15th April 2023: Weekly Crypto Trends
Crypto Assets
Bitcoin and Ethereum advance 9% and 12% on the week, both making new short term highs
Solana and Cardano had sharp rallies this week with the former up 20% and the latter up 14%. Behind these came, Cosmos, Fantom and Avalanche with gains of around 10%.
There were very extensive gains in Crypto related equities as the major coins made new short term highs. Marathon rallied by 50%, Riot by 47% followed by Hive at 25%. Marathon made new short term highs and now has resistance at 15, while Riot also made new short term highs and tests the top of the short term range at 13.4. Hive encounters the top of the range at 4.2.
Headlines
Big technological news this week is the implementation of the so called “Shanghai upgrade” to the Ethereum network which is the final part of Ethereum’s transition to the “proof of stake” protocol. The practical outcome of this is that people who have staked Ethereum to run the network are now able to redeem these stakes which have been locked in since 2020. Ethereum price rallies sharply in the week.
Payments firm Mastercard issued a free music pass NFT offering collectors a number of possible benefits for holding the token which is part of the Mastercard “artist accelerator” programme.
Warren Buffett again states that Bitcoin is merely a gambling instrument with no economic value
Microstrategy, the company with a large treasury of Bitcoin is now above breakeven on the value of its BTC holdings after the sharp rally in Bitcoin.
Blockchain data provider Glassnode, notes that 53% of Bitcoin has not traded in the last two years. But some of these may represent people who have “lost” coins as well.
Major Coin Summary
| Name | Close | Daily Ch % | Wk Ch | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|---|
| Bitcoin | 30,490.29 | 0.3% | 2555.15 | 9.1% | 72 | 58 | -47 | -21 |
| Ethereum | 2,101.68 | 4.4% | 235.58 | 12.6% | 69 | 17 | -47 | -32 |
Bitcoin and Ethereum advance 9% and 12% on the week, both making new short term highs.
Ratio Chart
The ratio now trades mid-range.
Secondary Coin Summary
Weekly change – highest to lowest
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Solana (Smart Contract Coin) | 24.74 | 20.7% | 65 | -33 | -88 | -74 |
| Cardano (Smart Contract Coin) | 0.44 | 14.2% | 68 | -25 | -88 | -72 |
| Fantom (Smart Contract Coin) | 0.51 | 11.3% | 61 | 42 | -88 | -56 |
| Cosmos (Smart Contract Coin) | 12.26 | 10.7% | 56 | -75 | -47 | -54 |
| Near (Smart Contract Coin) | 2.23 | 9.9% | 59 | -75 | -88 | -85 |
| Avalanche (Smart Contract Coin) | 19.28 | 9.2% | 63 | -33 | -88 | -74 |
| Polkadot (Cross Chain Coin) | 6.74 | 8.9% | 60 | -33 | -88 | -74 |
| THORChain (Smart Contract Coin) | 1.68 | 7.1% | 60 | -33 | -88 | -74 |
| DogeCoin (Memecoin) | 0.09 | 7.7% | 59 | -33 | -88 | -74 |
| ChainLink (Cross Chain Coin) | 7.71 | 6.1% | 59 | 0 | -88 | -66 |
| BNB Chain Native Token (Smart Contract Coin) | 329.08 | 5.9% | 62 | 0 | 41 | 31 |
| Theta Token (Gaming Coin) | 1.13 | 5.8% | 58 | -33 | -88 | -74 |
| The Sandbox (Gaming Coin) | 0.69 | 5.1% | 59 | -75 | -88 | -85 |
| Decentraland (Gaming Coin) | 0.64 | 4.6% | 58 | -33 | -88 | -74 |
| Polygon (Smart Contract Coin) | 1.15 | 3.9% | 55 | 0 | 88 | 66 |
| Monero (Privacy Coin) | 162.15 | 3.5% | 60 | 0 | -47 | -36 |
| XRP (Smart Contract Coin) | 0.52 | 1.9% | 65 | 8 | -88 | -64 |
| Stellar (Privacy Coin) | 0.11 | 1% | 65 | 8 | -92 | -67 |
Solana and Cardano had sharp rallies this week with the former up 20% and the latter up 14%. Behind these came, Cosmos, Fantom and Avalanche with gains of around 10%.
