Cryptocurrencies Weekly Summary – Top Five Crypto Pairs to Watch
Arslan Butt • 3 min read
ETH/USD – The ETH/USD crypto pair hit a fresh record high of $3,610.04 and was the last trading at $3,473.51. It has been rising faster than Bitcoin (BTC) as the rise over the last day is 6.77%. As of now, Ethereum is trading at $3,563 marks. The bullish trend might not have ended yet as it keeps rising higher after a false breakout of the 50% Fibonacci retracement. On Thursday, Ethereum remained under pressure but showed very little movement as it faced correction. The tokens of the Ethereum blockchain’s competitors made huge gains on Thursday, while Ether set a new all-time high at $3600.
The second-largest cryptocurrency in terms of market cap was creating history as its value hovered around the recently found all-time high at $3600. The growth trend in Ethereum since mid-2020 has caught the attention of crypto investors, especially with the speculations of its value rising higher after the ETH 2.0 upgrade and its applications in the DeFi and NFT sectors.
The increased demand for crypto assets among institutional investors made Chicago Mercantile Exchange launch ETH futures in February this year. According to a report, the CME ETH futures registered an explosive growth over the last three months to scale from a meager $23.64 million in trading volume to a staggering $353 million in a weekly trade volume. Apart from this, the booming decentralized finance sector and the increasing craze of NFTs also play an important role in driving ETH/USD prices higher as both technologies are mostly based on Ethereum blockchain.
Furthermore, the importance of the recently implemented Berlin update and bullish ETH options trades helped push ETH/USD prices towards a new all-time high above $3600. ETH prices were also supported by the renewed talks of a fabled ETH-BTC “flipping,” which would see Ether overtake Bitcoin as the most valuable cryptocurrency by market cap. However, this is still a long way off as the ETH market cap is $411 billion while the Bitcoin market cap is $1.06 trillion.
BTC/USD – The BTC/USD crypto pair is still trading within the $53,000 to $59,000 range that it has been stuck in during the past week. Bitcoin (BTC) keeps rising slower than most of the altcoins as the price of the top crypto has increased by only 2% since yesterday. Although the price of Bitcoin (BTC) has not risen so much today, the long-term potential remains bullish. The selling trading volume keeps going down, which means that fewer sellers are on the market at that time. Therefore, there are chances to expect the price of BTC at the resistance at $60,000 shortly. As of now, the BTC/USD is trading at a $56,129.9 level.
BNB/USD – The price of Binance Coin (BNB) has remained the same since yesterday. The price change has constituted -0.73%. The BNB/USD crypto pair managed to extend its previous bullish bias as it remains above the vital level of $638. The selling volume is not so high, which means that bulls continue dominating. That is why bulls might get back the rate of the native exchange coin to the resistance at $680 within the next few days. As of now, the BNB/USD pair is trading at $640.28.
1inch/USD – 1inch/USD crypto pair is seen as one of the top gainers today as the price of the coin has risen by more than 20%. Although the growth may not have finished yet, traders may expect a short-term correction to the mirror level at $6.65. Such a move could be considered to be gathering liquidity for future growth. As of now, the 1inch/USD pair is trading at $7.03.
LTC/USD – The LTC/USD crypto pair is currently trading at $363.621 on the day, up 10.90%. ‘It is the biggest one-day percentage gains since May 5. The move upwards pushed Litecoin’s market cap up to $23.857B, or 1.01% of the total cryptocurrency market cap. At its highest, Litecoin’s market cap was $23.701B.
If talking about the last seven days, the LTC/USD pair has seen a rise in value, as it gained 35.38%. The volume of Litecoin traded in the twenty-four hours to time of writing was $11.886B or 3.87% of the total volume of all cryptocurrencies. It has traded in a range of $264.9128 to $372.2268 in the past seven days.
XRP/USD – The XRP/USD crypto pair is gaining bullish momentum above the $1.55 and $1.60 resistance levels against the US dollar. The price is trading well above $1.50 and the 100 simple moving average (4-hours). During the past few sessions, the XRP/USD pair traded with a bullish bias above the $1.40 support. XRP formed a support base above $1.40 and started afresh, similar to Bitcoin and Etherium.
Stay tuned for more updates, and have a splendid weekend!