WEEKLY ANALYSIS OF MOVEMENTS IN FOREX AND CRYPTOCURRENCY – JULY 12

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 5th to Friday, the 9th of July is highlighted in the table below:

Date (2021)Closing Price (USD)
July 533,746.00
July 634,235.20
July 733,855.33
July 832,877.37
July 933,798.01

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

Per our previous article, the price of Bitcoin closed at US$33,897.05 on Friday, July 2 2021 showing an 0.45% decrease over the weekend as its Monday, July 5 2021 closing price was US$33,746.00 following the 1.56% average price decrease experienced same week spanning June 28 to July 2 of 2021.

Last week saw Bitcoin’s price performance barely improve compared to those of the past few weeks. Now, let us analyse the movement in the coin’s price last week below:

July 5 saw Bitcoin close at a price of US$33,746.00 and then rise to a price of US$34,235.20 on the 6th resulting in a percentage increase of 1.45%.

July 7, however,saw Bitcoin close at US$33,855.33 which was a decrease of about 1.11% when compared to the previous day’s closing price.

July 8 saw the price of Bitcoin further dip to US$32,877.37, a lower price than the previous day’s closing price of US$33,855.33 which resulted in a 2.89% decline in price in comparison to the previous day’s closing price.

July 9 saw the price of Bitcoin close at US$33,798.01, a slight increase of about 2.8% 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 0.15% between Monday, July 5th to Friday, July 9th. This increase does not allow the coin fully to recover from the slight 0.45% decrease it experienced over the weekend prior. Also, note that the price decrease last week of 0.15% is lower than the 1.56% price decrease the coin experienced in the previous week.

ETHEREUM

The price trend of Ethereum over the last week spanning Monday, the 5th to Friday, the 9th of July 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$2,132.66 on Friday, June 2 2021 showing a 4.64% increase over the weekend as its Monday, July 5 2021 closing price was US$2,231.68 following the 1.79% average price increase experienced same week spanning June 28 to July 2 of 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. Now, let us go into the details.

On July 5, Ethereum closed at a price of US$2,231.68 then, proceeded to rise by 3.67% on July 6 at a closing price of US$2,313.61.

On July 7, Ethereum closed at a price of US$2,323.83 resulting in a price increase of 0.43% when compared to the closing price of the previous day.

On July 8, Ethereum closed at a price of US$2,109.85, resulting in a price decrease of 9.21% in comparison to the previous day’s closing price.

On July 9, the closing price of Ethereum increased by 2.60% to US$2,164.61 from the closing price of US$2,109.85 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 decrease of about 3.01% between Monday, July 5th to Friday, July 9th. This decrease does not erode the coin’s 4.64% gain the weekend before. The price decrease in the last week of 3.01% was a performance decline in comparison to the 1.79% price increase the coin experienced the previous week.

DOGECOIN (DOGE)

The price trend of Dogecoin over the last week spanning Monday, the 5th to Friday, the 9th of July 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$0.2444 on Friday, July 2 2021 showing a 4.13% decrease over the weekend as its Monday, July 5 2021 closing price was US$0.2343 following the 4.61% average price decrease experienced same week spanning June 28 to July 2 of 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 July 5, Doge closed at a price of US$0.2343 and on July 6, closed at a price of US$0.2344 resulting in a price increase of 0.04% in comparison to the price of the previous day.

On July 7, Doge closed at a price of US$0.2289 resulting in a decrease of 2.35% from the previous day’s price of US$0.2344.

On July 8, Doge closed at US$0.2139, resulting in a further decrease of about 6.55% from the previous day’s closing price of US$0.2289.

On July 9, Doge closed at a price of US$0.2202, a decline of about 2.95% from the previous day’s closing price of US$0.2139.

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 6.02% between Monday, July 5th to Friday, July 9th following the 4.13% average price decrease over the previous weekend. Also, note that the price decrease last week of about 6.01% was a worse performance in comparison to the 4.61% price decrease 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)
05/07/2021498/503700/710590/595
06/07/2021499/503698/710590/595
07/07/2021499/503700/710588/593
08/07/2021499/503700/708588/593
09/07/2021500/505700/708588/593

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

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