Crypto Weekly | Market correction?
Hi guys and welcome to another lovely week and also to another segment of Crypto Weekly and as usual, we are going to take a quick peek/review to how the market fair this past week with regards to BTC, ETH, and EOS.
Crypto Weekly is hosted by TokenPocket, a multi-chain wallet that allows users to manage their crypto assets on the go via their mobile device, it also supports a DApp browser giving you a direct link with blockchains and applications build on them.
BTC
After weeks of achieving a new high Bitcoin correction finally came in and it was nothing as expected.
Charts pointing to re-bounce, daily traders, Crypto enthusiasts, and all alike that called the correction healthy and also rebounce to happen anytime soon are simply shocked about Bitcoin recent performance, all support level has proved to be useless and resistance were simply too strong to break through, we ended up seeing/experiencing more dump that it usual case.
This all happened few weeks after the announcement from US about experiencing 2% inflation to their economy in coming times, many thought this was a good call to BTC and Crypto as a whole that companies and individuals would start looking for alternative to safeguard their assets but atlas it was all imagination and the reverse soon happened.
That said, the hope is not all gone and while 10500 might seem a little too strong to break through, the goal of $20k is not lost and the entire crypto community is fully rooting for Bitcoin and altcoin to achieve a new ATH greater than anything the world has ever seen and experienced.
At the moment, Bitcoin is currently trading at $10200+ after days of bouncing between 9900 and 10k, all eyes are currently focused on bitcoin price if a further dump might happen or we are about to experience another bull movement.
ETH
After the rise comes the dump and then the rise again but then I wonder how many would be left standing to reap the rewards then?
Cryptocurrency is highly volatile and no institution would call it a good investment advice but the same time, over the years of its existence it has outperformed a lot of financial sectors distributing wealth to a new set of users the rich, the middle, and lower class, it does not differentiate, many call it one of the best technology that has outgrown it present era.
The past couple of weeks has been really eventful with regards to the Ethereum community, we experienced rise in eth based tokens, creation and mass adoption of Defi (decentralized finance), farming and so much more and many see this setback as just a minor break which might lead to something great and far better than what we have experienced this past couple of weeks.
While all this took place, ETH climbed to a new time high after months of staying below the $200 mark, climbing to a high of 450+ only to be shutdown and reversed to 340+ as of the time of writing this article.
While many see this as just a little setback and also using the catapult theory that ETH is trying to gain momentum by pulling itself back while it awaits a full launch, others opinion still differs saying it was all hype and the hype is no more. That said, what are your opinions of this, do leave a comment behind.
EOS
While the crytpocurrency space continues to see a downtrend in prices of cryptos, the EOS coin was no exception as it continue to face drop in its price moving from $3+ to a low of $2+ and still dropping but as usual this is to be expected as Bitcoin continues its dump, that said, the community is not reluctant as steady improvement and DApps are currently been developed on the EOS chain.
The word currently echoing around the crypto space is Defi and it seems EOS will be diving into this sector, diving?
Well, they are currently in with the likes of GEN, DMD, OGX, BOX, and so many others, for those not familiar with the EOS chain, it offers a near to zero transaction cost when performing onchain transactions and the only requirement is having CPU, NET, and RAM and this is currently be sorted with the likes of TokenPocket forget CPU&NET mode and also REX which offers users cheap way of getting this required resources without actually staking their EOS coin and I must say this was really a great step.
Defi on the EOS blockchain might actually be the spark the EOS community has been waiting for and a new ATH might just be on the way
That said, this is no financial advice and users are always advised to do their own research before investing in any digital or offline platform.
This ends this week Crypto Weekly, chat you guys the same time and don't forget to leave a comment or two if you have any.
