Cryptocurrency Market Analysis [July 19]
Practical Investment Articles on Cryptocurrency July 19日
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【Cryptocurrency Market Analysis】
The price fluctuations of cryptocurrencies since last week
(over one week) are summarized as follows
Display: current price (change from one week ago)
Bitcoin3,040,000 yen (10％）
Ethereum213,000 yen(42%）
Binance Coin36,000 yen(16％）
Ripple49 yen（15％）
Solana6,400 yen(38%)
Cardano68 yen（14%）
Polkadot1,080 yen（20%）
Avalanche 3360 yen(40%)
Uniswap1,000 yen（36%）
ICP 1,021 yen（18％）
Bitcoin rebounded from 2.7 million yen last week and reached 3 million yen.
Bitcoin Chart
Bitcoin watchers consider the $20,000 level important, and with this rise the price has moved above $20,000.
However, on the chart it does not seem to have decisively broken above the range (the red-lined area).
And the red circle on Bitcoin’s daily chart represents a major price area, and it still appears that it has not yet broken above as resistance.
Next, let’s look at the weekly chart (this is in USD terms)
It has broken through the $20,000 milestone, but it sits just below the 200-day moving average (orange) and has not yet clearly moved above the moving average.
Some investors see a rebound from the bottom, but with ongoing monetary tightening, it remains unclear at this point.
Commodities such as wheat and crude oil have fallen, perhaps influencing judgments, but personally I can’t discern a clear direction yet.
Next, we look at Ethereum’s weekly chart after its large rebound.
Ethereum has rebounded strongly, surpassing the 200-day moving average and the all-time high in 2018.
For the week, finishing positively may be crucial to determine whether it has truly broken above the moving average.
Also, the Ethereum merge (POS introduction) is expected in September this year.
I’m not sure if this news caused the rise, but looking at past market movements,
the winter era begins
→BTC falls sharply (ETH does not fall easily)
→ETH and altcoins fall sharply (BTC does not fall easily)
→Range (alts keep falling)
→ETH rebounds strongly (this is where we are now; alts have not yet followed much)
That is the impression I have.
In fact, Ethereum’s ecosystem is becoming active mainly aroundL2,L2 tokens such as those with issued cryptocurrency,optimism, andarbitrum,starkwareare planned for issuance, and this momentum is expected to continue.
In terms of price increases, Ethereum-dominant high market capEMV (a platform compatible with Ethereum) and currencies like Polygon appear to be rising.
The New York Yankees adopt a system to pay salaries inBTC.
The MLB’s New York Yankees (MLB) of old established teams announced on the 14th that it has signed a multi-year contract with the cryptocurrency investment firmNYDIG. This will introduce a new payroll system paid to employees in Bitcoin (BTC).
New York has also had news that the mayor receives salary in Bitcoin.
Receiving Bitcoin at this timing is not a bad time for dollar-cost averaging into Bitcoin.
We will be watching how this will perform in the future.
