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A bearish start to the week for the majors set the tone. Bitcoin Cash ABC was the only major to have managed to avoid red on Monday.
For Bitcoin, a rebound on Tuesday has supported the upward momentum of the week. Bitcoin has managed 5 consecutive days in the green to reach $ 5,400 on Saturday, the 1st time since late November.
During the day, Bitcoin hit a high of $ 5,404.8 in the middle of the morning before retiring.
By crossing the first major resistance level at 5,386.73 USD, Bitcoin returned to 5,300 USD and in a range near the middle of the day.
Due to market pressure in general, Bitcoin slid to $ 5,283.9 to reach its lowest level at the end of the day before finding support.
Well above the first major support level at $ 5,230.73, Bitcoin was able to recover at $ 5,300.
For the current week, 5 consecutive days in the green gave Bitcoin a 2.8% gain, from Monday to Saturday.
The winners,
Bitcoin Cash ABC has earned the support of the press wires among the top 10 cryptos. The news of announcements of plans to remove the listing of Bitcoin Cash SV marked an optimistic start to the week. A rise of 8.5% on Monday brought Bitcoin Cash ABC to $ 335 before settling down.
ABC's Bitcoin Cash left-back slip with a gain of 3.78% from Monday to Saturday. An early bearish weekend left Bitcoin Cash at a level below $ 300 for the first time since last Sunday.
Although Bitcoin Cash ABC found support for several cryptographic exchanges, Binance Coin was the big news of the week.
After a tense first half of the week, Binance Coin jumped 12.5% on Thursday and 11% on Friday. By managing to resist the trend on Saturday, the upward movement allowed Binance to hit $ 25.83.
For the current week, Binance Coin was up 28% from Monday to Saturday to lead the pack.
What's behind the Binance Rally?
Binance is supported as we expect a growing number of blockchain projects that are moving from Ethereum in the coming months. The old equation of supply and demand adds to Binance Coin's appeal.
One of the uses of Binance's coins is the payment of foreign exchange fees arising from the trading and withdrawal fees charged by the Binance Stock Exchange. It is the Binance coin redemption and destruction program that continues to support the upward movement badociated with the launch of Binance Launchpad.
The buy-out and destruction system should eventually reach half the total number of Binance coins at 100 m in circulation. Binance dedicates 20% of its quarterly profits to the financing of the buyback program, success stories suggest that the buyback and destruction program can accelerate.
Coupled with blockchain companies that move in front of Ethereum and start-ups exploring the platform Binance Launchpad, the situation is rosy for the moment.
The progress of the Binance team has delivered 11 incredible consecutive weeks in the green. Up 297% since the beginning of the year, Binance has increased by 502% since the beginning of December, for an amount of $ 4,1724.
The news of blockchain start-ups seeking to join Binance Launchpad put Binance on the map at the end of December.
Given the performance of the top 10 crypto, Binance could be one of the first pieces to stand out from the pack on the basis of fundamentals.
Other notable,
Elsewhere, after getting out of the top 10, Bitcoin Cash SV was down 18.8% for the current week.
The bad news could get worse if more trades start to get off the list. This week's losses were offset by a 17% drop the week before.
Ethereum joined Bitcoin, Bitcoin Cash ABC and Binance in the green. Ethereum was up 3.2%.
By market capitalization, Ethereum managed to maintain its second place. With Bitcoin Cash ABC until number 4, Binance returned to number 7. For Bitcoin Cash SV, however, the slide up to number 14 might well continue …
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