Bitcoin and Ether Market Update August 13, 2020
Total crypto market cap lost $5.2 billion of its value since Monday morning and now stands at $358.5 billion. Top ten coins were all in green for the last 24 hours with ChainLink (LINK) and ether (ETH) being the best performers with 29 and 6 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $11,520 on the Bitstamp daily chart, while ether moved up to $391. Ripple’s XRP continues to slide and is now hovering at around $0.28.
Bitcoin moved down to $11,687 on Sunday, August 9, and closed the seven-day period 5.6 percent up. The most popular cryptocurrency found stability near the previous weekly high at $11,500 and successfully turned that level into horizontal support. It remained above it for four straight sessions.
On Monday, August 10, the BTC/USD pair climbed up to $12,000 during intraday, but the resistance was way too strong for bulls to surpass. Still, the coin closed with a green candle up to $11,900.
What we saw on Tuesday was a sudden drop to $11,390 as bitcoin erased 4.2 percent of its value. The $11,500 level was broken, but as we already know – support is not a number, but rather a zone, in this case, $11,500-$11,400.
The mid-week session on Wednesday was a good one for bulls. BTC regained positions and stabilized its price near $11,570, but not before falling as low as $11,140 in the morning.
The 24-hour trading volumes increased from $17 billion on Monday to more than $24 billion on Wednesday, which corresponded to a 41 percent growth for the period.
The Ethereum Project token ETH closed the previous week at $390 or 4.8 percent higher compared to the Monday opening. The coin, however, was rejected at the $400 mark on Sunday, August 9 as the horizontal resistance was too strong for the weak weekend volumes.
Actually, the 24-hour trading volumes were 48 percent lower compared to those from August 1-2.
On Monday, August 10, the ether climbed up to $396 and formed a short green candle after once again hitting $400 in the early hours of the session.
The second day of the workweek came with a sudden drop to $379 and the leading altcoin lost 4.2 percent of its value.
Then on Wednesday, August 12 it fell down to $364 during intraday without reaching the horizontal support at $360, but managed to recover in the evening hours and closed at $387.
We already spoke about the overall exchange volumes for ether, but its worth noting that they moved up to $13 billion on Wednesday compared to the $10 billion registered on Sunday.