5 Coin Weekly Forecast | BTC ETH XRP BNB SOL
TL；DR
In the past week, the crypto market has mainly maintained a volatile trend. However, due to the impact of news factors, such as the Binance defeat, the market experienced a short-term dip during the 22nd period. However, most mainstream currencies immediately returned to their original price range, with Binance being the most deeply affected. The closing prices of most other mainstream cryptocurrencies were mainly slightly higher than the opening prices. At present, the total amount of funds in the crypto market has increased compared to last week, rising from around $1.39 trillion to around $1.43 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).
Past Friday, major currencies have mainly maintained a volatile trend, with varying fluctuations. However, the amplitude is no longer as large as in the previous two weeks. This article will study the performance of major assets, explore the factors that affect their price trends, and conduct corresponding analysis to predict their short-term price trends in the future.
Bitcoin（BTC）
Bitcoin has risen by about 2.23% this week and is currently closing around $37,431, with significant volatility. Bitcoin reached a peak of $38,317 this week, but did not maintain this price range and quickly returned to below $38,000 as a volatile trend. Impacted by external news, the price of Bitcoin once fell below $36,000 in a short period of time, but the callback speed was very fast, and even after the Binance incident, the coin price began to show an upward trend, indicating that there is a certain amount of capital outflow on the Binance platform, which also applies to other mainstream cryptocurrencies.
Analysis suggests that the price trend of Bitcoin will continue to follow the market cycle this week, with volatile trends being the main tone. However, due to the influence of news factors, the price curve of Bitcoin has shown significant fluctuations, but overall it has returned to the normal range. Presently, the overall growth of the crypto market is mainly concentrated in secondary currencies, and several mainstream cryptocurrencies are still in a relatively stable oscillation cycle. The key trending spot ETFs of Bitcoin currently lack direct news, and there is currently a lack of hype. We can look forward to future performance.
Bitcoin Price Data (Data Courtesy of CoinMarketCap)
Ethereum（ETH）
Ethereum rose 3.94% this week and closed near $2,045. The price trend of Ethereum has maintained a strong correlation with that of Bitcoin, with a high point of $2,127 and a low point also affected by news factors, falling to the price of $1,933 before quickly retreating to over $2,000.
The price increase potential of Ethereum is still limited in the short term. Currently, the crypto market is in a relatively stable market cycle, and a slight fluctuation and upward trend is the current trend of the coin. Although influenced by news factors this week, the subsequent price correction performance still proves the current price trend of Ethereum. Similar to Bitcoin, due to its characteristics as a mainstream coin, Ethereum does not yet have the prerequisite for significant price fluctuations in the short term, and will continue to fluctuate slightly in the short term.
Ethereum Price Data (Data Courtesy of CoinMarketCap)
Binance（BNB）
BNB fell 5.95% this week and closed around $229. The market of BNB has been severely impacted, with the price curve showing a diving state. The high point once reached around $267, while the low point was around $226. Currently, it is still in a continuous oscillation cycle after the price fell, and there is no sign of a pullback.
Analysis suggests that due to the outcome of the Binance lawsuit and the resignation of CZ, the platform has been severely impacted. However, the market has not been significantly affected in reality, and only the Binance platform has experienced capital outflows, which is a normal reaction from platform users. The price trend of BNB reflects this situation more clearly. Overall, it is unlikely that the price of BNB will experience a correction in the coming period, but the trend is more likely to be characterized by slight fluctuations and tend towards stability. In the next one or two weeks, attention can be paid to whether there will be a price correction for the coin.
BNB Price Data (Data Courtesy of CoinMarketCap)
Ripple（XRP）
XRP fell 0.98% this week and closed near $0.6152. The price of XRP has remained relatively stable with news factors causing it to quickly fall below $0.6. However, similar to other mainstream currencies, XRP experienced a rapid correction and then stabilized above $0.6, experiencing a volatile trend, reaching a high of around $0.64.
Analysis suggests that due to the active performance of the secondary currency market earlier, the price of XRP has shown a significant upward trend. However, with the shift of market hotspots, XRP has shown a continuous downward trend in price, and after entering this week, it mainly fluctuates slightly. Although the Binance case has impacted the price of XRP, causing a rapid decline in a short period of time, it quickly returned to above $0.6. Excluding the impact of external news, XRP will maintain its current cyclical state for a longer period of time.
XRP Price Data (Data Courtesy of CoinMarketCap)
Solana（SOL）
SOL fell 4.65% this week and closed near $56.95. The price of SOL has been in a volatile downward trend, coupled with news factors, causing the price curve to show a continuous downward trend, dropping from the high point of $61 at the opening stage to a low point of around $51. Subsequently, it began to retrace and rise, maintaining a sustained fluctuation within the range of $56 to $60.
Analysis suggests that the trend of SOL this week is similar to that of most mainstream currencies, and is greatly influenced by news factors. However, the difference is that due to the previous rapid rise of SOL, the coin has shown a slight price decline this week, and external news factors have exacerbated this trend. However, the overall performance of SOL is still very consistent with the current market cycle, and the slightly volatile trend may continue for another week or two.
SOL Price Data (Data Courtesy of CoinMarketCap)
What is to Come?
The price performance of BTC, ETH, BNB, XRP and SOL this week has been inconsistent compared to last week. Except for BNB, the other mainstream currencies are still in a clear oscillation cycle. 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 fluctuations.
