Bitcoin and Ether Market Update: February 13, 2020
Total crypto market cap added $22.7 billion to its value since Monday morning and now stands at $306.3 billion. Top ten coins mostly in green for the last 24 hours with ether (ETH) and XRP leading the pack with 13.2 and 10 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $10,437 on the Bitstamp daily chart, while ether (ETH) climbed up to $271 and Ripple’s XRP moved up to $0.328.
Bitcoin continued to rise and reached $9,900 on Saturday, February 8. It finally broke the psychological level of $10,000 on Sunday closing the seven-day period at $10,177, with 9.3 percent of increase.
On Monday, February 10, the most popular cryptocurrency started the new trading period by falling down to $9,843. The 3.2 percent correction was seen by the majority of the analysts as a healthy retrace in an already overheated bull run. A proper consolidation was required for BTC and it found it in the middle of the uptrend channel.
The second day of the workweek brought the green back to the chart as the BTC/USD pair regained its positions and stopped at $10,249. The next obvious target for buyers was the $10,900 – $11,000 zone, but not before confirming its presence in the mid-$10k area. In September 2019, the last time when we saw the leading cryptocurrency that high, it was ranging in the mentioned zone for 20 straight days before bears managed to break below the resistance level.
On Wednesday, February 12, bitcoin was less volatile and was trading in the $10,251 – $10,514 range just to close with a small gain to $10,347
24-hour trading volumes were stable around $80 billion on Monday and Tuesday then suddenly fell of a cliff in the evening on February 11 and dropped down to $35 billion before increasing to $45 billion on Wednesday.
The Ethereum Project token ETH saw no changes in price on Saturday, February 8 and remained in the $220-$223 zone. On Sunday, it moved up to $228 closing the week 21 percent higher.
The ETH/USD pair was rejected at $230 on Monday, February 10 and dropped down to $223. It was trading as low as $213 during intraday but managed to recover in the latest hours of the session.
On Tuesday, February 11, the “ether” skyrocketed to $238, which resulted in a 6.7 percent price increase. It was trading 48 percent higher compared to January 26 when the current uptrend was initiated.
The mid-week session on Wednesday was no different as the ETH token continued to climb. It successfully broke above the important level at $250 and continued its way towards the next major resistance – $275. Bulls were looking to close their eight green candle for the last nine days. The coin peaked at $277 and ended the session at $266,11 percent up. Trading volumes remained in the $38 billion zone on Monday and Tuesday then decreased $15 billion and climbed back to $28-$29 billion on Wednesday.