Weekly Crypto Market Analysis – February 4th-11th

A collective sigh of relief was felt throughout the crypto community as the cryptocurrencies that had all been losing value finally showed signs of a bullish trend over the past couple of days. With the whole crypto market trading in green once again, most of the top cryptocurrencies are looking at testing their resistance levels once again.

While there are a lot of cryptocurrencies that have risen up the ranks, there are a few which are still experiencing sell-offs, and thus, are trading in red as of today. Let us now have a look at the cryptocurrencies that have gained, as well as, lost a considerable amount of value over the past week.

Cryptocurrencies That Have Gained a Lot of Value:

Looking at the current crypto market conditions will certainly put a big smile on every crypto enthusiast’s face as most of the popular cryptocurrencies are all trading in green. This was not the case a few days ago. However, demand for these digital assets rose on February 8th which was higher than the sell-offs, and thus, led to a healthy market.

Litecoin has been, by far, the best performer amongst the top 20 cryptocurrencies. In a matter of just 3 days, Litecoin has been able to add almost $1 billion to its market cap. The price of Litecoin increased by over 31% as its price rose from around $34 on the February 7th to $44 today.

Bitcoin too saw a wave of increased demand which resulted in a gain of an extra 5.5% over the past week. Bitcoin, which was testing its resistance level of $3,500 was primed to increase over the weekend. Looking at the performance, Bitcoin surely has not disappointed anyone who had put their faith in this cryptocurrency.

Ethereum also performed extremely well this week. It went on to regain its position as the second-ranked cryptocurrency, and gained over 12% of value this week. Ripple, which was cemented at the number two position experienced very little change in its value as the highly controversial cryptocurrency gained less than 1% this week.

EOS was yet another great performer over the past week as this digital asset gained over 15% in value over the week. However, the performance of most cryptocurrencies is overshadowed by the performance of the Binance Coin so far in 2019.

The Binance coin has had a great new year so far. With the coin gaining 20% in January itself, many speculated the digital coin to enter the group of the top ten cryptocurrencies in the second quarter of 2019. However, the coin has certainly out-performed everyone’s expectations by entering the top ten ranked cryptocurrencies. The pump is yet to end as this cryptocurrency has gained over 38% in just a single week.

Cryptocurrencies that Haven’t Performed Well:

During the bear market, one would usually expect the list of cryptocurrencies that have lost their value to be very long. However, over the past seven days the bulls have outperformed the bears; although, there are a few cryptocurrencies that are still trading in red.

Tron and Stellar are the only two cryptocurrencies that are trading in red this week. While Tron was the best performer in the previous week, it is evident that the investors who had backed the digital coin last week have shifted their interests towards other cryptocurrencies like Litecoin and Binance Coin. Even though the decrease in value is a mere 3%, in a sea of green even a small 3% decrease can be considered a lot.

The worries for Stellar continues as it has yet again failed to gain value. The sell-offs continued throughout the past week, and we can see Stellar losing over 1% of its value this week.

Some of the lesser known cryptocurrencies that were being pumped last week are experiencing a decrease of over 80% as well. Cryptocurrencies such as TronClassic and Dime Coin have lost well over 80% of their value in the last week.

What to Look out for

Looking at the bad performance the week before, most people did not speculate a good run this week. As expected, the crypto bulls returned to the market and this resulted in most of the cryptocurrencies gaining value. The market will certainly level out for a while before attempting to test any more resistance levels.

Sharing Is Caring: