As the crypto market shows green signs, the last day of the week sees the world’s stock markets continue to be in a bearish vortex, with strong downward movements particularly for the European indices, which are dropping more than 4%.
For the stock markets, the S&P 500 has been losing 10% since the beginning of the year, the European Eurostoxx is losing around 14%.
The cryptocurrency sector, on the other hand, is holding up well with a prevalence of green signs and is about to end a very positive week.
Of the top 20 on a weekly basis, only two have negative signs, just below par. They are Monero (XMR) and Huobi Token (HT) in 15th and 16th position, both losing 0.5%.
Tezos (XTZ) and Chainlink (LINK) in 10th and 11th position, are the protagonists of the week with important movements. In particular, Chainlink scored an all-time high of almost $5 yesterday.
From the lows of the beginning of the year to the highs of yesterday, when it reached $4.98, Chainlink scored an increase that tripled its value.
Bitcoin (BTC) and Ethereum (ETH) are also starting to end the week very well, both with a 5% rise.
These are important signals in a particularly depressing period for what is happening in traditional markets and beyond.
Even oil, which is collapsing, has lost 30% since the beginning of the year. Other sectors such as tourism and travel are recording losses for some companies as much as 40-50% from the highs of a few weeks ago.
In this context, the cryptocurrency sector is giving a signal of strength. With levels holding steady when all markets were flooded with massive sales, the first week of March begins to balance the forces and positions of investors.
In addition to Bitcoin and cryptocurrencies, gold is once again closing in positive with quotations at $1,650 an ounce in the last few hours.
The week holds strong, however, volumes are far from the average recorded at the end of February, when daily trading had risen to over 200 billion dollars on some days, while today we are at 140 billion dollars, far from the highs at the end of February, but higher than the trading average recorded in the last quarter and in the first part of January, with volumes on some days even below 50 billion dollars.
The dominance of Bitcoin in this phase remains at the average levels of the week, close to 64%. Today, Ethereum is trying again to regain the 10% threshold. Ripple, despite the increase of 1.2% during the day, sees the dominance close to 4%, the lowest level of the last month.
Bitcoin continues to aim at regaining the $9,200 threshold that it has tested in the last few hours, a threshold that until the breakage at the end of February was a support that has now become resistance in the medium term.
A climb above this level would give the first sign of the beginning of a new bi-monthly cycle. It is necessary to maintain the resilience of $8,500, a level tested over the previous weekend that moves towards the same level as the bullish dynamic trendline that continues to support the trend.
Despite lagging behind Bitcoin but in a stronger and more consolidated upward mid-term trend, Ethereum returns to test the $240.
In order to give a first real signal of reversal of the medium term, it is necessary to regain the $255. Ethereum has wide margins of oscillation and manoeuvre: in case of downward movement, it is important not to go below $215-210.