The previous week introduced a mixed sentiment to the market, from the Gate.io cryptocurrency exchange shows that the top five caught in the throngs of chaos with steep price inclines followed by swift declines. This sentiment has gripped various assets within the top five, while others have been able to break free from the claws of the bear market and continue pushing upwards. The coming weeks will indicate whether the bearish sentiment will be able to reclaim the market or whether the bullish wave will take a hold of the market and move it forward.
From the Top 10 cryptocurrency exchanges Gate.io data shows that at the latest Bitcoin price of $22.7K on the opening of the week, Bitcoin remained briefly below its 7-day SMA, before soaring above $23k, which it maintained until the 25th before sharply following beneath its 7-day SMA and trading between $22.4k-22.7k. This led Bitcoin to a weekly low of $22,423.24, from which it quickly rebounded, pushing toward $23.6k. This led BTC to trade relatively horizontally until the 29th, when it began to gain more momentum and move to a weekly high of $23,897.09, with BTC seemingly testing $24k.
With Bitcoin now pushing to a new four-month high, it is likely that the current spur in growth will continue to grow, considering the steep growth trajectory forming. It is expected that Bitcoin will continue to test $24k and push itself above these limits, provided it can maintain its current momentum. In total, Bitcoin increased by 3.99% this week.
Having started the week on the cusp of its 7-day SMA at $1,638, Ethereum began to decline, yet throughout the 24th it began to demonstrate ephemeral signs of recovery. However, this was short-lived as throughout the 25th, Ethereum plunged to a weekly low of $1,533.95 and began to trade relatively horizontally at this level until the 26th.
Following this, Ethereum saw a sharp uptick, before beginning a trajectory of volatility that ensued throughout the week. However, with the week nearing a close, Ethereum began to reclaim its footing and closed the week once again on the cusp of its 7-day SMA.
Taking into account Ethereum’s tendency for lowballing its valuation in the earlier portion of the week before moving upwards in the latter half, it can be ascertained that Ethereum will resume this trend in the coming week. However, if this bearish sentiment continues throughout the coming week, it could lead Ethereum to trade with volatility and progressively decline in value across the coming week. In total, Ethereum declined by 0.06% this past week.
Entering the week at $0.41, XRP was subject to a sharp uptick in value, which was maintained until the 25th when XRP reached a weekly high of $0.4308. However, on the 25th XRP declined sharply to a weekly low of $0.4003, pushing it beneath its 7-day SMA. It then began to rebound on the 26th, before being pushed into a state of volatility that ensued throughout the remainder of the week and led it to change hands at an average of $0.409.
With this immense volatility, it is likely that XRP will continue to experience this in the coming months until the SEC vs Ripple case verdict is announced. With this date imminent, it comes as no surprise that the community is rallying together as a testament to their support, which could allow XRP to continue testing the $0.45 territory and establishing a new price floor. Across the past week, XRP rose by 1.42%.
Throughout the past month, Cardano has been subject to unprecedented levels of growth, however, this appeared to cease this week. With volatility plaguing much of the week, Cardano fell into a progressive downward trend from the 23rd onward, leading it to a weekly low of $0.3486. However, ADA quickly rebounded and moved upward, propelling itself above its 7-day SMA on the 28th and to a weekly high of $0.3966. This is now Cardano’s monthly high.
With ADA having demonstrated strong and consistent performance across the past month, it can be ascertained that it will continue to grow, in spite of this week’s poorer performance, particularly as positive sentiment currently surrounds the asset due to the volume of upgrades and positive community reactions at the present time. Providing Cardano can maintain this bullish momentum, it could continue to test the $0.4 zone in the coming weeks. Across the past week, Cardano has increased its price by 2.98%.
This week, BNB has been subject to a considerable amount of volatility, which has repeatedly plunged the asset below its 7-day SMA and into a seemingly downward spiral. This comes in light of Binance’s payment partner, SWIFT, refusing to facilitate USD transfers below $100k and Binance losing a recent lawsuit in Sao Paolo, which has inevitably attracted a negative sentiment from the market. As a result, Binance saw a weekly low of $296.78 and continued to trade between the $300 and $308 region for much of the week. However, on the 24th, BNB reemerged from beneath its 7-day SMA and saw a weekly high of $322.69.
Despite the volatile performance across this week, BNB is still trading above levels seen in recent months and on a monthly scale appears to be extending the bullish upwards price trend, which could mean that the bullish momentum may be slowing, but far from a halt. It is likely in the coming week that this momentum will continue to influence BNB’s price at a slowed rate, yet it will still continue to climb in value. Across the past week, BNB has increased by 3.75%.
The cryptocurrency market is currently starting a slight recovery phase at the beginning of February. Bitcoin and Ethereum have started to trend upward and the other cryptocurrencies are becoming active. At this point, the entry into the crypto market needs more observation.