Cryptocurrencies ready to ride a historic bull market?
Julien Moretto – 29 Jul 2020
Finally! Volatility is back on the biggest capitalizations of the cryptocurrency market! Since last Thursday, Bitcoin is up 18%, reaching the €9400 ($11,000) level. Ethereum is even more impressive, with +30% in a few days, to reach the €275 ($320) level. The volumes observed in recent weeks on the “small caps”, and particularly those linked to decentralised finance (DeFi), now seem to be shifting to the largest market values.
Profit-taking on stocks linked to DeFi is real, with for example Compound down 16% and Aave down 9% over the week. But we will see that assets such as Chainlink are already at interesting levels of buybacks. One question is now on everyone’s lips: is this the start of the long-awaited long-term bull market? We will see in this article that significant technical resistances remain to be overcome on Bitcoin but that this bullish exit after a stabilization of more than two months is very positive. European investors will also remain cautious due to the volatility that is also raging in the Euro/Dollar pair, as the value of the dollar has been particularly weak in recent weeks.
- According to CoinGecko, market capitalization is exploding, at $330 billion, up from $281 billion last week. That’s impressive.
- Bitcoin’s dominance is up to nearly 64%, compared to 61.5% last week. The Altcoins are losing ground
- The best performance of the top 50 is to be attributed to Elrond (ERD) with +64% over the week.
We invite you to discover our video analysis (in french and dated from July 28):
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