14th May 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin and Ethereum close sharply lower on the week, testing short term uptrends.
Secondary coins were also lower, led by Decentraland, Fantom, Polygon and Avalanche. Several of the coins under review now test the bottom of short term ranges, including, Near, Polygon, The Sandbox, Ripple, Fantom, Cosmos. Only three coins retain short term uptrends, being Cardano, Ripple and Binance.
Crypto related equities had a poor week as well, with a sharp 17% fall in Microstrategy, followed by a 15% fall in Marathon Digital. At the technical level, Microstrategy breaks support at 280, Block makes new short term lows through 60, while Hive, Marathon and Riot all test short term support.
Headlines
US Crypto exchange Bittrex filed for bankruptcy on Monday this week.
NFT trading volumes in the first quarter of this year fuelled by the airdrop of the Blur NFT tokens, which are attached to the Blur NFT trading marketplace.
Tether, which manages the Stablecoin of the same name, reported a profit of $1.48 billion for the year. Its stablecoin, USDT, has a capitalisation of $82 billion.
Barbie maker Mattel has joined forces with women-led Web3 brand Boss Beauties to create on-chain virtual collectibles that “celebrate” the varied careers undertaken by the toy figure since the it was launched in 1959.
Sam Bankman Fried’s lawyers are attempting to get 10 of the 13 criminal charges against him struck out.
Bitcoin transaction fees rise to their highest since April 2021 at $31. The mining fees have surged lately as the network has become congested with Ordinals transactions. Fees now approaching $40 million per day.
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 26,798.68 | -0.8% | -2738.88 | -9.3% | 46 | 42 | 0 | 10 |
| Ethereum | 1,809.19 | 0.7% | -186.01 | -9.3% | 46 | 8 | -47 | -34 |
Bitcoin and Ethereum close sharply lower on the week, testing short term uptrends.
Ratio Chart
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Cosmos (Smart Contract Coin) | 11.22 | -0.2% | 48 | -75 | -88 | -85 |
| Monero (Privacy Coin) | 153.79 | -2.7% | 46 | -33 | -47 | -44 |
| BNB Chain Native Token (Smart Contract Coin) | 310.18 | -5.4% | 49 | 8 | 47 | 38 |
| Cardano (Smart Contract Coin) | 0.37 | -5.9% | 46 | 8 | -88 | -64 |
| Stellar (Privacy Coin) | 0.09 | -5.3% | 29 | -83 | -95 | -92 |
| XRP (Smart Contract Coin) | 0.43 | -8% | 37 | 8 | -88 | -64 |
| Solana (Smart Contract Coin) | 20.99 | -8.2% | 50 | -33 | -88 | -74 |
| ChainLink (Cross Chain Coin) | 6.62 | -8.2% | 44 | -75 | -88 | -85 |
| Polkadot (Cross Chain Coin) | 5.35 | -8.6% | 37 | -75 | -92 | -88 |
| Theta Token (Gaming Coin) | 0.92 | -8.9% | 39 | -75 | -88 | -85 |
| DogeCoin (Memecoin) | 0.07 | -9.4% | 33 | -75 | -88 | -85 |
| Near (Smart Contract Coin) | 1.66 | -11.5% | 39 | -83 | -88 | -87 |
| THORChain (Smart Contract Coin) | 1.20 | -11.1% | 31 | -75 | -88 | -85 |
| The Sandbox (Gaming Coin) | 0.51 | -11.8% | 32 | -83 | -88 | -87 |
| Avalanche (Smart Contract Coin) | 15.33 | -12.1% | 41 | -83 | -88 | -87 |
| Polygon (Smart Contract Coin) | 0.87 | -13.3% | 30 | -92 | 85 | 42 |
| Fantom (Smart Contract Coin) | 0.37 | -14.1% | 38 | -33 | -88 | -74 |
| Decentraland (Gaming Coin) | 0.46 | -15.1% | 33 | -83 | -88 | -87 |
Secondary coins were also lower, led by Decentraland, Fantom, Polygon and Avalanche. Several of the coins under review now test the bottom of short term ranges, including, Near, Polygon, The Sandbox, Ripple, Fantom, Cosmos. Only three coins retain short term uptrends, being Cardano, Ripple and Binance.
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 37.68 | -3% | 0.8% | 45 | -75 | -88 | -85 |
| Block Inc | 55.56 | -3.1% | -6.2% | 27 | -92 | -95 | -94 |
| Coinbase Global Inc Cl A | 57.34 | -5% | -1.5% | 45 | -75 | -92 | -88 |
| Hive Blockchain Technologies Ltd | 2.87 | -1.7% | -10% | 44 | -33 | 47 | 28 |
| Marathon Digital Hldgs Inc | 8.92 | 2.2% | -15% | 52 | 42 | -88 | -56 |
| Microstrategy Cl A | 271.00 | -5.7% | -17.1% | 47 | 42 | -88 | -56 |
| Riot Blockchain Inc | 10.61 | -0.9% | -8.1% | 52 | 75 | -41 | -12 |
| Robinhood Markets Inc Cl A | 8.74 | -9.4% | -1.2% | 40 | -75 | -88 | -85 |
| Tesla Inc | 167.98 | -2.4% | -1.2% | 37 | -75 | -92 | -88 |
Crypto related equities had a poor week as well, with a sharp, 17% fall in Microstrategy, followed by a 15% fall in Marathon Digital. At the technical level, Microstrategy breaks support at 280, Block makes new short term lows through 60, while Hive, Marathon and Riot all test short term support.