In this article, we’ll be looking at the price action for the week, I’ll share my three favourite charts of the week, and then we’ll finish with the biggest news stories of the week.
Welcome back to another big week in crypto. The market that never sleeps. This week’s top stories include Opensea capitalizing on NFT mania as sales volumes saw above 3 billion dollars rivaling even the biggest e-commerce giants.
Also, Solana rockets up to new all-time highs as competition with Ethereum heats up.
And luckily, Arbitrum, another layer 2 scaling solution for Ethereum that goes live and clocks up millions of dollars at launch.
As always lots of great stuff to cover, so, in this article, we’ll be looking at the price action for the week, I’ll share my three favorite charts of the week, and then we’ll finish with the biggest news stories of the week.
Okay, so the crypto market had a very strong week this week, growing over 12 percent. So let’s begin with the price action for the week.
Ready? Let’s do this!
Starting with the chart from last week and for anyone new, what are we looking at so? In blue, this is the Bitcoin price from the start of 2021, and I use this as a proxy for the entire crypto market. As if Bitcoin rallies, the crypto market rallies when Bitcoin crashes, the whole crypto market crashes. In red, we have the 200-day moving average as this is one of the key indicators used by many top traders. Also known as the 200-day SMA, and then in green, we have the 50-day SMA. So this highlights the big crash that we all went through this downward trend after this death cross incident. But in the last couple of weeks, the trend seems to have been reversing, and this is where we finished last week. And we now have another week of data. Read More…