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Market Updates

The winners of the week (XDC, XDCE, COMP)

Overview:

  • Bitcoin Back Up with More Pull, price above $ 34,000
  • Limbo between bull and bear markets remains
  • $ 29,000 and $ 42,000 the major brands for Bitcoin short-term

As predicted, it will probably be an exciting summer for every crypto trader and investor.

At the moment, the markets are in a state of limbo, both a bullish and a bearish scenario is conceivable.

The current Bitcoin price benefits from positive news. Thus, it became known that Morgan Stanley is invested in GBTC.

Bitcoin: Are the bears winning or are the bulls making a comeback?

Bitcoin currently shines through increased volatility and keeps both the bullish and the bearish actors in suspense. The price has ranged from $ 32,800 to $ 36,400 over the past seven days, a range that would shock any stock trader.

The major brands are still $ 29,000 and $ 42,000 in the short term. If we break down through the $ 29,000, a bear market is almost a done deal. However, if we can scale the $ 42,000 again, that would be a very bullish indicator. Bullish would also be a quick recovery of the hashrate, which threatens another record drop.

Bitcoin Price
Bitcoin Price, Source: Tradingview

Bitcoin’s dominance has had to give way sharply, peaking at around 46.9% over the past seven days, with the lowest being 45.3% on July 6:

Bitcoin Dominance
Bitcoin Dominance, Source: Tradingview

Market capitalization of Bitcoin and altcoins

The market capitalization of all cryptocurrencies is at the level of the previous week, at around $ 1,500 billion:

Cryptocurrencies Market cap
Cryptocurrencies Market Cap, Source: Coinmarketcap

Altcoin’s market capitalization also remained stable and remains close to $ 750 billion:

Altcoin Market Cap
Altcoin Market Cap, Source: Coinmarketcap

The Altcoin Winners of the Week

XDC (XDC)

XDC Price
XDC price, Source: CCoinpaprika

XDC is working on a hybrid blockchain that will connect public and private blockchains. This should enable interoperable blockchain solutions for companies. The price of the corresponding XDC coin could rise by a good 50% in the last week.

Xdce (XDCE)

XDCE Price
XDCE price, Source: Coinpaprika

XinFin describes itself as a blockchain environment for traditional companies in the finance and consulting industry. The team wants to build an interoperable blockchain environment for businesses so that they can take full advantage of the new technology. One of the Core team’s consultants is Roger Ver. The XinFin Network’s XDCE token has been able to rise over 50% in the past week.

COMP (Compound)

COMP Price
COMP price, Source: Coinpaprika

Compound is one of the most popular DeFi projects and allows users to take out loans with cryptocurrencies as collateral. On the other hand, lenders can use their crypto assets to generate passive income in the form of interest by issuing loans. The associated COMP Governance token has risen almost 50% in the last seven days.

Conclusion: bear or bull market, the decision is approaching

It remains exciting to see how the market will develop in the short term. Those who still remember 2018-2019 will certainly wish that we get away better this time. Those who are heavily invested in this sector would do well to stay up to date and keep abreast of trends and investor sentiment. I remain of the opinion that we will see a new Bitcoin all-time high this year.

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