Meme coins are on their way to the top. Will it surpass the leading cryptocurrency?

Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch

Posted Sunday, June 6, 2021 by
Arslan Butt • 5 min read

Ethereum (ETH/USD) Weekly Review

The ETH/USD crypto coin is currently facing a barrier that could make or break its progress. The ETH/USD crypto coin was trading within a range of 2,650.70 to 2,856.63 in the previous 24 hours. The price of the ETH/USD crypto coin was on a tear as it entered the supply zone, extending from $2,689 to $2,889 to breach this level. However, Elon Musk’s recent tweet prevented this from happening. Despite a 6% drop, ETH has succeeded in staying inside this resistance area. The ETH/USD is trading at 2,646.13, and consolidating in the range between 2,632.76 and 2,888.94.

Ethereum surged on Thursday after the Cybersecurity Company Norton announced a new element that would allow users to mine Ethereum using their graphic cards. The new feature, called “Norton Crypto”, will work with the firm’s Norton 360 internet security suite. Customers were invited to try out the new feature from Thursday. CEO Vincent Pilette explained that digital assets were continuously growing, and were headed towards becoming an integral part of consumers’ lives.

 

ETH/USD

Meanwhile, the co-founder of Ethereum, Vitalik Buterin, discussed the highly anticipated full transition from a proof-of-work consensus model to a proof-of-stake, as its replacement. Buterin acknowledged that the transition was taking too long, but he also stated the reason. He highlighted the fact that technical problems were not causing the delay, but rather problems relating to people. Buterin stated that Ethereum was now in a better economic position, and that it had taken nearly five years to reach this point. He explained that they had a lot of internal team conflicts during those five years. He concluded that when building a team, one must know who he is working with. Furthermore, Miami’s Mayor, Francisco Suarez, is trying to increase the city’s attractiveness as a technological hub. Miami is one of the first cities in the US to have announced plans to include bitcoin in its balance sheet, to give its employees crypto payment options and to and allow its citizens to pay their taxes in crypto. He added that some legal hurdles must be overcome in order to fulfil his plans.

Suarez also revealed that he was a crypto investor himself, and that he had bought BTC and ETH when the cryptocurrencies were trading below $1,500. He also added that he purchased ETH when the US Senate passed the $1.9 trillion stimulus bill. He said that one of the reasons behind this was that inflation was inevitable, and there had to be some kind of hedge.

Bitcoin (BTC/USD) Weekly Review

The BTC/USD coin rose above the $38,000 resistance level against the USD, but it failed to gain momentum for a break above the $39,500 and $40,000 levels. BTC is currently trading above $37,000 and the 100 hourly simple moving average. At its peak, the price topped close to the $39,500 level within the past 24-hours, but it has recently started a fresh decline. There was a break below the $38,500 and $38,000 levels. If BTC coin fails to break the $38,500 resistance, it could extend its decline. Initial support on the downside is near the $37,500 level. The first major support is near the $37,200 level and the 100 hourly simple moving average. If there is a downside break below the $37,200 support level and the $37,000 mark, the price may face a sharp decline towards $35,000.
 

BTC/USD
However, the reason for the fresh declines could also be attributed to the latest Elon Musk tweet. The BTC/USD dropped roughly 4% on the day, after Elon Musk tweeted, hinting at a breakup with the cryptocurrency.

Litecoin (LTC/USD) Weekly Review

The LTC/USD crypto pair dropped yesterday, after China banned financial institutions and payment companies from providing services related to cryptocurrency transactions. The LTC/USD pair has seen a drop in value, as it has lost 30.24% over the past seven days. Although, the losses were short-lived and temporary, with Litecoin recovering sharply on the day.
 

LTC/USD
Today, the LTC/USD was trading at $218.938 by 08:51 (12:51 GMT), which was up by 22.26% on the day. It was seen as one of the most significant one-day percentage gains since March 13, 2020. This latest bullish move pushed Litecoin’s market cap up to $14.840B, or 0.81% of the total cryptocurrency market cap. At its peak, Litecoin’s market cap was $25.609B. Over the past 24-hours, this crypto pair had traded within a range of $166.696 to $222.264.

Ripple (XRP/USD) Weekly Review

The XRP/USD crypto coin has been on everyone’s lips for a while now. The coin has been trading bullishly, and it hit new highs, despite a legal case against its developers, Ripple Labs, by the Securities and Exchange Commission (SEC). As we are all well aware, the XRP coin has been affected by the broader crypto market crash that took place last month. With all major coins suffering losses, XRP was also on the downside. Despite this, it has been on a bullish track since then, as the market slowly recovers.
 

XRP/USD
As of now, the coin has failed to extend its recovery bias, dropping by approximately 8%, from $1.046 to $0.953, in a single 4-hour candlestick. However, the reason could be attributed to Tesla CEO Elon Musk, who tweeted about Bitcoin. The XRP/USD coin is currently trading at $0.96299 and consolidating in the range between 0.95590 and 1.04588.

Dogecoin (DOGE/USD) Weekly Review

The DOGE/USD price stopped its previous bullish streak and started to flash red on the day. Despite Tesla billionaire Elon Musk, the meme-loving CEO who also leads the rocket company (SpaceX), having boosted his support of the “joke” cryptocurrency Dogecoin in recent months, the DOGE/USD coin dropped from 0.399588 to 0.368816 on the day. It is worth recalling that the prices of Dogecoin rose when Musk flirted with the idea of accepting the meme-based Dogecoin as payment, and promised to put a “literal” Dogecoin on the moon. He also called a dogecoin-heated hot tub a “great idea.” The DOGE/USD coin is trading at $0.375575, and consolidating in the range between 0.368816 and 0.399588.

A day before, DOGE/USD closed at $0.400690, after placing a high of $0.428520, and a low of $0.381450. After rising for three consecutive days, Dogecoin saw some retracement, suffering minor losses on Thursday. According to a report published by the Wall Street Journal, the US Securities and Exchange Commission said that despite the rules of a court order, Tesla has allegedly repeatedly failed to pre-approve the tweets by Elon Musk.

 

This all started in 2018 when the SEC accused Elon Musk of misleading investors by making claims about taking Tesla private. After this, an agreement was made that required the lawyers of Tesla to pre-approve certain tweets. However, the report published by Wall Street two days ago suggested that the agency believes Musk and Tesla have broken the terms of that agreement. The SEC said that Musk’s two tweets regarding Tesla’s stock price being too high and the company’s solar roof production had violated the deal which was agreed to in 2018. Musk has about 56.3 million followers on Twitter and social media platforms. His tweets tend to wildly move prices of tradable assets, including cryptocurrencies, like Bitcoin and Dogecoin, and other listed companies like Samsung and Publishing. Musk has been an enthusiastic supporter of Dogecoin and has been tweeting in favor of the coin for the past several months, which has been driving DOGE prices up. However, such negative developments surrounding Tesla and Musk could harm the prices of Dogecoin, as he has also been famous as the “Dogefather.”

Meanwhile, the US Dollar Index, which measures the value of the greenback against a basket of six major currencies, rose to 90.5 on Thursday, providing support for the US dollar, and ultimately adding further to the losses in the Dogecoin prices, as the two currencies share a negative correlation. The dollar was high onboard, amid better-than-expected jobs and PMI data from the country.

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