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This week at the cryptocurrency market. Read to learn about the trends for February 3 - February 9, 2019.
BTC prices fell midweek but jumped significantly during the weekend. BTC activity levels have hit late-2017 levels and the market is looking energetic. The across-the-board growth in the crypto market is thought to have been spurred by LTC's huge growth bringing the rest of the market up with it. However, some remain skeptical as the level growth is disproportionately large when compared to its cause. It still remains possible that investors are being misled by an artificially high jump in price. That possibility also introduces the risk of a sharp drop that is surely soon to follow. Discretion is still advised.
BCH also benefitted from the market's weekend growth. However, caution is still advised in the current market climate as other investors could be artificially driving the growth. Investors buying now could get caught in a steep drop as other investors cash out when the growth peaks. The stability of this growth remains in question.
LTC also induced BTG's growth this week. As a result, BTG surpassed its late-December 2018 resistance level. This could be the beginning of a positive trend. On the other hand, there is no indicator that this growth will continue.
No major changes
ETH also rose sharply after a midweek drop. ETH managed to approach the Ichimoku Cloud during daytime trading but unfortunately could not break inside. If the candlesticks manage to get inside the cloud, that will be an indicator of positive change to come. ETH will be a good position if this growth remains stable, but more monitoring is necessary.
XRP experienced the same trends as the rest of the market albeit in a smoother fashion. Simply put, XRP's week was less volatile than other cryptocurrencies. XRP also continues to expand its payment network, and if it establishes itself, there is limitless potential for the system. Ripple's dedication to continuing its initiatives regardless of XRP price movements may play a role in XRP's relative stability as a currency. It also managed to slightly exceed its early November 2018 resistance level, so XRP is looking healthy going into next week.
LTC had been growing steadily since last week, but this week's midweek drop put a damper on the positive mood. That mood improved significantly when LTC and BEAM announced their new cooperatively relationship spurring the weekend's unprecedented growth. LTC is also trending inside the Ichimoku Cloud as all indicators point towards future growth and a strong buy signal.
The information posted in the Cryptocurrency Market Report is for informational purposes only and is not intended to be any solicitation for investment. This report was created based on sources deemed reliable at the time of edit. Bitwallet is not responsible and does not guarantee the accuracy, completeness or timeliness of the content and information. Investors must exercise their own independent judgment when making any investment decisions.
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