Cryptocurrencies have enjoyed a good week as the bulls re-establish their dominance in the crypto markets. The most significant market development in the market was the surge in the price of the leading cryptocurrency, Bitcoin, which came within striking distance of $40,000- its highest level in over six weeks.
The resurgence of bitcoin spiked a bullish reversal in the prices of altcoins following weeks of under performance. This positive momentum has kept investors optimistic about the future of cryptocurrencies, as crypto buy-ins have grown rapidly over the past week.
Despite the rally in the crypto markets last week, Fanspel- a game-based cryptocurrency- have been lacklustre, fluctuating between the $0.24 and $0.28 levels.
Fanspel started the week on a downward slope which extended into the next trading day. On Tuesday, a fresh wave of selling saw the price fall to a week-low of $0.24. However, the downtrend was intercepted by the bulls following comments from Tesla’s Elon Musk suggesting that company will most likely resume its transactions with Bitcoin. That is, provided certain requirements are satisfied, such as limiting the amount of disposable energy needed to mine Bitcoin. This news elicited a positive reaction from investors, sparking a rush of purchases in the cryptocurrency markets.
Following the breakout, Fanspel began to consolidate for the next several sessions between $0.26 and $0.29, until a significant upward swing was found surging to reach the $0.28 mark.
The price has fluctuated about the $0.28 level since the spike and currently trades at that price with a 3.4% decrement on a 7-day rolling basis.
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