WEEKLY ANALYSIS OF MOVEMENTS IN FOREX AND CRYPTOCURRENCY – JULY 5

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, June 28th to Friday, July 2nd is highlighted in the table below:

Date (2021)Closing Price (USD)
June 2834,434.34
June 2935,867.78
June 3035,040.84
July 133,572.12
July 233,897.05

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

Per our previous article, INSERT LINK, the price of Bitcoin closed at US$31,637.78 on Friday, June 25 2021 showing an 8.84% increase over the weekend as its Monday, June 28 2021 closing price was US$34,434.34 contrary to the average price decrease experienced same week spanning June 21 to June 25, 2021.

Last week saw Bitcoin’s price performance improve compared to those of the past few weeks. This performance improvement was headlined by the coin’s 8.84% increase in price over the weekend as disclosed above. Now, let us analyse the movement in the coin’s price last week below:

June 28 saw Bitcoin close at a price of US$34,434.34 and then rise to a price of US$35,867.78 on the 29th resulting in a percentage increase of 4.16%.

June 30, however,saw Bitcoin close at US$35,040.84 which was a decrease of about 2.31% when compared to the previous day’s closing price.

July 1 saw the price of Bitcoin further dip to US$33,572.12, a lower price than the previous day’s closing price of US$35,040.84 which resulted in a 4.37% decline in price in comparison to the previous day’s closing price.

July 2 saw the price of Bitcoin close at US$33,897.05, a slight increase of about 0.97% 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 reduction of 1.56% between Monday, June 28th to Friday, July 2nd. However, this price decrease did not erode the coin’s 8.84% gain over the previous weekend. Also note that the price decrease last week of 1.56% exceeded the 0.12% price decrease the coin experienced in the previous week.

ETHEREUM

The price trend of Ethereum over the last week spanning Monday, June 28th to Friday, July 2nd is detailed in the graph below:

Graphical Representation of Ethereum prices over the last week.

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

Per our previous article, INSERT LINK, the price of Ethereum closed at US$1,813.73 on Friday, June 25 2021 showing a 15.52% increase over the weekend as its Monday, June 28 2021 closing price was US$2,095.15 contrary to the average price decrease experienced same week spanning June 21 to June 25, 2021.

From the graphical representation of the price trend of Ethereum over the last week, we can see that there has been an overall upward movement, an improvement from the declines it has been experiencing in the last few weeks. Now, let us go into the details.

On June 28, Ethereum closed at a price of US$2,095.15 then, proceeded to rise by 4.20% on June 29 at a closing price of US$2,183.14.

On June 30, Ethereum closed at a price of US$2,248.67 resulting in a price increase of 3.00% when compared to the closing price of the previous day.

On July 1, Ethereum closed at a price of US$2,129.60, resulting in a price decrease of 5.30% in comparison to the previous day’s closing price.

On July 2, the closing price of Ethereum plunged to US$2,132.66 bringing about a percentage decline of about 0.14% from the closing price of US$2,129.60 of the previous day.

In summary, from the above analysis, we can tell the fluctuations in the price of Ethereum last week resulted in an overall increase of about 1.79% between Monday, June 28th to Friday, July 2nd following its 15.52% increase the weekend before. The price increase in the last week of 1.79% was a performance improvement in comparison to the 3.08% price decrease the coin experienced the previous week.

DOGECOIN (DOGE)

The price trend of Dogecoin over the last week spanning Monday, June 28th to Friday, July 2nd is detailed in the graph below:

Graphical Representation of Doge prices over the last week.

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

Per our previous article, INSERT LINK, the price of Dogecoin closed at US$0.2349 on Friday, June 25 2021 showing a 9.07% increase over the weekend as its Monday, June 28 2021 closing price was US$0.2562 which was in line with the average price increase experienced same week spanning June 21 to June 25, 2021.

From the graph above, we can see that the price trend of Dogecoin mostly spiraled downward during the week. The daily price analysis is detailed below.

On June 28, Doge closed at a price of US$0.2562 and on June 29, closed at a price of US$0.2631 resulting in a price increase of 2.70% in comparison to the price of the previous day.

On June 30, Doge closed at a price of US$0.2531 resulting in a decrease of 3.80% from the previous day’s price of US$0.2631.

On July 1, Doge closed at US$0.2470, resulting in a further decrease of about 2.41% from the previous day’s closing price of US$0.2531.

On July 2, Doge closed at a price of US$0.2444, a decline of about 1.05% from the previous day’s closing price of US$0.2470.

In summary, from the above analysis, we can tell the fluctuations in the price of Dogecoin last week resulted in an overall decrease of about 4.61% between Monday, June 28th to Friday, July 2nd. However, this price decrease did not erode the coin’s 9.06% gain over the previous weekend. Also note that the price decrease last week of about 4.61% was a poor performance in comparison to the 31.23% price increase the coin experienced in the previous week.

FOREX FLUCTUATIONS

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

NGNUSD (BUY/SELL)GBP (BUY/SELL)EUR (BUY/SELL)
28/06/2021498/502705/710590/600
29/06/2021498/502705/710590/595
30/06/2021498/503705/710590/598
01/07/2021498/503700/710590/595
02/07/2021498/503700/710588/595

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

One Reply to “WEEKLY ANALYSIS OF MOVEMENTS IN FOREX AND CRYPTOCURRENCY – JULY 5”

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.