WEEKLY ANALYSIS OF MOVEMENTS IN FOREX AND CRYPTOCURRENCY – JUNE 6

Hello everyone,

Here, we would be showing you the trend in the movement of some major cryptocurrencies over the last week.

BITCOIN

The price trend of Bitcoin over the last week spanning May 31 to June 5 of 2021 is highlighted in the table below:

Date (2021)Closing Price (USD)
May 3137,332.86
June 136,684.93
June 237,575.18
June 339,208.77
June 436,894.41
June 535,551.96
Graphical representation of price trend of Bitcoin over the last week.

Source: https://finance.yahoo.com/quote/BTC-USD/history/

It is no news that there have been gross declines in the prices of cryptocurrencies over the past weeks. Hence, the analysis of price trends of Bitcoin from the above tabular and graphical representation are below:

May 31st saw the price of Bitcoin close at $37,332.86 and then proceeded to decline by approximately 1.734% at the price of $36,684.93 on the 1st of June.

June 2nd saw Bitcoin price close at $37,575.18, a slight percentage price increase of approximately 2.43% compared to the closing price of the previous day.

June 3rd saw the price of Bitcoin close at $39,208.77, the highest price for the week, bringing about a further percentage increase of approximately 4.35% from the closing price of the previous day.

June 4th, however, saw the price of Bitcoin plunge to $36,894.41 bringing about a percentage decrease of 5.9% from $39,208.77 which was the closing price of the previous day.

June 5th saw Bitcoin price close at $35,551.96 which brought about a further decline of 3.63% in comparison to the previous day’s closing price.

In summary, from the above analysis, we can tell the fluctuations in the price of Bitcoin last week resulted in an overall price decrease of 4.77% by the end of the week.

ETHEREUM

The price trend of Ethereum over the last week spanning May 31 to June 5 of 2021 is detailed in the graph below:

Graphical Representation of Ethereum prices over the last week.

Source: https://coinmarketcap.com/currencies/ethereum/

From the graphical representation of the price trend of Ethereum over the last week, we can see that there has been an overall downward movement.

On May 31st, Ethereum closed at a price of $2,655.24 and then proceeded to decline by approximately 2.77% on June 1st at a closing price of $2,581.82.

On June 2nd, Ethereum closed at a price of $2,691.25 bringing about a slight percentage price increase of approximately 4.24% when compared to the closing price of the previous day.

On June 3rd, Ethereum closed at a price of $2,841.34, a further percentage increase in price of approximately 5.58% in comparison to the previous day’s closing price.

On June 4th, the closing price of Ethereum plunged to $2,694.80 bringing about a percentage decline of about 5.16% from the closing price of $2,841.34 of the previous day.

On June 5th, the price of Ethereum further declined to $2,597.82 from the previous day’s price at a percentage of approximately 3.6%.

In summary, from the above analysis, we can tell the price of Ethereum fluctuated a lot within the last week with more declines than increases resulting in an overall decrease of about 2.16% by the end of the week.

DOGECOIN (DOGE)

The price trend of Dogecoin over the last week spanning May 31 to June 5 of 2021 is detailed in the graph below:

Graphical Representation of Doge prices over the last week.

Source: https://coinmarketcap.com/currencies/dogecoin/

From the graph above, we can see that the price trend of Dogecoin has also been unstable with fluctuations. The daily price analysis is detailed below.

On May 31st, Doge closed at a price of $0.3248 and on June 1st, closed at a price of $0.3706 which was a percentage increase of 14.1% in comparison to the price of the previous day.

On June 2nd, Doge closed at a price of $0.4182 which brought about a percentage increase of 12.84% from the previous day’s price of $0.3706.

On June 3rd, Doge closed at $0.4034, bringing about a percentage decline of approximately 3.54% from the previous day’s closing price of $0.4182.

On June 4th, Doge closed at a price of $0.3836, a considerable decline of 4.9% from the previous day’s closing price of $0.4034.

On June 5th, Doge closed at a price of $0.3664, bringing about a further decline of 4.48% when compared to the previous day’s closing price of $0.3836.

In summary, from the analysis above, we can tell that despite the fluctuations in the price of Doge, it still experienced an overall increase of 12.81% by the end of the week.

FOREX FLUCTUATIONS

NGN:USD, NGN:GBP, AND NGN:EURO

NGNUSD (BUY/SELL)GBP (BUY/SELL)EUR (BUY/SELL)
31/05/2021491 / 495692 / 700592 / 596
01/06/2021493 / 498693 / 700593 / 597
02/06/2021493 / 498695 / 700593 / 598
03/06/2021495 / 499698 / 703597 / 602
04/06/2021497 / 502702 / 710602 / 608

Source: https://www.abokifx.com/home

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