View Daily Crypto Trends

16th July 2023: Weekly Crypto Trends

Crypto Assets
Bitcoin attempted to break out this week but dipped back below resistance at 31140. Ethereum made gains but also failed to sustain short term break above 1950.
Secondary coins had a good week, propelled by regulatory news in relation to Ripple that the market interpreted bullishly. Ripple recorded a gain of 53%, followed by Stellar at 39% and Solana at 24%. All of the aforementioned make new short term highs; most other coins encounter short term downtrends or resistance.
Crypto related assets enjoyed a good week as well, with gains of 33% in Coinbase, 23% in Riot and 20% in Microstrategy. Microstrategy, Hive, Riot, Coinbase and Marathon have all made new short term highs. They all become short term overbought, and Hive and Coinbase encounter some short term resistance.

Headlines
The very sharp rally in Crypto assets this week was triggered by a court ruling on Thursday morning in relation to Ripple, that, except for when the token is been sold to institutional investors directly, its sale does not constitute the selling of a security.
The judge also made the observation that she could not make a ruling on secondary sales of XRP, “because that question is not properly before the Court.”

The U.S. Department of Justice arrested former CEO of bankrupt crypto lender Celsius Network Alex Mashinsky filing seven criminal charges. The DOJ said Mashinsky earned more than $40 million after allegedly manipulating the price of CEL, Celsius’ native digital asset, and stealing the returns.

Bitcoin and Ethereum are up significantly this year and amazingly Crypto scammers are making less money, too. Analytics firm Chainalysis announced cryptocurrency-related crime has dropped by 65% so far this year compared with 2022. Chainalysis said “illicit crypto transaction volume is falling much more than legitimate crypto transaction volume.” and that “ total scam revenue has plummeted compared to last year,” the firm said.

Major Coin Summary
NameCloseDaily Ch %Wk ChWk Ch %RSIST ScoreLT ScoreOverall
Bitcoin30,332.68-3.6%-42.99-0.1%6442010
Ethereum1,937.43-3.3%65.093.5%55802

Bitcoin attempted to break out but dipped back below resistance at 31140. Ethereum made gains but also failed to sustain short term break above 1950.

Ratio Chart
Secondary Coin Summary

Weekly change – highest to lowest

NameCloseWk Ch %RSIST ScoreLT ScoreOverall
XRP (Smart Contract Coin)0.7253.8%6558-41-16
Stellar (Privacy Coin)0.1439.2%6558-88-52
Solana (Smart Contract Coin)26.7724%68-25-88-72
Polygon (Smart Contract Coin)0.8119.6%53-75-47-54
Avalanche (Smart Contract Coin)14.6815%53-75-88-85
Cardano (Smart Contract Coin)0.3315.6%51-75-88-85
ChainLink (Cross Chain Coin)6.9613%60-75-88-85
Near (Smart Contract Coin)1.5112%53-75-88-85
Theta Token (Gaming Coin)0.8110.6%54-75-88-85
Decentraland (Gaming Coin)0.428.3%49-75-88-85
The Sandbox (Gaming Coin)0.457.2%45-75-88-85
Cosmos (Smart Contract Coin)9.816.7%52-75-88-85
Polkadot (Cross Chain Coin)5.466.6%56-75-92-88
BNB Chain Native Token (Smart Contract Coin)248.195.2%46-75-47-54
Fantom (Smart Contract Coin)0.285.5%49-75-88-85
DogeCoin (Memecoin)0.074.8%51-75-88-85
THORChain (Smart Contract Coin)1.040.7%47-75-88-85
Monero (Privacy Coin)160.65-2.9%618-47-34

Secondary coins had a good week, propelled by regulatory news in relation too Ripple that the market interpreted bullishly. Ripple recorded a gain of 53%, followed by Stellar at 39% and Solana at 24%. All of the aforementioned make new short term highs, most other coins encounter short term downtrends or resistance.

NameCloseDaily Ch %Wk Ch %RSIST ScoreLT ScoreOverall
Ark Innovation ETF48.57-2.1%11.1%6550-88-54
Block Inc75.46-1%12.2%62-33-88-74
Coinbase Global Inc Cl A105.31-1.6%33.8%84100-92-45
Hive Blockchain Technologies Ltd5.98-9.9%8.1%761008891
Marathon Digital Hldgs Inc18.07-6.4%15.3%73100-41-6
Microstrategy Cl A458.86-0.6%20.5%79100024
Riot Blockchain Inc19.12-5.8%23.5%76100024
Robinhood Markets Inc Cl A12.38-0.6%14.7%7858-88-52
Tesla Inc281.381.3%2.5%6875-89-49

Crypto related assets enjoyed a good week as well, with gains of 33% in Coinbase, 23% in Riot and 20% in Microstrategy. Microstrategy, Hive, Riot, Coinbase and Marathon have all made new short term highs. They all become short term overbought, and Hive and Coinbase encounter some short term resistance.