Cryptocurrency Price Analysis – week 11 and YTD, 2021

Last week, cryptocurrency markets were mixed, although more skewed to positive performance among most of the top 50 coins by market cap (see chart).

A relatively quiet week in the crypto markets as Bitcoin briefly traded above the $60K level before selling off. There was no clear catalyst for Bitcoin trading near its all time highs, however following the announcement of the latest US fiscal stimulus package, a survey from Mizuho Securities showed that nearly $40B of the $380B in direct stimulus checks could be used to purchase Bitcoin and stocks.

The trend of Bitcoin receiving further adoption and inflows by institutions has continued with Morgan Stanley being the latest to offer it to its high net worth customers, while Grayscale has branched out to launch more trusts to focus on smaller cryptocurrencies. Brazil has approved the fourth Bitcoin ETF while Visa is working on enabling Bitcoin payments.

Among the winners were BTT and TRX which are subject to trading competitions on Binance and Huobi exchanges.  Others got a boost from Grayscale’s launch of five new crypto trusts, including chainlink (LINK), basic attention token (BAT), decentraland (MANA), filecoin (FIL), livepeer (LPT).

Bitcoin (BTC) and Ethereum (ETH) were down -2.4% and -3.5% (versus prior week’s 16.4% and 7.8%), respectively, hovering near their ATH.

Read our technical analysis of top coins under Curated Charts section.

Also, last week we published two trading videos (TRX, THETA).

Source: altFINS.com

Decentralized Finance (DeFi) – Total Value Locked (TVL) increased by 12.4% last week to $43.1B, near its peak of $45.5B (Feb 2021) but is still up 175% YTD.

 DeFi cryptocurrency prices were up modestly as total DeFi category market cap increased 2.5% last week and is up 303% YTD (i.e. ~ 4x).

Source: DeFiPulse

Source: altFINS.com

Check our unique automated chart pattern recognition for fresh trading ideas. Also, during market corrections, it’s always good to revisit coins in an Uptrend but with a pullback. Our Signals Summary has this and other pre-defined filters ready for action.

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Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. There are risks associated with investing in cryptocurrencies. Loss of principal is possible.