A comprehensive overview of the latest developments in the (crypto) markets. Concisely summarized in a market commentary by the CVJ.CH editorial team.
Market Commentary
Bitcoin (BTC)
After Bitcoin reached a new all-time high at $62,000 almost two weeks ago, another correction period followed (-18%). In the context of the macro structure, this was a healthy breather.
The positive pattern of higher highs and higher lows thus remains intact, provided that the bottom of this correction was reached yesterday. A renewed attack on the all-time high cannot be ruled out after a potential consolidation phase.
Ethereum (ETH)
Ethereum follows Bitcoin as it does in most corrections. It turned out to be slightly stronger with -21%. In general, the second largest cryptocurrency shows a bit more weakness, the last rally could not break through the all-time high.
Support around $1,600 should hold, otherwise we could see a retest of the 2017/18 all-time high at $1,400. The extent of the short-term downtrend was probably reinforced (again) by overleveraged traders. In just 24h this Wednesday, $2.23 billion of longs were liquidated.
Altcoins
Most Altcoins also took a hit this week, although they now seem to be recovering. The last 30 days can generally be seen as a consolidation period, while performance on larger time frames is still very positive.
The (only) winners of the week are: Theta Token (THETA) +49.75%, Filecoin (FIL) +15.50% and Ripple (XRP) +13.84%. Losers were: Polkadot (DOT) -18.87%, Uniswap (UNI) -17.13%, Chainlink (LINK) -13.53% and several others.
Disclaimer
All information in this publication is provided for general information purposes only. The information provided in this publication does not constitute investment advice and is not intended as such. This publication does not constitute and is not intended as an offer, recommendation or solicitation to invest in any financial instrument, including cryptocurrencies and the like. The contents contained in the publication represent the personal opinions of the respective authors and are not suitable or intended as a basis for decision-making.
Risk notice
Investing in cryptocurrencies, is fundamentally associated with risk. The total loss of the invested capital cannot be excluded. Cryptocurrencies are very volatile and can therefore be exposed to extreme price fluctuations in a short period of time.
