Bitcoin and Ether Market Update: April 16, 2020
Total crypto market cap added $9.4 billion to its value since Monday morning and now stands at $201.4 billion. Top ten coins are all in green for the last 24 hours with EOS (EOS) and Ether (ETH) being the top performers with 9.7 and 9.5 percent of gains respectively. At the time of writing Bitcoin (BTC) is trading at $7,087 on the Bitstamp daily chart, while ether (ETH) moved down to $172 and Ripple’s XRP fell further to $0.191.
Bitcoin remained flat on Sunday, April 12 even though it was trading in the wide range between $7,216 and $6,790. It closed the seven-day period with less than 2 percent of gains.
The BTC/USD pair opened the new week by dropping to $6,535 in the early hours of trading on Monday. It managed to stabilize in the zone around $6,700 before stopping at $6,852 at the end of the session. Bears were successful in pushing the price back below the $6,900-$7,000 S/R area.
On Tuesday, April 14 BTC was less volatile as buyers avoided further losses by fighting back of $6,770. The coin ended the day with a small increase to $6,881 with its price even touching $7,000 during intraday before suffering a rejection there.
The mid-week session on Wednesday was somehow different as the leading cryptocurrency started to lose ground. It erased 3.7 percent of its value and dropped to $6,608. The weak resistance around the $6,700 line was finally broken by sellers and they continued their way towards the next obvious target – $6,400.
We witnessed a sharp reversal to the upside on Thursday as BTC formed a huge green candle and as of the time of writing is trading at $7,100 or 7.5 percent higher.
Trading volumes were relatively stable in the $37-$40 billion area on the first day of the week and early Tuesday then dropped back down to $32-$33 on Wednesday before climbing to $45 billion on Thursday afternoon.
The Ethereum Project token ETH did not experience any significant changes in price during the trading sessions on Saturday and Sunday and ended the week with a 10 percent increase.
It opened the new trading period by dropping to $156 on Monday, April 13. The coin was seeing some serious volatility compared to the previous two sessions and was moving in the $148-$160 range.
On Tuesday, bulls made an attempt to break above the $160 line but only managed to register a small increase to $158 at the end of the day.
The third day of the workweek was very similar to the one Bitcoin was having. The leading altcoin fell down to $152 and lost 3.8 percent of its value. Naturally, the next fighting zone between buyers and sellers was the area around the psychological level of $150.
Surprisingly or not, the coin found immediate support at the above-mentioned level and as of the time of writing is trading at $172 or 13 percent higher.
When it comes to 24-h trading volumes they remained stable around $11-$12 billion in the first three days of the week then started to grown on Thursday reaching $16 billion by midday.