TL；DR
In the past week, the crypto market has continued to rise, but unlike the previous two rounds of significant increases around Bitcoin and Ethereum, most secondary currencies have achieved good gains this week. This Friday, major mainstream currencies saw mixed gains but continued their recent trend of generally rising prices. The total amount of funds in the crypto market has not changed much, currently maintaining around $1.31 trillion. At present, the top five cryptocurrencies in the total market value of the crypto market are Bitcoin (BTC), Ethereum (ETH), Binance (BNB), Ripple (XRP), and Solana (SOL).
In the past Friday, major currencies have shown a fluctuating upward trend, with varying fluctuations. This article will study the performance of major assets, explore the factors that affect their price trends, and conduct corresponding analyses to predict their future short-term price trends.
Bitcoin（BTC）
Bitcoin has risen by approximately 1.68% this week and is currently closing near $34,979, approaching a key resistance level of $35,000. In fact, Bitcoin approached the $35,800 price mark at its highest point this week, and although it has been mainly volatile since its opening, it has remained above the $34,000 price. Unlike the external perception of the recent pullback of the currency, Bitcoin has maintained its current price range and shown a normal pattern of box market fluctuations based on its weekly trend. Currently, it is likely that the currency will continue to exhibit a volatile market around $35,000 in the future.
Analysis suggests that the price trend of Bitcoin this week has entered a relatively stable fluctuation period compared to the previous two weeks. Although there are still ups and downs, they only maintain a small range of regular price fluctuations. Essentially, during this market cycle, Bitcoin has completed its role as a stable value asset, driving the upward trend of other secondary currencies, resulting in a corresponding decrease in liquidity and a temporary difficulty in experiencing significant price changes. This is a reasonable scenario. The rise in mainstream currencies this week has been concentrated on secondary currencies, and the situation in Ethereum is similar to that in Bitcoin.
Bitcoin Price Data (Data Courtesy of CoinMarketCap)
Ethereum（ETH）
Ethereum rose 5.52% this week to close near $1,883. Within this week, Ethereum began to show strength, and although the price trend curve was similar to that of the special currency, it rarely fell below the opening price. Over the weekend, it reached a one-week high of $1,896. Although the opening price of this week was $1,789, which showed significant fluctuations, the currency price has generally entered a new price range, and further price increases can be expected in the future.
Presently, the price trend of Ethereum has once again entered the cyclical fluctuation state before the previous price of nearly $2,000, with continuous fluctuations and a generally stable curve in the long run. In last week’s forecast, there was a mention of the issue of reduced liquidity in Ethereum. In fact, the situation of this currency last week was that most stocks had not yet made significant effective actions against market conditions, and it actually showed a trend of following up this week. With the active eco of Ethereum, the demand for Ethereum is gradually increasing. In the long run, returning the currency price to around $2,000 will be a phased market goal.
It is still a probability that the Ethereum currency will continue to fluctuate and rise in the next week or two, but the magnitude may not be too large. Currently, there is still a considerable probability of a pullback in mainstream currencies, and the impact of external factors may be more noteworthy.
Ethereum Price Data (Data Courtesy of CoinMarketCap)
Binance（BNB）
BNB rose 7.33% this week and closed around $243. The market fluctuation of BNB was relatively stable before the weekend. After entering the closing stage of the weekend, as the prices of several mainstream currencies rose and trading circulation increased, the price of BNB quickly rose. The high point of the price this week is close to $245, while the low point is around $224.
Analysis suggests that the price trend of BNB this week is influenced by the trading and circulation of various currencies on the Binance platform. Due to the rise of various secondary currencies on Thursday and Friday, BNB prices showed a follow-up trend over the weekend. However, at the current closing stage, all major currencies that can be seen have started a new round of volatility and are relatively stable. Therefore, the price of BNB is likely to experience a slight correction trend, with key support levels at $235 and $240, which can be maintained with appropriate attention.
BNB Price Data (Data Courtesy of CoinMarketCap)
Ripple（XRP）
XRP rose 16.5% this week to close near $0.6511. The price of XRP has shown a very good upward trend with the overall market trend. The high point of the currency within a week is around $0.65 at the closing stage, while the low point is $0.55 at the opening stage. The price curve shows a progressive upward trend.
Analysis suggests that the rise of secondary currencies this week is the mainstream trend in the market, and as one of the mainstream currencies, XRP has also been impacted by this round of the market. Although it is currently impossible to predict the timing of the currency’s recent pullback, it can be said to be a high-probability event. The price of XRP is deeply influenced by the market situation, and after the rise of the secondary currency slows down slightly, the price of the currency is likely to slightly drop to around 0.6 US dollars.
XRP Price Data (Data Courtesy of CoinMarketCap)
Solana（SOL）
SOL rose 24.67% this week to close near $41.29. The price of SOL continued its upward trend, starting from the opening price of $33 and continuing to rise. Within a week, the high broke through $45, and the price trend was relatively flat, which can be said to correspond to the general bullish sentiment in the market towards SOL.
Analysis suggests that SOL’s performance this week not only continued its recent upward trend, but also was affected by the upward trend of secondary currencies caused by the rise of Bitcoin. The impact of the crypto market cycle this week is significant, with a deeper impact on SOL. At present, SOL has shown a slight correction, and the upward trend has eased. The market’s overall upward trend is likely to temporarily weaken in the next week or two. The price of SOL may not be maintained above $40, but $35 will become a relatively strong price support level.
SOL Price Data (Data Courtesy of CoinMarketCap)
What is to come?
This week, the price performance of BTC, ETH, BNB, XRP, and SOL continued to rise compared to last week, with key price points further elevated. Thanks to increased liquidity, the secondary currency has shown a clear upward trend, and a pullback trend has been shown. Next week, the prices of various mainstream currencies will return to a stable trend, which is a high-probability event. The price trends of several mainstream currencies in the short term have been explained separately, but the temporary impact of news factors cannot be ruled out. More accurate information needs to be obtained through daily market movements.
