Hi guys and welcome to another beautiful week, it’s the spirit of Christmas, and something unusual is actually taking place around the crypto space and making 2021 looking somewhat bullish, also leaving thoughts behind if $20k is the new low for BTC?
Hi and welcome to another edition of Crypto Weekly, a weekly writeup that basically talks about the crypto Market space with reference to BTC, ETH, and EOS, so without further introduction let’s quickly get into this week’s discussion.
While many are seeing the market state to be highly volatile with all tendency pointing to a downward trend, the reverse is actually happening.
So, like we all know this is the festive season and on regular hours traders would be offline withdrawing most of their assets to give their friends and families a good festive period which creates a low demand in BTC and lower price action but the reverse is actually taking place as BTC continues to hang around the $23k mark.
2020 didn’t start all well as BTC was earlier sitting around $5k Mark some months back and this was mostly caused by overtime dumping due to series of events that have taken place from 2017 till date and while the world is currently facing one of its worse pandemic of all time, the digital world or rather crypto space seems to be doing well when compared with previous years.
Starting from a weekly opening price of $22500, BTC was able to rally itself to a high of $24k before the sudden drop which took the entire crypto space to a total red zone, leaving many open positions liquidated and others a sense of loss, that said the drop didn’t last long as a re-bounce was soon seen taking the price back from $22900 to $23100 where it currently trades.
The next few days will be a deciding factor on how BTC plays out the rest of 2020, will there be a sudden dump or maybe another pump coming in but with so many FUD news spreading about different crypto, the first option might be likely the case.
As usual, the above is not financial advice, please do your own research.
ETH has constantly been on the downside over the past couple of days with a weekly opening of $664 then a low of $576 which was majorly caused by BTC unexpected dump and just like many other coins, ETH was simply within the palms of BTC market leaving no support as it fell from $600+ to $580 and below.
While users try to adjust to some of the changes going on around the Ethereum blockchain, it seems the issue of high transaction fees is slowly coming back as some users have been seen to make complaints of paying more than $20 for transactions lately.
The first stage of ETH 2.0 is live and users simply can’t wait for all other functions to be launched.
Speaking of the first stage, this refers to staking on the Ethereum blockchain which is currently supported by multiple types of crypto wallets an example of such is TokenPocket.
TokenPocket is a multichain wallet that allows users to easily manage their crypto assets and also a good DApp browser.
Staking on ETH is currently supported and users can easily stake with a minimum of 0.1 ETH if they do desire to join this program.
After weeks of performing a little bit better than its previous months, it seems the moment of dumping is upon us, and literally no support to stop its fall.
Starting from a weekly opening price of $3.1, EOS soon climbed its way to $3.2 before taking a sharp turn downtrend breaking all supports and diving to a low of $2.3, a price which hasn’t been seen for weeks now and creating talks of what lead to this massive dump.
While it’s currently trading at a price of $2.4 the uncertainty surrounding the EOS blockchain is high and to make matters a little worse, EOS continues to fall from its ranking mark on coinmarketcapp and currently ranked №16 among all top coins.
Many might say the ranking doesn’t say much about how a coin performance but if there is anything I have learned when it comes to newbie coin selection is that majority of newbies entering into the crypto space favors investing in top 10 coins as they see it as best rather than making more research about others.
As usual, the above is for information and entertainment purposes, individuals are advised to do their own research before investing in any digital or offline platform.