Posted 2 years ago | by Ben Armstrong

Crypto Markets Slip-Bitcoin Still Up on Weekly Basis

Crypto markets are in a holding pattern, though some of the biggest tokens are losing a bit of ground. The CCI30, a measure of the world's largest 30 cryptos by market cap, has been largely flat over the last day. It has traded as high as 3,320, but has fallen to 3,255 at the time of writing.

CCI30 2 days Bitcoin Up On the Weekly

Bitcoin traded as high as $10,740 over the last 24 hours, and it has been able to maintain the price action that brought it up from last week's lows. It is currently trading at $10,615 USD, virtually unchanged from the same time a day ago.

BTC 24 hours Bitcoin Up On the Weekly

From a one-week perspective, the BTC story is more compelling. BTC prices are up more than 7% from a week ago, and have held onto higher prices. Unlike many of the other tokens, BTC's price action seems to be bullish. There are a number of positive developments in the crypto space at the moment, and BTC could be the main beneficiary of these tailwinds.

BTC 7 days 1 Bitcoin Up On the Weekly

Ethereum has been far less successful in holding onto its gains. After trading as high as $181.50 over the last week, ETH has fallen to $172.30 at the time of writing. The chart isn't very encouraging for ETH bulls, though ETH has yet to challenge the lows it logged last week.

ETH 7 days chart Bitcoin Up On the Weekly

From a longer term perspective, ETH could still be in a bullish phase. If we look at a six month ETH chart, we can see that it hasn't violated the uptrend that started in April of this year. Cryptos can be volitile, but overall ETH has created amazing return from the time it first hit the publicly traded crypto markets.

ETH 6 month chart Bitcoin Up On the Weekly

Ripple (XRP) has been in an uptrend since it hit its near-term lows last week, but it has lost ground over the last 24 hours. XRP is currently trading at $0.256 USD, down a little over 1% in 24 hours. XRP remains buoyant, but hasn't been able to summon the same bullish momentum that seems to be driving BTC prices higher.

XRP 7 days chart 1 Bitcoin Up On the Weekly

The crypto markets seem to be consolidating before they move meaningfully in any direction. Given the bullish backdrop for BTC, it wouldn't be surprising to see a move to the $11,000 USD level in the near term or perhaps even higher.

The rest of the major tokens appear to be in a holding pattern. A big buying push into BTC could drive the entire market higher, though that move has yet to manifest.

About Ben Armstrong

ef4f73e9ddeb61becab57469962fa946?s=90&d=blank&r=g Bitcoin Up On the WeeklyBen Armstrong is a YouTuber, podcaster, crypto enthusiast, & creator of BitBoyCrypto.com. Better known as BitBoy Crypto, he works hard to educate and inform the crypto community.

Ben has been involved with the world of cryptocurrency since 2012 when he first invested in Bitcoin. He used Charlie Shrem's BitInstant & lost Bitcoin in the Mt. Gox hack.

In 2018, Ben decided to go "full-time crypto" and focus all of his time and energy into expanding the reach of crypto.

If you have any questions or comments please feel free to email him at BitBoy@BitBoyCrypto.com or contact him on Twitter @BitBoy_Crypto.