no exception as well.
Bitcoin @ $13k?
For the longest time we have all waited and hope to see BTC above the $12k mark and by above I mean increment of $500, $1k, and more and after testing the 12k resistance for long it finally broke and I say welcome to $13k.
Even though it was short and it later reverted back to $12k, it did mark a great celebration and also brought hope that the $12k is not the best and more is ahead.
Crypto Weekly is a weekly writeup that talks about the crypto market with reference to BTC, ETH, and EOS.
Bitcoin like many other coins is highly volatile, it moves the least you expected and just when you think you have a strong grasp of the market, the reverse happens.
A few weeks back we saw the entire market in total red as BTC struggles to keep it then position, many sourced for various coins to enter which were not affected by BTC price rally, many went on loss and others had to tether into USDT, it was a really scary time but as always, after a dump comes a price movement and I say congrats to those who bought the dip and also to those who held all through.
From a weekly low of $11300, BTC was able to attain a new ATH after months as it touched the $13k mark.
Many link the sudden hike in BTC price to PayPal’s latest additional feature, a few days back they announced creating support for accepting BTC, and soon later a price hike was seen.
PayPal is currently one of the most accepted mediums for paying for goods and services and currently accepted worldwide, the recent update means an extension, and alternative payment method (BTC) will be accepted giving users a taste of decentralization.
Ethereum continues to proof dominance amongst other cryptos, currently ranked 2nd only to BTC, the price of eth continues to show dominance, when other crypto did -50% due to dump in BTC, ETH remained firm as always and was able to easily rally itself back after the dump, we are not there yet but unlike other cryptos Ethereum can be phrased to be one of the best performing coins around the crypto space.
Starting the week from a price barely above $350, ETH is currently priced around $415 with good support at $400.
Development still continues to take place around the Ethereum network as newer platform continues to spring up on a daily basis, some bringing a totally new concept to blockchain and others repetition of pre-existing DApps, all working to make their own space in the blockchain and indirectly bringing more interaction to the eth network.
With promises of ETH v2.0 still alive holders and traders of ETH continues to hope for something far better than its pre-existing functions which include a cheaper gas fee, improve in transaction speed, and maybe staking, imagine how cool that would be? Being able to lock eth this, in turn, would create scarcity and inturn increase in its price.
EOS which is referred to as a modernized version of the Ethereum blockchain continues to keep itself stable as it struggles to bring itself above the $3 mark.
Starting the week with a price of $2.53, EOS was able to rally alongside other cryptos as it climbed to a weekly high of $2.7 only to be cut short sooner to $2.64 where it currently trades.
With so many rumors of its dev team working behind the scene and building something greater EOS continues to stay behind when compared to other coin prices, after ranking amongst the top 10 coins on Coinmarketcapp a while back it overtime fell to 13 giving room for the likes of XRP and other coins.
Hope is not lost as it continues to record high trading volume with different pairs and also its own based tokens with likes of TPT, NDX, DMD, and others.
Just like the Ethereum blockchain, EOS continues to record newer DApp on a daily and weekly basis, many see EOS as that cheaper blockchain with regards to speed, cheaper gas fee, and others.
In conclusion, the price seems to be moving upward and maybe next week a breakout to a newer price range might just be seen.
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As usual, individuals are advised to do their own research before investing in any digital or offline platform.