Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch - Forex News by FX Leaders

Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch

Posted Saturday, June 26, 2021 by
Arslan Butt • 5 min read

Bitcoin (BTC/USD) Weekly Review

Despite the gloomy headlines over the ban on cryptocurrency mining, the BTC/USD coin managed to stop the previous day’s downward rally, regaining strength for a fresh increase and breaking the $35,000 mark against the US Dollar. The BTC/USD coin is moving higher, and it could even climb towards $36,500 or even $37,000 in the near term. The price is trading nicely above $35,000 and the 100-hour simple moving average. Bitcoin is now trading above the 76.4% Fib retracement level of the downward move from the $36,200 upward swing, to the $28,850 zone. It could continue its rise above $36,000.

At its peak, there is initial resistance near the $36,200 region. The main resistance is close to the $37,000 region. Any more gains are likely to push the price of BTC towards the $38,000 level. However, the ongoing modest buying bias surrounding the BTC/USD coin could be associated with the weaker US dollar. The broad-based US dollar lost some of its gains but remained near multi-month highs on the day, as investors awaited further inflation data to close the week. On a different page, the upticks in Bitcoin could be temporary or short-lived, as China’s recent full ban on cryptocurrency mining has dampened an industry that accounts for over half of global bitcoin production.

 

BTC/USD
As per the latest report from Mike Huang, operator of a crypto mining farm in the southwest province of Sichuan, “Many miners are exiting the business to comply with government policies.” It is also worth recalling that the local administration of Sichuan, China’s No.2 Bitcoin mining center after Xinjiang, declared a ban on crypto mining a week ago. Meanwhile, China’s State Council, or cabinet, promised to crack down on Bitcoin trading and mining in late May. The authorities in China said that cryptocurrencies tend to disrupt economic order and promote illegal asset transfers and money laundering. They further added that Beijing is also worried about potential competition for the digital yuan and that the energy-hungry business of Bitcoin mining could damage the environment.

Ethereum (ETH/USD) Weekly Review

The ETH/USD managed to extend its overnight winning streak, remaining well bid above the $2,000 level. The current Ethereum price is trading near $1,969.39, with a 24-hour trading volume of $19,994,849,834. Ethereum has risen by 2.86% in the past 24 hours. However, the modest bullish bias surrounding the Ethereum price could be associated with multiple factors, be it a weaker US dollar or optimism over the Ethereum 2.0 Contract, and all these factors have supported the value of ETH. The broad-based US dollar lost some of its gains on the day, but remained near multi-month highs, as investors await further inflation data at the end of the week. Furthermore, the market risk-on mood put some additional pressure on the safe-haven US dollar.
 

ETH/USD

The optimism over the Ethereum 2.0 Contract reaching the 100,000 ETH milestone has also played a significant role in underpinning the Ethereum prices. As per the latest report from TemptingBeef, the number of staked Ethereum on the ETH 2.0 deposit contract has now exceeded 100,000, which means that the number of staked ETH is now more than 5% of the volume of Ethereum that is currently in circulation. Ethereum 2.0 has been in the pipeline for several years now. Everybody thought that an Ethereum proof of stake would be unveiled in 2020. But developers of Ethereum wanted to make sure that the network was completely safe before they rolled it out. People are cautious and waiting for the announcement of release dates, as it looks like there will be another delay, because it is not yet ready.Let me explain some benefits of Ethereum 2.0: Ethereum 2.0 will reduce the blockages that currently exist in the Ethereum network. Things like high gas fees during high traffic hours will be lessened. Furthermore, the transactions will be faster, regardless of how congested the network is. And faster transaction speeds mean less network congestion. Ethereum 2.0 also increases the security in the network, which means more scalability and throughput.

Litecoin (LTC/USD) Weekly Review

The LTC/USD crypto pair extended its bullish trend of the previous day, rising by 10.24% on the day. Litecoin was trading at $133.937 on Friday, up to a maximum of 10.24% on the day. This was the biggest one-day percentage gain since May 31. This latest bullish move pushed LTC’s market cap up to $9.086B, or 0.64% of the total cryptocurrency market cap. At its peak, Litecoin’s market cap was $25.609B. Litecoin was consolidating in a range between $132.342 and $137.656 in the previous 24-hours.
 

LTC/USD
Litecoin has seen a decline in value, having lost 16.9% over the past seven days. But the falls were short-lived and temporary, as the weaker US dollar helped the LTC/USD pair limit its downside bias. The broad-based US dollar has faced some losses in the past 24-hours, but it remains near multi-month highs with investors awaiting further inflation data as the week draws to a close. Moreover, the market risk-on mood put extra pressure on the safe-haven US dollar and contributed to the gains in the LTC/USD pair.

On the bearish side, the ongoing gloomy headlines from China over the ban on cryptocurrency mining keeps probing the bulls, which was seen as one of the key factors that kept a lid on any additional gains in the LTC/USD. As per the latest report, the Dragon Nation has imposed a ban on cryptocurrency mining, which has paralyzed an industry that accounts for over half of the global Bitcoin production.

Ripple (XRP/USD) Weekly Review

XRP/USD
The XRP/USD crypto coin succeeded in extending its previous day’s winning streak, remaining well bid above the 0.66717 mark on the day. The XRP is currently trading at $0.66717, and up 10.04% on the day. It was the biggest one-day percentage gain we have seen since June 23. These bullish moves pushed XRP’s market cap up to $31.51381B, or 2.27% of the total cryptocurrency market cap. At its peak, XRP’s market cap was $83.44071B. The Ripple coin has been consolidating in a range between $0.61716 and $0.68910 in the past 24-hours. The Ripple has seen a decline in value, as it has lost 18.77% over the past 7 days. The volume of XRP traded in the 24 hours before the time of writing was $2.90621B, or 3.61% of the total volume of all cryptocurrencies.

Dogecoin (DOGE/USD) Weekly Review

The DOGE/USD price extended its previous bullish streak and drew some further bids on the day. The Dogecoin is currently trading at $0.272632, with a 24-hour trading volume of $4,579,303,619. Dogecoin has risen by 17.60% in the past 24 hours. As we are all well aware, the Dogecoin has been seen as one of the best-performing tokens in 2021. Despite the 12,000% hike since the start of the year, investors are still confident about further gains in this crypto. The price of DOGE was on a constant hike before the progress was halted during the market crash in May. Bitcoin’s tumble has also been causing Dogecoin’s price fluctuations.
 

DOGE/USD
However, the buying bias surrounding the Dogecoin could be attributed to the fresh reports suggesting that Glauber Contessotto, a Dogecoin investor famous for investing his life savings of around $250,000 in the meme-inspired cryptocurrency, says he will hold onto his DOGE, even after losing the millionaire status he enjoyed briefly. It is worth reporting that Glauber Contessotto’s DOGE portfolio grew to exceed $2 billion when the cryptocurrency was trading at an all-time high of $0.74 last month, but according to CNBC, it is now worth approximately $830,000, after falling by more than $167,000 in a single day. Good luck!
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