Cryptocurrencies are poised to finish the 7-day week ending Friday, March 15th, 2019 broadly in the green as the price of Bitcoin (BTC) edged higher by about 91 basis points to roughly USD$3,950. Stellar (XLM) was the top performing major cryptocurrency this week, rallying more than 22% since last Friday to trade just below 11 cents per token – the altcoin’s best week of 2019 was driven by Coinbase Pro announcing trading support for XLM. Maker (MKR), the 16th largest cryptocurrency by market capitalization, lagged major coins this week, trading flat and holding the USD$670 level.
In notable cryptocurrency news this week, prominent strategist and crypto pundit Tom Lee predicted a BTC price breakout for August 2019, citing the 200-day moving average as evidence. Conversely, Bloomberg reported this week that the BTC price is poised to downturn soon, citing the moving average convergence divergence (MACD) indicator as reasoning. Finally, the Head of Blockchain Solutions at IBM, Jesse Lund, hinted in an interview with Cheddar this week that the global tech giant may be poised to soon launch a stablecoin cross-border payment solutions for financial institutions.
Of the 30 cryptocurrencies we model using AI and Machine Learning, 28 are positive for the week. Currently, 8 cryptocurrencies modeled by our Machine Learning algorithms are rated as “Buy”. Nearly all of these models have accuracy scores above 60%!