The best cryptocurrency of this week is…
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The best cryptocurrency of this week is…

By Federico Izzi - 10 Aug 2019

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This week Bitcoin emerges as the best cryptocurrency, increasingly establishing itself as digital gold and scoring one of the biggest rises of the week.

Source: COIN360.com

The falls at the beginning of the week showed that the sentiment that has prevailed so far throughout 2019 is at a turning point for the global stock markets and this is reflected in the cryptocurrency sector, in particular on bitcoin that was identified as a safe haven asset.

Both gold and bitcoin show a return to the record highs of the year. In particular, physical gold has gone above 1,500 dollars, a level that has not been recorded since April 2013. 

Bitcoin chart by Tradingview

Bitcoin closes the week with a 13% increase on a weekly basis from last Friday’s levels. Of the top 30, it is the best rise, surpassed only by the excellent performance of OKB (OKB), which rose by more than 30% from last Friday’s values.

Monero chart by Tradingview

The other best rise in the top 30 is that of Monero (XMR), which on a weekly basis sees its prices rise by 10%, highlighting how, among the main altcoins, it is the other one that has managed to benefit from the bullish movement of recent days.

The volumes of the last week, despite the summer month, are the highest since July. This shows how investors are following the trends of the crypto sector, with particular attention to the queen of crypto: bitcoin. 

Bitcoin, in fact, after more than 2 years, regains 70% dominance, a level it has not seen since March 2017. T

Ethereum chart by Tradingview

his has a negative effect on all the other altcoins and in particular on Ethereum (ETH), which falls below the dominance threshold of 7.5%. On a weekly basis, Ethereum loses 3%, while Ripple loses 5% and its dominance slips to 4.3%, lowest levels since December 2017.

Ripple chart by Tradingview

Among the best, thanks to the increases of the last 48 hours, there is Binance Coin that registers a positive trend on a weekly basis with a +6%. BNB’s prices regain the threshold of 30 cents.

Worst cryptocurrencies of the week 

On the other side, the worst falls of the week are those of Enjin Coin (ENJ) and Zilliqa (ZIL), both losing about 25%. 

This is a downturn that weighs on the strongly bearish trend from the highs reached last June. Adding these falls to the previous ones, both are down by more than 70%.

Zilliqa chart by Tradingview

Zilliqa is marking the absolute lows, determined by the lack of investor confidence. In recent hours, the CEO and founder of Zilliqa has announced that he is no longer in charge of the project and is about to launch a new initiative, Thunder Protocol, and this negatively affects the price of Zilliqa, which falls to historical lows at $ 0.008.

Enjin Coin chart by Tradingview

Enjin Coin, following the glories of last March, which saw this unknown token rise to prominence as part of a possible wallet project supported by Samsung, today sees its prices fall again just above the threshold of $0.06, levels of last summer 2018. A decidedly negative trend.

Litecoin chart by Tradingview

Litecoin completed the second halving of its history on Monday, August 5th, cutting in half the mining reward from 50 to 25 LTC. However, this did not bring any particular benefit to the price that at that time exceeded the psychological level of 100 dollars, but then in the following hours saw the return of bearish speculation. 

In the last 72 hours, Litecoin fell close to the threshold of 85 dollars. A drop from the maximum levels reached at the end of June, 145 dollars, recording a downward movement of more than 40%. Litecoin on a weekly basis lost about 12%, a decline that led it to lose the 4th position in the ranking achieved in mid-July, which now was regained by Bitcoin Cash (BCH).

 

Federico Izzi
Federico Izzi

Financial analyst and independent #trader – S.I.A.T. & Assob.it partner. He operates actively on stock and derivatives markets (futures and options) since 1997. A precursor of cyclic-volumetric analysis he is known for having identified the most important upward and downward movements in the financial markets of recent years. He participates annually as a speaker at the ITForum in Rimini since the 2010 edition and InvestingRoma and Napoli since the first edition of 2015. He is a guest and market expert on the "Trading Room" and "Market Driver" broadcasts of Class CNBC, Borsa Diretta.tv and on the evening news of Traderlink. Since July 2017 he is a permanent guest on LeFonti.TV, the only weekly national space dedicated to cryptocurrencies alongside the most important international experts in the field. Since May 2017 he is officially a Bigbit technical analyst. He was interviewed as a #cryptocurrency expert for Forbes Italia, Panorama, StartupItalia and DonnaModerna. He was recognized as the first Italian technical analyst to have published the first secular cyclic analysis on #Bitcoin. Periodically publishes articles on ITForum News, Sole24Ore, MILANOFINANZA, TrendOnLine and Wall Street Italy. Federico Izzi is... "Zio Romolo".

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