Cryptocurrencies Weekly Summary – Top Five Crypto Coins to Watch
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.
Ethereum (ETH/USD) Weekly Review
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
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.