Biweekly Market Report (2020/03/16~2020/03/29)
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BTC/USD (BitMEX)
5,311 (03/16) → 4,394 (03/16) → 6,946 (03/20) → 5,683 (03/23) → 6,984 (03/25) → 6,141 (03/29) is a summary of the price movements of Bitcoin futures (BitMEX) for the past two weeks.
All price data were collected on 03/29 22:00
The cryptocurrency market began to show signs of rebound after entering March. Unhealthy prices have gradually been lifted since the bloodbath on 3/12. Bincentive believes that this rebound is directly related to the implementation of unlimited QE in the United States. The Bitcoin price slightly retreated after the upward channel on 03/25. The current price level falls in the 6,500~6,000 range. Investors need not worry too much if they fall below the lower edge of the rising channel.
ETH/USD (BitMEX)
124 (03/16) → 100.45 (03/16) → 154.5 (03/20) → 116.05 (03/23) → 129.35 (03/29) is a summary of the price movements of Ethereum futures (BitMEX) for the past two weeks.
All price data were collected on 03/29 22:00
The price of ETH has not been significantly different from that of Bitcoin in the past two weeks. From the bloodbath of 03/12 to the highest point of 154.5 on 03/20, there have been obvious signs of warming and returning to the level of last year’s average. The trend has been consistent with the overall market, but there have been signs of minor corrections in the last two days. The Bincentive trading team believes that while the market may not be making adjustments, ETH is closing in on a broader market trend at the end of March.
Binance mainstream crypto trend analysis
Mainstream cryptocurrencies in the past two weeks have had a small increase overall. The largest increase in BTC has reached 15.71%, and the slow rise has also driven other currencies. As can be seen from Figure 1, the recent waves include a wide range of consolidation. Among them, the largest increase in BTC rose to 30% on 03/25, followed by a major decline on 03/28. Half of the profits made were taken away, and the same happened to the remaining altcoins.
The cumulative rate of return (in USDT) for these cryptocurrencies in the last two weeks is as follows:
Market Outlook
Major governments have continued to make corresponding moves in times of the pandemic. With introductions for new monetary and fiscal policies, the Bincentive team believes that the current market is very volatile. The team recommends not making excessively risky investments at this time.
This article expresses an independent view of Bincentive. Bincentive is not responsible for investment profits and losses, and investors should carefully consider various investment risks.
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