Last time, the value of our portfolio fell by almost 20% in a week and this was in line with the overall downturn in the market. Over the past 7 days, the situation on the crypto market has changed for the better. Let’s see how this affected our portfolio:
This time, the value of our portfolio has increased again. Over the week, its value increased by $2,500, or 6.7%, and again crossed the $40,000 mark. Most cryptocurrencies have shown strong growth, which has significantly increased their value. For the first time in 8 weeks, we are seeing positive dynamics and a small rebound in the crypto market. Prior to this, the market had been steadily declining since the beginning of May.
The growth leader this time was Ethereum, the price of which again crossed the $2,000 mark and increased by almost 18% in a week. First of all, this is due to positive expectations from the London hard fork, which is to take place in July. The chart is now fixing above the key level of $2,200 and after that, it may rise another 20% – 30% up to the range of $2,600 – $2,800.
LTC shows a steady growth, the price of which increased by 12%. However, despite this, the chart of the coin is clearly in a downward channel and is in no hurry to go up from it. The trading volumes for the coin have dropped significantly, which makes it easy to manipulate the rate. This week’s growth can be called a bounce, or as they like to say in financial circles, “the jump of a dead cat”.
It was followed by XRP, which rose 7.57%. 2 weeks ago, the chart of this cryptocurrency fell under the uptrend and consolidated under it. Now we are seeing a small rebound and a retest of the uptrend. Along the way, a rising wedge has formed on the chart, which is a negative sign according to classical technical analysis. It is extremely difficult to predict in which direction XRP will move now, but the likelihood of a fall at the moment is greater.
Bitcoin has grown by 6.73% over this period of time and is now near the $34,500 mark. Here the situation looks more positive. The chart has broken through the downtrend from the bottom up and is fixed above it. Indicators also point to continued growth. All this could lead to a new price increase of up to $40,000.
CRPT was the only asset that declined this week. A descending triangle has formed on the chart over the past two months and the price is moving within it. At the same time, many indicators point to the strongest oversold CRPT, which is an excellent investment option. Make your first CRPT purchase with zero fees using your bank card.
This week, the shares of our assets in the portfolio have changed within acceptable limits, so we will not rebalance them.
The past week turned out to be positive for the crypto market and many coins showed good growth. However, it should be noted that the previous time the market fell by 20%, which means that the current growth can only be a temporary rebound. In general, the market situation remains unstable.