What’s Going On With Crypto Right Now?
This week, we’re excited to bring you an overview of the top crypto assets. Specifically, how they’ve been doing recently and what may be on the horizon. Following that, we’ll give you our usual rundown of all of the top trading events for your calendar this week. Are you up for it? Let’s go!
Crypto review
It’s been a busy month for some of crypto’s heaviest hitters. Cue the numbers…
Bitcoin (BTC)
08.07.2020: $9,423.65
08.08.2020: $11,745.26
Month % change: +24.64%
Source: Coinmarketcap
BTC has had a good month and the party might just be getting started. Last week, Dan Morehead, founder of Pantera, the US’ oldest Bitcoin investment firm last week, stated that Bitcoin had grown at a rate of 209% annually for the past nine years. If it maintains this growth rate, it could reach $100,000 in about two years.
BTC will look to consolidate on recent gains, with a crucial resistance approaching around $12,100.
Ethereum (ETH)
08.07.2020: $245.65
08.08.2020: $390.84
Month % change: +59.1%
Source: Coinmarketcap
After a pancake-flat first half of July, ETH really picked up toward the end of the month, with a near 60% rise over the period. Right now, the first support on the downside is $366. On the upside, the bulls will look to break through the next resistance at $415.
XRP
08.07.2020: $0.1983
08.08.2020: $0.2970
Month % change: +49.77%
Source: Coinmarketcap
The remittance token received a nice promo from the evidently very chatty Pantera CEO, Dan Morehead this week, as he stated his belief that XRP was one of only a handful of crypto assets that boast long-term sustainability.
XRP’s bulls face stiff resistance to push through the $0.3261–$0.3467 zone. The immediate support lies at $0.2845.
Bitcoin Cash (BCH)
08.07.2020: $244.61
08.08.2020: $307.39
Month % change: +25.67%
Source: Coinmarketcap
BCH saw some delightful growth toward the end of July. This was checked somewhat by a sizeable drop on the 2nd of August. The token is at a particularly important juncture in its existence, as its core developers continue discussions over an upcoming system upgrade, which could lead to another chain split. Some investors appeared to be getting twitchy sell-fingers.
Having said that, BCH has recovered quite nicely, and the bulls seem to be in charge, for now. Buyers will try to push through the next resistance at $353. The nearest support has formed around $280.
Keep an eye on upgrade news, BCH fans.
Cardano (ADA)
08.07.2020: $0.1262
08.08.2020: $0.1420
Month % change: +12.52%
Source: Coinmarketcap
2020 has been kind to Ethereum rival, Cardano, with its token (ADA) having seen a market capitalisation increase from $1 billion to a whopping $4.5 billion since the start of the year.
If the bulls can keep up their good work and break through the $0.15 resistance, $0.20 will be in their sights next. Conversely, if the bears can push the price back down past $0.13, we’ll have a reversal on our hands.
Traders should keep an eye on Cardano’s proof-of-stake (PoS) mainnet block roll-out.
Stellar (XLM)
08.07.2020: $0.0783
08.08.2020: $0.1037
Month % change: +32.44%
Source: Coinmarketcap
Not exactly a ‘stellar’ month for XLM, but not too shabby, either. While XLM had stagnated somewhat towards the latter half of July, Bitcoin’s resurgence in August came at just the right time.
On the news front, UK-based challenger bank, Revolut recently announced XLM support in its app, which likely aided the steady rise.
The hottest trading events this week
Here are the super-important trading events coming up this week.
Monday
● China (CNY) is due to announce its Inflation Rate YoY (JUL).
Tuesday
● The UK (GBP) will publish its Employment Change (MAY) figures.
Wednesday
● New Zealand’s (NZD) RBNZ press conference will update us on a number of things, including the latest Interest Rate Decision.
● The UK (GBP) will announce a raft of GDP figures (3-month avg., YoY growth rate, YoY).
● We’ll hear from the FED re. the US’ Inflation Rate (USD).
Thursday
● Thursday is all about Aussie employment updates (AUD).
Friday
● To finish off, on Friday, we’ll hear the Euro area’s (EUR) GDP growth rate (MoM, YoY);
● …and finally, the US’ (USD) Retail sales (MoM).
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Speak soon!
The Contentworks team
