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- Dgenz Crypto Weekly 004
Dgenz Crypto Weekly 004
Your go-to newsletter for crypto market updates, trends and analysis brought to you by DgenzNFT.
The Weekly Ledger
Weekly Snapshot
Market & Economy Overview
Bitcoin is attempting to start the new week on a positive note by rising above the $92,000 resistance and heading back to test the highs once again. Even now we are still seeing big players like MicroStrategy add to their bags. They recently announced that they had acquired 51,780 $BTC for roughly $4.6 billion which now takes their total holdings to 331,200 $BTC. Bitcoin also managed to take out another huge milestone and surpass the market cap of Saudi Aramco, the largest oil producer in the world. However, the one coin taking over the timeline this week has been Ripple ($XRP) after it surged over 150% and reached $1.27. The huge run was fueled after news had leaked that Ripple's CEO, Brad Garlinghouse, met with Donald Trump.
Crypto Insights: Weekly Charts
TOTAL2
This week started off strong with the long awaited daily close above that major resistance we have been facing for the last week. We also now have gone to retest those levels but are still waiting to see whether todays candle can manage to successfully hold the line and close above resistance again. Although this would fuel the bullish sentiment it would only be short-term. We will likely still chop around these levels until we manage to see a daily close above those highs from back in March.
The TOTAL2 chart shows the market cap of all cryptocurrencies excluding Bitcoin, offering insight into the altcoin market's health. A rising TOTAL2 often signals increased interest in altcoins, while a decline may indicate a shift back to Bitcoin or reduced altcoin investment.
USDT DOMINANCE
For the last week $USDT dominance has just been sitting inside in this key area of support at 4.25%. Not only that, but our previous weeks close also retested the weekly trendline for the first time since March earlier this year. If we don't lose this support and we bounce here again then we are going to see a lot of red across the market as people begin to take profits and stable up as the festive season begins.
The USDT.D chart shows the market dominance of Tether (USDT), indicating the proportion of crypto market value held in Tether and reflecting investor sentiment towards risk, as higher dominance often signals a move towards stability.
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Spotlight: Token of the Week
$TAO
In our Dgenz NFT discord we called Bittensor when it was just $430 at the beginning of the month, then we rode it all the way up past $620 for a 45% gain! Wanna know the best part? You can still cash in on this play, we're not just showing you this to brag and cause FOMO, because right now you have a perfect opportunity to enter while it's back sitting in this key area of support.
This is not financial advice. Please conduct your own research and trade responsibly.
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