Key events 15/12/20 - 22/12/20
This week's leaders
- LTCUSDT +30.60%
- XEMUSDT +20.50%
- ETHUSDT +20.90%
It was a good week. Most cryptocurrencies saw their positions grow.
The best performers are:
• Litecoin (LTC/USDT) rose 30.6% (a historical growth maximum).
• NEM (XEMUSDT) +20.5%.
• Bitcoin (ETHUSDT) strengthened by 20.9%.
News of mass coronavirus vaccinations raised investors' sentiment and buoyed the worldwide crypto market. Furthermore, cryptocurrencies' break through resistance levels has brought an influx of buyers.
The Chicago Board Options Exchange announced that it would launch a cryptocurrency index in 2021. It will be developed in conjunction with CoinRoutes. The instrument will show the dynamic of digital assets' price and historical data. This news also contributed to crypto's growth.
This week's ones to watch: Ethereum
The crypto market is being flooded with positive news. Investments in cryptocurrencies are on the rise from institutional investors, who are primarily interested in Bitcoin. Historically, altcoins rise on the crypto market pioneer's coattails. What's more, the scale of their movement is much bigger than BTC's.
ETH has its own reasons for growth:
• The Chicago Mercantile Exchange (CME) announced that it would add Ethereum futures on 8 February 2021. It will be calculated based on the ETH/USD exchange rate. The CME says that it chose Ethereum because it has a sufficient amount of steady demand.
•Technical analysis shows that Ethereum hit its 30- month maximum again before it began a correction.
Considering the market situation and positive news environment, the cryptocurrency's recoil offers a great opportunity to open long-term positions. The next Take Profit level for ETHUSDT will be in the $680.00 - $700.00 range. I use such great moment to open positions.