Bitcoin and Ether Market Update: February 6, 2020
Total crypto market cap added $11.5 billion to its value since Monday morning and now stands at $273 billion. Top ten coins are all in green for the last 24 hours with Bitcoin Cash (BCH) and Bitcoin SV (BSV) leading the pack with 15.2 and 12.8 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $9,653 on the Bitstamp daily chart, while ether (ETH) climbed up to $207 and Ripple’s XRP moved up to $0.28.
Bitcoin ended January with a 30 percent of a price increase and started the new 30-day period by trading in the $9,323 – $9,371 zone during the first weekend of February. It closed the session on Sunday, February 2 at $9,323 or 8.5 percent higher compared to the previous seven days.
On Monday, February 3, the BTC/USD pair peaked at $9,628 during intraday just to close way lower with a small loss to $9,281. The Fibonacci extension level at $9,185 (0.382) was the next major resistance in front of bears.
The trading session on Tuesday saw the most popular cryptocurrency dropping further down to $9,157 after touching $9,071 in the early hours.
On Wednesday, February 5, buyers managed to recover and successfully returned to the $9,200 – $9,500 zone – a crucial area in the mid-to-long term. Bitcoin was already rejected once at the upper end of the mentioned range on January 31. The coin closed at $9,622 in the evening.
24-hour trading volumes of BTC started to increase on Monday when they moved up from $53 to $57 billion, then fell back to $53-$55 on Tuesday just to climb again to $57-$59 billion in the mid-week session.
The Ethereum Project token ETH was 39 percent up for the month of January. The leading altcoin was doing pretty well recently and on Sunday, February 2 continued with its good performance by moving up to $188.
The ETH/USD pair started trading on Monday, February 3 by climbing up to $193-$194 for a second consecutive day, still, it once again failed to close a daily candle above the $190 level. The ether was building a strong bullish case since January 26 when it found its current bottom at $160. Long-term recovery, however, was most certainly passing through breaking the mentioned level and setting the ground for an attack of the psychological $200 mark.
On Tuesday, one of the most popular altcoins was rejected at $190, which resulted in a drop to $181 during intraday. It closed the session with a small loss to $187.
On Wednesday, February 5, ETH followed the general crypto market trend and skyrocketed all the way up to $203 after peaking at $208 in the early hours of trading.
In terms of 24-hour trading volumes, we found them hovering in the $21-$24 range for the first three days of the week.