WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

CRYPTONAIRE LYWEEK

CRYPTO investment journal

WEEKLY CRYPTOCURRENCY MARKET ANALYSIS

Hello, Crypto Traders welcome to this week’s 176th edition of Cryptonaire Weekly. The overall Cryptocurrency Market Cap stands at $2 Trillion. We have seen a $180 Billion increase in the Market Cap since the last week. Bitcoin price is currently around $59,050 from $57,725 since last week and has increased by 2.3% and Ether price is now at $2,135 from $1,805 since last week and has increased by 18.28%. The current market cap for bitcoin is $1.2 Trillion, and for Altcoins, the current market cap is $890 Billion.

Bitcoin has risen for six straight months since October 2020, equalling the previous record created in 2013. This bullish move in 2013 was followed by a 700% rally in the following six months. If history repeats itself, Bitcoin bulls could be for a cheer in the next two quarters.

The second quarter has traditionally been the strongest of the year with Bitcoin closing in the negative only twice, and both times the decline was less than 10%. After 2013, the best returns in Q2 was seen in 2019 when Bitcoin jumped 159%. Historical data shows that Bitcoin is on a strong wicket. However, traders should be careful because history doesn’t need to repeat itself. Crypto markets can easily surprise the bulls and take a plunge.

Boris Schlossberg, managing director of FX strategy at BK Asset Management recently said on CNBC that “the whole rally in crypto is getting very long in the tooth. I think we’re very, very close to perhaps an intermediateterm top here. A little bit of a correction is certainly due at this point.”

However, any pullback could find enough buying support at lower levels as legacy financial companies are opening up to allow their clients to trade in cryptocurrencies. Morgan Stanley recently filed with the U.S. Securities and Exchange Commission to enable 12 of its mutual fund’s buy Bitcoin as part of an investment.

Although Bitcoin garners most of the attention, it is interesting to note that its dominance has fallen to a seven-month low, which shows that the altcoins have outperformed Bitcoin in the current crypto rally.

Percentage of Total Market Capitalization (Dominance)