• BTC/USD coin succeeds in stopping its downward rally of the previous day, drawing some fresh bids around $47,000.
• CEO of cryptocurrency media firm Gokhshtein Media, David Gokhshtein, has delivered multiple bullish cryptocurrency price predictions for ETH.
• Dogecoin Foundation now highlights well-known names such as Tesla and SpaceX CEO Elon Musk and Ethereum Co-founder Vitalik Buterin on the advisory board.

Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)

The weekly cryptocurrency summary presents all the major events, news and technical highlights that have impacted the crypto world over the past week. The BTC/USD succeeded in stopping its downward rally of the previous day, drawing some fresh bids of around $47,000. The BTC/USD traded at a new weekly low of $44,012, before recovering losses against the dollar. The losses were short-lived, and BTC is back above $47,000.

Bitcoin may attempt to clear the $48,000 resistance in the near term. It has just started a decent increase above the $46,500 and $47,000 resistance levels. The immediate resistance is near $47,500, and the first-key resistance is near $48,000. The last significant upward swing is near $48,100. The price must clear the $48,000 resistance zone to continue its upward rally. Looking forward, the next important resistance for buyers could be $50,000.

In contrast to this, the BTC could start a downside correction if it fails to climb above the $48,000 and $48,100 resistance levels. Initial support on the downside is around the $46,800 level. The first major support is now near the $46,500 zone. At the same time, the next critical support is currently close to the $46,000 level and the 100 hourly SMA. If there is a clear break below $46,000, the price could revisit the $45,000 support zone.

The Bitcoin is trading near $47,000.8, with a 24-hour trading volume of $36,598,302,047. The BTC has risen by 5.93% in the last twenty-four hours. Bitcoin’s current ranking is # 1, with a live market cap of $883,325,459,309. The BTC/USD has a circulating supply of 18,791,525 BTC coins and a maximum supply of 21,000,000 BTC coins.

The ongoing bullish bias in the crypto market continues to underpin the world’s largest cryptocurrency, Bitcoin. This bullish bias appeared after reports showed that the world is adopting cryptocurrencies at a very fast rate – about 880% more than last year, according to Chainalysis. In the meantime, big corporations like United Wholesale Mortgage (UWM) will accept cryptocurrency payments this year, starting with BTC. This was seen as one of the key factors that kept the BTC prices higher.

Furthermore, the BTC prices got some additional lift after the SEC filings said that multinational investment manager BlackRock had invested about $400 million in two leading publicly traded Bitcoin mining firms, known as Riot Blockchain and Marathon Digital Holdings stock.

Weekly Cryptocurrency Summary – Ethereum (ETH/USD)

The ETH/USD coin pair extended its early-day gaining streak, drawing further bids above the $3,300 resistance level. ETH has started a fresh increase above the $3,120 and $3,200 resistance levels, with the crypto remaining well bid above the $2,950 support zone, similar to Bitcoin, which is near $44,000. There was a clear break above the $3,000 and $3,050 resistance levels.

The price recovered above the 50% Fib retracement level of the evident decline, from the $3,335 swing high to the $2,950 low. The initial resistance is near the $3,245 level, close to the 76.4% Fib retracement level of the noticeable decline from $3,335 to $2,950.

At the same time, the first key resistance is now forming near the $3,260 level. A break above the $3,260 zone could lift the ETH price towards the $3,330 resistance. At its peak, the prices could go towards the $3,500 level.

Currently, Ethereum is trading near $3,225.48, with a twenty-four-hour trading volume of $18,958,562,488. ETH has risen by 7.50% in the last twenty-four hours. Its current ranking is # 2 among cryptos, with a live market cap of $377,959,554,637. ETH has a circulating supply of 117,179,221 ETH coins and there is no maximum supply.

However, the ongoing buying bias in the Ethereum prices could be attributed to the latest positive trend in the crypto market. As per the latest survey, the world is joining the crypto market at a very high speed, with about 880% more participants than last year. It should also be noted that Ethereum, Bitcoin and Cardano are the most invested cryptocurrencies in Singapore, as per the latest survey on crypto-supporting behavior among adults, by crypto exchange Gemini.

This news also played a significant role in supporting the ETH prices. Furthermore, the CEO of the cryptocurrency media firm Gokhshtein Media, David Gokhshtein, has made multiple bullish predictions regarding cryptocurrency prices, and this has positively impacted cryptocurrencies in general, including ETH. As per his keywords, “Dogecoin will hit $1 in the future, and Ethereum will get to $14,000.”

