Crypto Daily: Top-5 Portfolio is Stagnating

Jun 17, 2021
07:06
2 min reading

Choise.com team

Last week, portfolio volume declined by 4% to $47,833. However, the past week brought many positive developments for bitcoin and the cryptocurrency market. Let’s take a look at how this affected our portfolio:

Over the past week, the value of the portfolio remained practically unchanged, as the 0.21% growth is only a witness to the market’s stagnation. However, in all this, Bitcoin can be distinguished, which became the only coin from the portfolio that showed positive returns during this time. All this indicates that capital is now actively flowing from altcoins to bitcoin and stablecoins.

BTC price rose nearly 5.5% and even hit $41,000 on Tuesday. However, buyers could not immediately gain a foothold near this level and rolled back down. The chart is in an ascending channel and is likely to test the $40,000 level again in the coming days. If the price holds near it and consolidates higher, Bitcoin can rise to $48,000 quickly.

LTC price remained practically unchanged and remained at around $171. The chart has continued to move in the $155 – $180 range in recent weeks. Trading volumes have dropped significantly, and trading indicators are showing slow growth. This indicates the weakness of buyers in the current market. Predicting these moves is always a 50/50 lottery. So now the best solution is to wait.

XRP price continues to fall and is down 5.2% this week. A descending triangle pattern has formed on the chart. The immediate major support is around the $0.80 mark. This is where buyers provide strong support. However, so far, we do not see any positive moments for the growth of the price of this asset. Therefore, the expectation is a decline to the target level with a possible breakdown of up to $0.65.

ETH price fell 6% this time. The current cryptocurrency chart still looks pretty weak, especially against the backdrop of the rise in bitcoin. There is a possibility that Ethereum has formed a downtrend in this sideways movement. If the buyer fails to maintain the $2,200 level, then the chart may drop all the way to $ 1,800. We consider the current alignment to be the most probable at the moment.

CRPT declined again, and its price broke the $0.20 mark. However, in the last 3 days, the price has stabilized around the $ 0.195 mark. Volumes have also increased slightly, which may indicate the emergence of interest in the coin. So far, this is the only coin in the portfolio that has a chance of good growth in the coming weeks.

Despite the strong divergence in movement between bitcoin and altcoins, there have been no major changes in the portfolio. The shares of all assets are within acceptable limits, and therefore we will not rebalance today.

Now there is a feeling that the market has calmed down and is waiting for the next big news. However, there is a weakness in the market, both for bitcoin and many large altcoins. So trading now is an extremely risky business.