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Weekly Cryptocurrency Market Brief

Bitcoin continued its upward movement over the past week. It printed large green bullish candles followed by successive smaller red candles acting as small and expected retracements in the daily time frame, but in no way reflecting any loss of market control by the bulls. Market sentiment has been positive, as the price inches towards the pivotal psychological level at $50,000 per Bitcoin.  With Bitcoin currently sitting on top of the $46,500 support level, the altcoins have picked up the pace with respective moves to the upside.

Solana (SOL) has made massive gains over the past week. It broke to a new all-time high today (16 August 2021), reaching $64.5 per token. This represents a huge 100% gain from its price level at the turn of the month, when it traded at just over $32. Having built a solid market structure since the spring, it appears now to be initiating a parabolic move to the upside. This represents a historic move for Solana, as it has eclipsed the previous all-time high at $58.6 per token, which it registered on May 18, 2021.

Elrond (EGLD) has had an emphatic surge in price over the past month. Trading at $65 on July 20, 2021, it experienced a meteoric rise, reaching $140 on August 10 and consolidating since. This 115% increase in price comes in the wake of positive market sentiment with Bitcoin’s price rise, after having consolidated in the $50-120 price range for months, having previously fallen from the highs reached in April and May 2021. A break above the $150 resistance level would pave the way for a move towards the significant level of $200 per token, representing the high reached in April.

Gate Token (GT) has also risen significantly over the past few weeks. Trading as low as $2.5 on July 20, 2021, the bullish engulfing candle which followed the next day set the path for a dramatic rise to $4.9 per token, representing almost a 100% increase in price. A break over $5 would pave the way for a run to $10, as well as the all-time high reached on May 12, 2021, at over $13. The current price levels are the highest prices reached by Gate Token since early June, which was just after its price capitulation during the cryptocurrency market collapse in May.

(Note: The above thought piece covers the wider VA industry, and may not be an activity that Arabian Bourse Limited (ABX) is looking to be licensed to undertake.

ABX has received in-principle approval from Financial Services Regulatory Authority of Abu Dhabi Global Market (ADGM) and is currently in the process of obtaining an FSP. ABX aims to be the first of its kind fully regulated, virtual asset MTF and custodian in the region focused on institutional and retail investors.)

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