Is Canopy Still the Best?
Cronos vs. Resistance
Back to Bitcoin
Ethereum Joins In
The price of ETH made a low of $174.5 on May 11. A gradual increase began, which intensified on May 14. On May 16, the price reached a high of $272.68
It has been following the ascending support line outlined below:
The support line has been touched five times. During the measuring period of May 9 – May 16, the price of ETH experienced enormous increases.
It is currently trading near $250, high above the ascending support line.
Summary: Cryptocurrency Over Cannabis
The price fluctuations of BTC (Candlesticks), ETH (orange line), CRON (blue line), and Canopy (yellow line) are now compared at one-hour intervals from May 9 to May 16 in the graph below. The right-hand scale presents the percentage increase/decrease of the three assets during this period. The prices of BTC and ETH have experienced rapid decreases. Bitcoin was leading up to May 15, with an increase of 30%, compared to about 25% for ETH. Until that point, the price movements were mirroring each other with a slightly higher rate of increase for BTC. However, since May 15 ETH has accelerated its increase, while BTC has decreased slightly. ETH had the highest rate of increase at around 41.1%. BTC increased by about 27.7%. The prices of CRON and CGC have alternated between stagnation and slight decreases. However, the decreases have been sharper for CGC. Therefore, CRON is in third place this week, with decreases of 2.64%, while CGC is our loser, with decreases of 5.85%. Our results are summarized below:WEEKLY RANKING | ASSET | CLASS | +/-% |
---|---|---|---|
Winner | Ethereum | Cryptocurrency | +41.1% |
Runner-Up | Bitcoin | Cryptocurrency | +27.3% |
Third Place | Cronos | Cannabis | -2.64% |
Loser | Canopy | Cannabis | -5.85% |
In Apr 25’s analysis, we assumed that the “marijuana industry is similar to the concurrency industry in regards to volatility”. However, rapid increases by the cryptocurrency market are putting that assumption into doubt.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.