Bitcoin and Ether Market Update August 20, 2020
Total crypto market cap lost $8.3 billion of its value since Monday morning and now stands at $365.4 billion. Top ten coins were mostly in red for the last 24 hours with ChainLink (LINK) being the exception with 4.5 percent of price increase. Cardano (ADA) lost 3.6 percent of its value for the period. At the time of writing bitcoin (BTC) is trading at $11,720 on the Bitstamp daily chart, while the ether (ETH) moved down to $404. Ripple’s XRP is still hovering at around $0.288.
Bitcoin closed the trading session on Sunday, August 16 at $11,910 confirming the newly established weekly high. The coin was also 2.5 percent up on a weekly basis.
On Monday, August 17, the BTC/USD pair formed a solid green candle to $12,300 on the daily chart and stormed pass the psychological horizontal resistance at $12,000. It added another 3.2 percent to its value as bulls were already looking at the zone below $14,000 as their next target.
The trading day on Tuesday, however, was a wake-up call for them. The leading cryptocurrency dropped back to the sub-$12k area and erased all gains from the previous session. Still, the coin was trading above all major moving averages and the monthly and weekly support levels.
The mid-week session on Wednesday, August 19 saw bitcoin trading as low as $11,560 during intraday, just to recover in the evening closing with a small loss to $11,750. Bear pressure was increasing, but the general uptrend was still intact.
What we are seeing in the early hours on Thursday is BTC hovering around the above-mentioned level, staying flat.
The 24-hour trading volumes increased to $25 billion on average for the first three days of the week compared to $19 billion for the previous week. They fell to $21 billion on Thursday morning.
The Ethereum Project token ETH was quite volatile on Sunday, August 16 and fell as low as $412 during intraday after peaking at $438 the previous day. Still, the leading altcoin closed the week at $434 with a 10 percent increase for the period.
On Monday, the ETH/USD pair was trading in the wide range between $447-$421 before dropping to $430 at the end of the session.
Then on Tuesday, August 18, the ether formed a big red candle and corrected its price down to $422.
The move was followed by a third-consecutive red session on the daily chart and the coin continued to slide reaching $407 on Wednesday. This resulted in a 3.6 percent pullback. Bears were even able to push the price all the way down to the lower end of the $400-$390 horizontal support.
24-hour trading volumes remained stable in the $11-$13 billion range during the first three days of the workweek.