In the earlier part of last week, the crypto market posted strong gains as the enter valuation crept close to reaching the $300 billion mark.
While it is great to see cryptocurrencies force a comeback, what is impressive is the fact that those gains haven’t completely vanished into thin air as has been the norm for the last six months.
Although not all cryptocurrencies are not looking all bullish at the moment, their prices, however, are looking rather stable as compared to most parts of the year when some major cryptos dropped as much as 30 – 50% under 24 hours.
Let’s take a look at the top five leading crypto markets.
Over the last one week, the biggest of all cryptos surprised investors and critics alike with an uptrend that inspired most other cryptos.
After reaching a price of $6,600 courtesy of a hike of 6% in the early part of last week, Bitcoin continued the bull run to end the week trading as high as $6,863.99.
The uptrend seemed to contradict predictions from major crypto pundits and experts who predicted Bitcoin end the week at low support levels of $6,500.
Although the bears have reacted to the uptrend, the declination in price remains very minimal, which is good for the market.
As at the time of this writing, Bitcoin (BTC) is still going strong, trading at $6,738.76 with a slight decline of 0.40%.
Bitcoin now holds a market cap of $116.632 billion, which represents about 43% of the entire crypto market capitalization.
Ethereum joined its allies to open last week on a strong note. ETH hiked by over 8% which saw the coin trade well above $480.
Ethereum has recorded more price fluctuations that Bitcoin and most other leading cryptocurrencies, with the coin, rising and dropping by as much as 5% in the last 5 consecutive days.
The fluctuations on both sides seem to cancel out each day, as the coin closes for trade each day on a good note.
Although Ethereum was predicted to post bullish figures after it reaches the $500 support level, trading at that value was short-lived, as the coin slightly dinked below to close yesterday with a value of $489.12.
Ethereum has shown a considerable decline of 1.72% (over the last 24 hours), as a result, ETH now trades at $482.53, which is can be considered an average closing day value for the coin, judging from its closing trade values from the last one week.
Opening for trade on Tuesday of last week, Ripple experienced huge gains of up to 10% to maintain a decent support level of $0.50.
Ripple may have fallen from that support level, but the value of XRP has remained rather stable; over the last one week, XRP recorded its lowest trading value of $0.46 on July 6.
While Ripple may not be bullish, the flag patters of the token have remained highly promising and look to be gardening momentum for a jump which could see the coin get back to the $0.50 support level.
As at the time of this writing, XRP is trading at $0.479 as a result of a drop by a fraction of 0.35%.
Bitcoin Cash (BCH)
Of the top five cryptocurrencies, Bitcoin Cash (BCH) enjoyed the strongest gains last week. BCH spiked by over 22% from July 2 – 3 which saw the value of the coin sail above a value of $810.
BCH is the top five coin to record the most price hike but is also the coin to record the greatest decline over the last one week.
From a high of $819.37 on July 3, Bitcoin Cash dropped below the $720 support level on July 6 to trade as low as $705, and then hiking again.
This would make Bitcoin Cash the most unstable coin in the top 5 cryptos. As at the time of this writing, BCH is down by 2.79%, and trading at $738.33
Bitcoin Cash ruled last week’s gains department, but EOS did this week, hiking by more than 9% as cryptos opened for trade.
As a result of the sharp price hike, EOS broke through new support levels but faced difficulties in maintaining them, as the crypto faced similar price fall.
In under 24 hours, EOS has traded as high as $9.14 and as low as $7.75 (its current trading value owing to a sharp decline of 11.29%).
This week is looking to be the opposite of the previous for EOS when the token enjoyed a steady run in the market.