Crypto Market Week In Review - February 7, 2020

in LeoFinance3 years ago

Sunday morning is a great time to take a second and look back at the weeks events.

Market Direction

The first week in February was very good to the crypto market although it looks like there has been some profit taking in the last 24 hours.

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Action In The Top Ten

Bitcoin is up 14% for the week despite being down nearly 3% in the last 24 hours. Ethereum has had a good week too, up 18% for the week although it too is down 4% in the last 24 hours.

Tether still holds the #3 spot and unsuprisingly is little changed for the week (up 0.5%).

The action for the week has been in the #4 spot. XRP appears to have been a victim of a pump and dump that say its shares double early in the week only to have it come crashing back down a day later.

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At the same time, Cardano (ADA) has had a great week up nearly 85% for the week and has now taken the #4 spot for the time being.

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Winners

Again it was a very good week for the cryptocurrency market with nobody in the red in the top 10 and only 8 of the Top 100 seeing a down week.

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The big winner for the week in the top 100 goes to UMA which is up 160% for the week.

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My alt coin to highlight for the week is Dogecoin (DOGE). Doge has had an excellent year up over 2000% for the last 365 days, with most of that coming in the last month.

Losers

Losers were few and far between for the week, but there were a few. The biggest loser of the week goes to the Voyager Token (VGX) down 18% for the week.

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Alt Coin Spotlight

My alt coin to highlight for the week is Dogecoin (DOGE). Doge has had an amazing year, up 2000% for the last 365 days, with most of that gain coming in the last month. If anyone knows some news about why DOGE is moving so much I'd be interested to hear it so please drop a comment below. It is the potential for gains like that which draw so many people to cryptocurrency trading.

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Good Luck This Week

Here is to hoping that we all have another great week in the cryptocurrency market and that all your trades are profitable.

Drop me a note with some alt coins you are following. I'm always looking for the next great alt coin.

@captaincryptic

Posted Using LeoFinance Beta