Weekly Results: Best Seven Days For Bitcoin And Worst For Altcoin
We analyzed cryptocurrency market and summed up the results of the previous week together with the Cindicator fintech company.
How The Week Was For Bitcoin
Last week (the report of the analyzed seven-day period: the 3rd of July — the 9th of July) became one of the best for Bitcoin lately. The uptrend, which began last week, continued, so BTC managed to reach $12,573 with an increase of 14.3%. Market capitalization approached about $224 billion.
Bitcoin is at an approximate annual peak price of $13,775, which was achieved on the 26th of June. In essence, the coin is trading above its weekly moving averages at 7, 25, and 99 week periods. That’s why the uptrend is likely to continue, from a technical point of view.
Daily jumps for moving 25-day period averages include strong support and are the technical level for monitoring trend inversion. It also should be noted that the monthly increase over $13,750 will be one of the biggest.
Notably, Bitcoin is the only coin from the top 10 cryptocurrencies, which is located in the green corridor. The dominance of BTC is 64.5% now. This rate is a record for past 15 months.
How The Week Was For Coins From The Top 10
The top ten projects from the general cryptocurrency list showed a moderate increase of 2.97% during the analyzed week. It means the relative strength and advantage of BTC in relation to Altcoin. Coins can’t support the Bitcoin powerful uptrend at the moment.
The most profitable of the top 10 coins was Ethereum (ETH) — + 5.29% and TRON (TRX) — + 6.7%. Litecoin (LTC), EOS (EOS), Ripple (XRP) and Tether (USDT) showed negative dynamics.
How The Week Was For The Rest Of The Coins
Top Coins
The most profitable Altcoins of the top 100 coins showed an increase of 30% during the analyzed week. Despite of the advantage and a sharp increase in BTC, five coins managed to beat the first cryptocurrency and prove that Altcoins can support uptrends.
The best coin of the week was Egretia (EGT), which increased by 73.28% to $0.07 in seven days. The second cryptocurrency in terms of growth was XMax (XMX) — + 58.81%. Projects Quant (QNT) — + 47.73%, Crypto.com Chain (CRO) — + 43.05% and Waltonchain (WTC) — + 37.63% complete the top five crypto leaders and demonstrate strong performance.
The Egretia coin (EGT) takes the 35th place in a common list of cryptocurrencies with a total capitalization of $335 million at the moment. At the beginning of May, EGT was at $0.015, so the token price increased 5 times.
We remind you that last week Egretia (EGT) increased by 22.89%.
Worst Coins
The list of coins from the top 100, which dropped sharply in price this week, includes Dent (DENT), VestChain (VEST): -15.74%, Chainlink (LINK): -14.22%, MaidSafeCoin (MAID): -13.24%, Metaverse (ETP): -12.68%.
All projects ended the week at a loss of over 10%. However, no projects dropped lower than 25%. The worst project of the analyzed week was Dent (DENT), which lost 24.07% of its value seven days ago.
The Dent project takes the 92nd place in the cryptocurrency rating. The total capitalization is about $83 million, one DENT coin costs $0.0011.
Last week Dent also turned out to be the worst project. However, the drop was 35.5% that time.
Conclusion
The market cryptocurrency capitalization of the analyzed week (the 3rd of July — the 9th of July) was $347 billion. The highest rates in terms of volume were in the first days, when the Bitcoin rate aims for a level over $13,000.
The mood of investors in relation to the Bitcoin growth became positive. 80.94% of respondents hope that the BTC rate will increase next week.
Probably, Bitcoin is going to rise higher. That’s why most of the key points and rate jumps are so important. Some suggestions about the Bitcoin rate growth are associated with Altcoin distrust. However, the Altcoin market has already shown a sharp upward movement, so it’s quite possible that the rest of the coins will be dragged behind the Bitcoin rate and will reduce the percentage of BTS dominance.
