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José Guadalupe Posada José Guadalupe Posada José Guadalupe Posada

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Weekly Crypto Market Update

BTC $31,907 | ETH $1,913 | XRP $0.59 | Total Market Cap: $1,299 Billion

It was a tough week price-wise in the cryptocurrency market. The total capitalization lost around $100 billion as every single coin from the top 20 is in the red. Some lost more than others, but we’ll get to that later.
Kicking it off with Bitcoin. It had a relatively calm week, and even though it’s down about 3% over the period, it’s still not as bad as a lot of the altcoins. BTC was trading at around $34,000 last Friday, and apart from a brief positive spike on Monday, it was all downhill from there. Towards the beginning of the working week, the cryptocurrency started plummeting to reach as low as $31K. At the time of this writing, it’s trading at $31,900.
However, it’s worth noting that the range within which BTC is trading is getting thinner. As reported earlier in the week, the Bollinger Bands – an indicator measuring the price’s standard deviations relative to an SMA – are squeezing hard. This is a typical precursor to a huge move. The last time they were at the current rate was all the way back in October. At the time, the cryptocurrency was trading at about $10K, and there was a massive breakout to the upside that followed.
Another serious event that may explain why the market is so stagnant and indecisive right now is the massive unlock of GBTC shares this Sunday.

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I use leading financial principles in all the work I do with clients. The outcome is an extremely diversified, high-yield portfolio, strategically designed to optimize risk return ratios as often as possible. I help to analyze various investment scenarios, and work closely with each client in order to select the best options.


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