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A bearish start to the week for the majors set the tone. Bitcoin Cash ABC was the only major that managed to avoid red on Monday.
For Bitcoin, a Tuesday rebound supported upward momentum through the week. Bitcoin managed 5 consecutive days in the green to hit $5,400 levels on Saturday for the 1st time since late November.
Moves through the day saw Bitcoin rise to a mid-morning intraday high $5,404.8 before pulling back.
Breaking through the first major resistance level at $5,386.73, Bitcoin eased back to $5,300 levels and a range-bound middle of the day.
Succumbing to pressure from the broader market, Bitcoin slid to a late intraday low $5,283.9 before finding support.
Steering well clear of the first major support level at $5,230.73, Bitcoin managed to recover to $5,300 levels.
For the current week, 5 consecutive days in the green gave Bitcoin a 2.8% gain, Monday through Saturday.
The Winners,
Across the top 10 cryptos, Bitcoin Cash ABC found support from the news wires. News of exchanges announcing delisting plans for Bitcoin Cash SV delivered a bullish start to the week. An 8.5% rally on Monday took Bitcoin Cash ABC to $335 levels before easing back.
The slide back left Bitcoin Cash ABC with a 3.78% gain, Monday through Saturday. A bearish start to the weekend left Bitcoin Cash at sub-$300 levels for the first time since last Sunday.
While Bitcoin Cash ABC found support from a number of crypto exchanges, Binance Coin was the big news of the week.
After a relatively range-bound first half of the week, Binance Coin jumped by 12.5% on Thursday and by 11% on Friday. Managing to buck the trend on Saturday, the upward momentum saw Binance strike a new swing hi $25.83 in the process.
For the current week, Binance Coin was up by 28%, Monday through Saturday, to lead the pack.
What’s Behind the Binance Coin Rally?
Support for Binance comes on expectations of an increased number of blockchain projects shifting from Ethereum in the months ahead. Adding to the allure of Binance Coin is the old supply and demand equation.
One of the uses of Binance Coins is for the payment of exchange fees stemming from trading and withdrawal fees charged by the Binance Exchange. It’s the Binance Coin buy-back and destroy scheme that continues to support the upward moves, coupled with the launch of Binance Launchpad.
The buy-back and destroy scheme is expected to eventually half the total number of Binance coins to 100m in circulation. With Binance allocating 20% of quarterly profits to fund the buy-back scheme, success stories suggest that the buy-back and destroy scheme may gather pace.