It’s another bearish weekend in the cryptocurrency market. Weekends are like that very often. As we write this, 18 out of the top 20 digital assets are trading in red numbers (both daily and weekly) and Bitcoin fell below the USD 11.500,00 level again. It’s trading at USD 11.396.08. The US stock market also closed with a loss on Friday.
Bitcoin has lost 2.05% on the daily trade, but in the weekly trade, it’s been stable. It’s down in the weekly by 0.10%, which is neutral for the most part. The technical analysis for the weekly and monthly periods remain bullish.
The US Federal Reserve’s Chairman went on the record a couple of days ago saying that Bitcoin is not used for payments all that much. It’s hard to understand his point of view since Bitcoin’s trading volume for payments is in the same order of magnitude as Visa or MasterCard. The chairman added that Bitcoin is a speculative asset, like gold.
Ether and XRP
Ethereum’s Ether (ETH) remains the second largest cryptocurrency by market capitalization at USD 28 billion. Third, comes Ripple’s XRP at USD 14 billion.
ETH has lost 1,68% in value in the previous 24 hours, and it’s trading at USD 270,31 as we write this. Over the week it’s lost 7,32%.
Ripple’s XRP is also in the red zone at the tune of 3.68% for 24 hours but also an astonishing 14.92% for the week. It trades at USD 0,335160 currently.
Only two assets among the top 20 are in the green zone. Those are Monero (XMR) and Chainlink (LINK). Monero is up by 0.51% and LINK by 2.81% on the daily scenario. Cardano’s ADA started the day doing well, but it’s now down by 4.06%.
The market capitalization is of USD 311 billion for the whole market, with a trading volume of USD 64 billion. It’s gone down by approximately 4.5% in the previous week.
Mihai Alisie, of Ethereum’s fame, is exceedingly worried about Facebook’s Libra project. He believes that the social network company is trying to outwit regulators so it can bring online a “cryptocurrency” that won’t be decentralized and that will pose a security risk for its users.
So the market is red this weekend, but we don’t think there’s anything to be worried. While we’ve seen a few very profitable weekends since last April, the rule in the cryptocurrency market tends to be that weekends are bearish. So this is just a typical slow weekend for digital assets. The chances are that we will see the market pick up as the new week starts next Monday.
In the meantime, the thing to do is to keep observing the market just in case that one of the leading coins in the market starts trending. It’s not very likely, but it happens occasionally, and it’s good to be ready to join in the action and make a profit.
The most important thing, as always, is for you to do your own research into the markets so you can make the best possible decision based on facts. It’s also critical to have a trading plan and to carry it out with patience and discipline, you can’t always make a profit in minutes, but you will if you know what you’re doing and you do it responsibly.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.