$BTC 24 Hour High $18,616
$BTC 24 Hour Low $17,671
Happy Monday from HKbitEX!
A 35-month BTC high, peaking at almost $19,000 last week, ETH breaks $500, XRP up by 46% over the weekend, an overall 16.6% increase on the market cap of the top 100 cryptocurrencies.
Again we see continuous institutional adoption and attention amongst the market, from Citibank, Deutsche Bank to Blackrock down to billionaires like Ricardo Salinas Pliego – expecting more. A big applause to those who own digital assets in their portfolio!
The BTC and ETH market
BTC traded between $16,564 and $18,932 over the last week, another all-round high since January 2018. We see strong resistance right before the $19,000 levels where volatility steps in, causing a retest of the $17,400 support levels stabilizing around the $18K level. From a technical analysis, there are a couple of resistance barriers ($18,950, $19,400, & $19,660) that BTC has to overcome before falling back to the January 2018 high.
ETH jumped by around 25% over the week, finally breaking the long-term resistance barrier entering the $500 range once again- the first time since 2018. We are still expecting high momentum within the ETH market, a potential push might move the market across the next resistance barriers to $600.
ETH2.0 update, at the time of writing, 279,296 ETH has been staked in the ETH2.0 deposit contract (increasing only ~20% since last Friday), indicating that only another 244,992 ETH is needed to launch the Beacon Chain.
Citibank Group’s Global head of Citifxtechnicals product, Tom Fitzpatrick, mentioned in a recent Bitcoin (BTC) technical analysis reportedly prepared for its institutional clients that “Gold has restrictions such as storage, non-portable, and could possibly be even called ‘yesterday’s news’ in terms of a financial hedge. Bitcoin is the new gold.”, expecting a potential high of $318000 by 2021.
A couple of days after, Deutsche Bank’s Jim Reid, MD, Head of global fundamental credit strategy, also mentioned that “There seems to be an increasing demand to use bitcoin (+150%) where gold (+22%) used to be used to hedge dollar risk, inflation, and other things,”.
The view towards BTC and Gold has been further emphasized by Rick Rieder, Blackrock’s Chief Investment Officer (CIO) of Global Fixed Income, who mentioned in his CNBC interview that he thought “cryptocurrency is here to stay” and agreed to a large extent that BTC could replace gold as “it’s so much more functional than passing a bar of gold around.”
In the meantime, we start to see more and more billionaires holding BTC in their portfolio, after Paul Tutor Jones and Stanley Druckenmiller, this time we have Mexican billionaire Ricardo Salinas Pliego, the founder of Grupo Salinas, who declared that he had
10% of his liquid portfolio invested in BTC.
DeFi perspective, we have an overall green week for the Defi tokens, with a total value locked now surpassing $14.3B.
Some of the top 100 DeFi tokens have shown a massive upside gain of around 30%. At the time of writing - Yearn Finance (YFI) is up by ~30%, from $19,476 to $25,848 , Aave (AAVE) is up by ~13% , from $63.3 to $71.8, Reserve Rights Token (RSR) is up by ~33%, from $0.0172 to $0.0229, Sushi (SUSHI) is up by ~53%, from $1.08 to $1.65, and Curve DAO Token (CRV) is up by ~13%, from $0.693 to $0.783.