Analysis and graphs of Bitcoin (BTC / USD), Ethereum (ETH / USD) and Alt-Coin:
- Bitcoin, Dogecoin’s weekly losses have been reimbursed, Ethereum before the game.
- The power of Elon Muski’s tweets can cause problems.
Cryptography has been restless for a few days with Elon Muski ‘s tweet, which caused big sales on Thursday, before the tweet sent less than 24 hours later sent prices higher again. However, the market leader Bitcoin continues to underperform and is currently -10% in the last 7 days, while Ethereum is + 15% per week. There are weekly winners and losers across the spectrum, with Dogecoin falling 11%, Cardano 9%, Ripple 16% and Telcoin 22%. Watching the market’s top 100 better coins shows many more losers than winners during the week, but these losses are being wiped out now.
This week’s market sale was triggered by Tesla boss Elon Musk, who suspended Bitcoin car payments while bringing down another of Musk’s favorite Dogecoin.
At the end of Thursday, Elon Musk chirped it he would work with Doge’s developers to “improve the efficiency of system transactions” as a rising signal to 4th the largest coin by market capital.
Elon Muski’s tweets are closely followed by cryptocurrencies, and the fluctuations they can cause are well known, especially for Muski’s favorites, Bitcoin and Dogecoin. However, the sharp steps of the week show that the power of its tweets can move the market as a whole, which is a very undesirable situation even for an avid volatility watcher. Either that or the market as a whole will become very nervous about the current level of cryptocurrency. Volatility is good, excessive short-term volatility is not.
The daily BTC schedule will remain neutral as candles will be sold yesterday to check current pricing. Bitcoin’s dominant position is now below 41% and lags behind Ethereum. To restore growing prejudice, BTC must open over yesterday’s highest print price of $ 52,900 and exceed both the 20- and 50-day simple moving averages of $ 55,000 and $ 56,100, respectively. The market has been oversold by the CCI indicator, which suggests that Thursday’s lowest $ 46,070 low-probability problem is not.
Bitcoin (BTC / USD) daily price chart
Ethereum is back at about $ 4,000 and wants to take back all Thursday ‘s losses. Ethereum continues to outperform the market as a whole and holds a 20% dominant position. While Bitcoin is now twice the size of Ethereum, this difference continues with the Ethereum / Bitcoin spread currently at 785 levels, from a low of 228 at the end of December.
Ethereum (ETH / USD) daily price chart
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