WEEKLY ANALYSIS OF MOVEMENTS IN FOREX AND CRYPTOCURRENCY – JUNE 14

WEEKLY ANALYSIS OF THE PRICE TRENDS OF SOME CRYPTOCURRENCIES AND EXCHANGE RATES

BY OLUWAFUNMILAYO OGUNBONA

Hello everyone,

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

BITCOIN

The price trend of Bitcoin over the last week spanning Monday, the 7th to Friday, the 11th of June is highlighted in the table below:

Date (2021)Closing Price (USD)
June 733,560.71
June 833,472.63
June 937,345.12
June 1036,702.60
June 1137,334.40
Graphical representation of price trend of Bitcoin over the last week.

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

There have been gross declines in the prices of cryptocurrencies over the past weeks. Last week, however, saw Bitcoin experience an average price increase. Hence, the analysis of price trends of Bitcoin from the above tabular and graphical representation are below:

June 7 saw Bitcoin close at a price of $33,560.71 and then decline to a price of $33,472.63 on the 8th resulting in a percentage decrease of 0.26%.

June 9saw Bitcoin close at its peak price for the week of $37,345.12 which was a considerable growth of about 11.57% when compared to the previous day’s closing price.

June 10, however, saw the price of Bitcoin decline to $36,702.60, a lower price than the previous day’s closing price of $37,345.12 which resulted in a 1.72% decline in price in comparison to the previous day’s closing price,

June 11 saw the price of Bitcoin close at $37,334.40, a slight 1.72% increase compared to the previous day’s price.

In summary, from the above analysis, we can tell the fluctuations in the price of Bitcoin last week resulted in an overall price increase of 11.24% by the end of the week. This is an improvement on the 4.77% price decrease the coin experienced in the prior week.

ETHEREUM

The price trend of Ethereum over the last week spanning Monday, the 7th to Friday, the 11th of June 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 June 7, Ethereum closed at a price of $2,620.30 then, proceeded to decline by 3.60% on June 8 at a closing price of $2,525.75.

On June 9, Ethereum closed at a price of $2,606.67 resulting in a price increase of 3.20% when compared to the closing price of the previous day.

On June 10, Ethereum closed at a price of $2,492.93, resulting in a price decline of 4.36% in comparison to the previous day’s closing price.

On June 11, the closing price of Ethereum further plunged to $2,364.53 bringing about a percentage decline of about 5.15% from the closing price of $2,492.93 of the previous day.

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 9.76% by the end of the week, a further decline from the 2.16% price decrease the coin experienced in the prior week.

DOGECOIN (DOGE)

The price trend of Dogecoin over the last week spanning Monday, the 7th to Friday, the 11th of June 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 June 7, Doge closed at a price of $0.3405 and on June 8, closed at a price of $0.3281 resulting in a price decrease of 3.64% in comparison to the price of the previous day.

On June 9, Doge closed at a price of $0.3450 resulting in a percentage increase of 5.15% from the previous day’s price of $0.3281.

On June 10, Doge closed at $0.3285, resulting in a percentage decline of about 4.78% from the previous day’s closing price of $0.3450.

On June 11, Doge closed at a price of $0.3199, a decline of 2.6% from the previous day’s closing price of $0.3285.

In summary, from the analysis above, we can tell that the coin experienced mostly declines in its price during the week which resulted in an overall price decrease of 6.05% by the end of the week, in contrast to, the 12.81% experienced in the prior week. 

FOREX FLUCTUATIONS

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

NGNUSD (BUY/SELL)GBP (BUY/SELL)EUR (BUY/SELL)
07/06/2021498/502704/710602/607
08/06/2021498/502705/715600/605
09/06/2021498/502705/715603/607
10/06/2021498/502706/713602/606
11/06/2021499/502706/715603/607

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

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