Bitcoin and Ether Market Update: January 2, 2020
The total crypto market cap lost $8 billion of its value since the morning of Monday, December 30, and now stands at $189.7 billion. The top ten coins are all in red for the last 24 hours with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the worst performers with 3.3 and 1.9 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $7,114 on the Bitstamp daily chart, while ether (ETH) stands at $128 and Ripple’s XRP dropped to the levels around $0.190.
Bitcoin continued to impress and closed the trading session on Sunday, December 29, with a third consecutive green candle. It moved North to $7,395 after peaking above the important $7,500 level during intraday. The coin closed the week with a 1.4 percent loss.
On Monday, the BTC/USD pair corrected its price down to $7,220, at the Fibonacci 61.80% line. The coin lost 2.3 percent of its value and completely erased the gains from the previous sessions.
On Tuesday, trading volumes remained significantly lower (around $20-$23 billion on 24h basis) due to end of year celebrations around the world. Bitcoin closed with a loss to $7,166 after moving mainly in the $7,303 – $7,101 zone during the day.
The most popular cryptocurrency ended the month of December 5 percent lower compared to November. Still, surprisingly or not given the recent bear market, BTC was 94 up for 2019 making it one of the best performing investment products out there. For comparison, the NASDAQ Composite Index made 34 percent of returns while Gold gained 18 percent.
The first day of 2020 brought green back to the chart as the BTC/USD pair moved up to $7,175.
The Ethereum Project token ETH extended its good performance during the weekend of December 28-29 and climbed up to $134 on Sunday. It closed the seven-day period with a 2.4 percent of a price increase.
The ETH/USD pair opened trading on Monday by suffering a rejection around $135. It moved down to $131 still managing to keep above the important support at $130 even though this level was tested by bears during intraday.
On Tuesday, December 31, we saw the ether dropping down to $128 after moving in the $134-$127 zone in the early hours of trading.
The leading altcoin closed the last month of the year with a 15 percent loss. It remained flat on a yearly basis after loosing less than $2 of its value for the whole period.
The mid-week session on January 1, 2020, was relatively positive for buyers as the coin once again moved to $130, still without being able to surpass it.