Large-cap cryptocurrencies have witnessed a cool-headed weekend but to everyone’s surprise, some 2017 altcoins like VeChain have made huge gains for holders. As price measures stayed low after Friday as Bitcoin takes a 4% step back and Ethereum took a 10% nosedive after opening the weekly trading session at $1,885, going as low as $1,714, according to CEX.IO’s exchange rate.
Chop for Bitcoin and Ethereum
Over the weekend, Bitcoin saw resistance to the $59,800 mark and failed to break the price. On Sunday, it was then down to below $55,000, before last night it recovered somewhat.
As the picture below shows, at the $57,000 price level at press time Bitcoin sees resistance.
On the fundamental side, bitcoin saw positive growth. The German banking giant Deutsche Bank published research last week saying that the asset could become a reputable global asset class. However, the bank added that there remained concerned over illiquidity and price volatility.
A storey similar to that of Bitcoin was seen on the technical side by Ethereum, the world’s most used blockchain. The level of $1, 860 (which proves to be resistance) has not been disconnected and trades under its EMA have shown more reversal in the short run.
EIP-1559 is still a positive overall signal for future asset growth in its forthcoming launch. Some companies have already started hosting the asset with the Hong Kong photo editing app Meitu, which leads in this regard.
VeChain sets all-time high
The weekend saw a rather forgotten 2017 altcoin rally. In the past day, over 44% of the price range have grown in VeChain, as Chinese wonders some project that aims to utilise its blockchain to improve supply chain systems and their management.
VeChain (as VET) has now set a new high all-time of $0.09, based on information from CoinGecko, a market tool. VET runs on the main net VeChain and was previously known as the VEN blockchain Ethereum.
It now has an estimation of more than $6.3 billion and a current supply of 64 billion in circulation. In the meantime, the surge has come as a result of VeChain’s continuous adoption and integration of real-world products.
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