Trend score – best to worst
| Name | Close | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|
| Polygon (Smart Contract Coin) | 1.15 | 3.9% | 55 | 0 | 88 | 66 |
| BNB Chain Native Token (Smart Contract Coin) | 329.08 | 5.9% | 62 | 0 | 41 | 31 |
| Monero (Privacy Coin) | 162.15 | 3.5% | 60 | 0 | -47 | -36 |
| Cosmos (Smart Contract Coin) | 12.26 | 10.7% | 56 | -75 | -47 | -54 |
| Fantom (Smart Contract Coin) | 0.51 | 11.3% | 61 | 42 | -88 | -56 |
| XRP (Smart Contract Coin) | 0.52 | 1.9% | 65 | 8 | -88 | -64 |
| ChainLink (Cross Chain Coin) | 7.71 | 6.1% | 59 | 0 | -88 | -66 |
| Stellar (Privacy Coin) | 0.11 | 1% | 65 | 8 | -92 | -67 |
| Cardano (Smart Contract Coin) | 0.44 | 14.2% | 68 | -25 | -88 | -72 |
| THORChain (Smart Contract Coin) | 1.68 | 7.1% | 60 | -33 | -88 | -74 |
| Avalanche (Smart Contract Coin) | 19.28 | 9.2% | 63 | -33 | -88 | -74 |
| Solana (Smart Contract Coin) | 24.74 | 20.7% | 65 | -33 | -88 | -74 |
| Polkadot (Cross Chain Coin) | 6.74 | 8.9% | 60 | -33 | -88 | -74 |
| DogeCoin (Memecoin) | 0.09 | 7.7% | 59 | -33 | -88 | -74 |
| Decentraland (Gaming Coin) | 0.64 | 4.6% | 58 | -33 | -88 | -74 |
| Theta Token (Gaming Coin) | 1.13 | 5.8% | 58 | -33 | -88 | -74 |
| Near (Smart Contract Coin) | 2.23 | 9.9% | 59 | -75 | -88 | -85 |
| The Sandbox (Gaming Coin) | 0.69 | 5.1% | 59 | -75 | -88 | -85 |
| Name | Close | Daily Ch % | Wk Ch % | RSI | ST Score | LT Score | Overall |
|---|---|---|---|---|---|---|---|
| Ark Innovation ETF | 38.79 | -0.9% | 0.6% | 50 | 0 | -92 | -69 |
| Block Inc | 64.04 | -0.8% | -6% | 38 | -83 | -92 | -90 |
| Coinbase Global Inc Cl A | 69.91 | 1.4% | 13.8% | 54 | 8 | -92 | -67 |
| Hive Blockchain Technologies Ltd | 4.05 | 1% | 25.4% | 67 | 8 | 41 | 33 |
| Marathon Digital Hldgs Inc | 11.97 | 3.9% | 50% | 69 | 42 | -88 | -56 |
| Microstrategy Cl A | 333.75 | -2% | 15% | 64 | 50 | -88 | -54 |
| Riot Blockchain Inc | 13.48 | -0.1% | 47.2% | 72 | 100 | -88 | -42 |
| Robinhood Markets Inc Cl A | 10.00 | -0.7% | -0.1% | 56 | -33 | -88 | -74 |
| Tesla Inc | 185.00 | -0.5% | -0% | 49 | -33 | -92 | -78 |
There were very extensive gains in Crypto related equities as the major coins made new short term highs. Marathon rallied by 50%, Riot by 47% followed by Hive at 25%. Marathon made new short term highs and now has resistance at 15, while Riot also made new short term highs and tests the top of the short term range at 13.4. Hive encounters the top of the range at 4.2.