STEEM/NAIRA ANALYSIS]:- My Naira /Steem VS My Steem /Naira|| (MNMS Week #06):All hail the return of SBD
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Hi Steemians! Here comes another week to examine the events that took place within the week. There has been some highs and lows in the direction of prices for cryptocurrencies. Some apprehension and optimism played roles in price movement and direction which either triggered the demand or supply for those crypto currencies.
Market Overview
STEEM/USDT Price actions
Steem/Naira price actions
Steem/Naira Statistics
The Market Outlook
BTC/USDT
A shot from Bybit Exchange
BTC, the flagship digital asset has gained significant value in its price for the past six days. This signals an optimism for market recovery following some events that could spark up hope among investors and traders.
On a week basis, theBTC on saturday 20 July 2024, closed higher than it opened the previous week. On Saturday 13th July 2024, it opened at $57,891.40 and closed $59,204.58 gaining 2.7% with a price change of $1,313.09. The coin witnessed another surge when it opened at $66,660.74 and closed a little higher at $67,132.56on Saturday 21 July. Gaining 0.71% with a price change of $471.82.
Cumulatively, BTC has gained 14.46% and with an incremental price change of $9,322.25 for the just ended week in review.
The improvements seen in the market in the just ended week might not be unconnected with some factors ranging from the United States Republican presidential aspirant, **DONALD TRUMP ** in his campaign, who is said would be introducing friendly regulations in the digital asset space when elected as president. Trump envsages that donations using crypto would be acceptable and some of the US assets would also be held in cryptocurrency.
This news impactingBTC, is also seen as some other cryptocurrencies are beginning to turn bullish.
STEEM/USDT
[source]A shot from Bybit Exchange
In the past six days, steem have also had an incremental price changes. This is courtesy of the improvements in the broad crypto market.
On a week basis, thesteem on saturday 20 July 2024, closed higher than it opened the previous week. On Saturday 13th July 2024, it opened at 0.1809 and closed 0.1836 gaining 1.47% with a price change of 0.0027. The steem further appreciated in value on Saturday 21 July 2024, opened at 0.2031 and closed a little higher at 0.2040 gaining 0.44% with a price change of 0.0009 steem
Cumulatively, steem has gained 11.23% and with an incremental price gain of 0.0231 steem for the just ended week in review.
On a week basis, thesteem on saturday 20 July 2024, closed higher than it opened the previous week. On Sunday 14th July 2024, it opened at N261.220 and closed 262.430 gaining N1.21 in Naira. The steem further gained value on Saturday 21 July 2024, opened at N326.400 and closed a little higher at N327.020 gaining N0.62.
Cumulatively, steem has gained N87.82 between Sunday 14 to Saturday 20th July 2024 for the just ended week in review.
Market Capitalisation
158,700,000,000 NGN
24 Hour Trading Volume:
7,858,000,000 NGN
Circulating Supply
467,051,346
Last 24Hr Closing Price
Steem/Naira: N327.020
source
Several factors may likely continue to shape the direction of the crypto market next week. With the US presidential campaign in perspective, Trump's support for adoption of cryptocurrency in the**US ** financial system, might further see the prices of crypto assets soaring. The SEC's approval of ETF might also, been an influential factor for the market bullish mood.
Pending any undisclosed events that may cause the current bullish sentiments to reverse, BTC crossing $70,000 may likely see other crypto assets soaring.
More steem and more Naira into your various wallets.