Weekly Cryptocurrency Summary – Litecoin (LTC/USD)

The LTC/USD crypto pair managed to extend its early-day upward rally, remaining well bid around the 175.00 level. Litecoin is trading near $175.39, with a 24-hour trading volume of $1,862,053,806.

Litecoin has risen by 6.19% in the last twenty-four hours. Its current market ranking is # 16, with a live market cap of $11,707,889,446. LTC has a circulating supply of 66,752,615 LTC coins and a max. supply of 84,000,000 LTC coins. The gains appeared even after the safe-haven US dollar hit a fresh 9-and-a-half month high against major peers on Friday. 

The main reason behind the gaining streak was the latest reports suggesting that the rate at which new players are joining the crypto market has risen by 880% more than it did last year. This is why the crypto market has been flashing green since the week started. 

Conversely, the broad-based US dollar hit a fresh 9-and-a-half month high against major peers on Friday, promoted by a downbeat market sentiment and the 4th straight weekly drop in jobless claims, to pre-pandemic lows. Apart from this, the uptick in the greenback was further bolstered by mounting fears that the Delta variant of the coronavirus could delay global economic recovery.

Furthermore, the dollar got some additional lift from the expectations that the Federal Reserve could start to taper stimulus this year, even with COVID-19 infections still surging in the United States this month. Thus, the bullish bias of the American currency capped the upside for the LTC/USD coin pair. 

Weekly Cryptocurrency Summary – Ripple (XRP/USD) 

The XRP/USD coin pair has extended its early-day gaining streak and took some fresh sharp bids around the 1.2500 level. Ripple was trading at $1.25783 on Friday, up 10.28% on the day. That was the biggest one-day percentage gain since August 14. This bullish move pushed XRP’s market cap up to $57.34379B, or 2.82% of the total cryptocurrency market cap. At its peak, XRP’s market cap was $83.44071B.

Ripple has seen a surge in value, as it has soared 19.42% over the past 7-days. The volume of XRP traded in the 24-hours of writing was $6.78874B, or 6.01% of the total volume of all cryptocurrencies. It has traded in a range of $1.0522 to $1.3481 in the past seven days. The XRP price is trading at $1.23315 with a 24-hour trading volume of $7,069,050,556. XRP rose by 10.16% in the last twenty-four hours.

The upticks were mainly sponsored by the bullish trend in the crypto market. It can be witnessed by the positive performance of the world’s largest cryptocurrency, Bitcoin. Bitcoin started a decent increase above the $46,500 and $47,000 resistance levels.

Thus, the upticks in bitcoin prices tend to underpin other cryptocurrencies, including XRP. Besides, the entire world is adopting the crypto world speedily. So, the inflow of users in the crypto market tends to underpin cryptocurrencies.

Weekly Cryptocurrency Summary – Dogecoin (DOGE/USD)

The DOGE/USD coin pair extended its bullish overnight streak, drawing some sharp bids at around 0.32 on the day. However, the uptrend in Dogecoin could be attributed to the recent report suggesting that Dogecoin made up 62% of Robinhood’s Second Quarter Crypto Trading Revenue.

After this achievement, Dogecoin became Robinhood’s largest crypto money-maker. The coin grew in popularity when people needed a quick way to buy it. This followed the growing appeal of meme stocks, like GameStop, at the time. This eventually spilled over into meme coins later.

Apart from this, the latest reports revealed that the Dogecoin Foundation, which has been inactive for a few years, is now active. The newly renovated Dogecoin Foundation now highlights well-known names such as Tesla and SpaceX CEO Elon Musk and Ethereum co-founder Vitalik Buterin on the advisory board. So, these positive headlines have a positive impact on the price of Dogecoin.

The Dogecoin is currently trading near $0.311802, with a 24-hour trading volume of $3,550,320,844. Dogecoin has gone up by 5.14% in the last twenty-four hours. In contrast, the gains in the DOGE price could be short-lived, as the stronger US dollar tends to undermine the DOGE/USD coin pair. The broad-based US dollar maintained its early-day upward momentum and remained well bid on the day, as investors favored safe-haven assets in the wake of the risk-off market sentiment.

Furthermore, the dollar got some additional lift from the expectations that the Federal Reserve could start to taper stimulus this year, even with COVID-19 infections surging in the US this month. Thus, the upticks in the US dollar became the critical factor that kept the DOGE/USD coin down.