Bitcoin and Ether Market Update: January 30, 2020
Total crypto market cap added $16.4 billion to its value since Monday morning and now stands at $255.5 billion. Top ten coins are all in red for the last 24 hours with Cardano (ADA) and Binance Coin (BNB) loosing 2.4 and 2.1 percent respectively. At the time of writing bitcoin (BTC) is trading at $9,323 on the Bitstamp daily chart, while ether (ETH) stands at $173 and Ripple’s XRP hovers around $0.234.
Bitcoin made an unexpected jump on Sunday, January 26 and closed at $8,597 while adding 3.3 percent to its value. Still, it was 1.1 percent down for the seven-day period.
After rebounding up from the $8,300 support on the last day of the week, the leading cryptocurrency moved above $8,500 later in the session, setting the ground for an attack of the $8,900 – $9,000 zone.
The mentioned area was reached on Monday, January 27 when the BTC/USD pair formed its second consecutive green candle on the daily chart and stopped exactly there.
On Tuesday, the coin skyrocketed all the way up to $9,400 smashing both the $9,000 support and the year-to-date high of $9,184 on its way. The move resulted in a 5.6 percent increase.
The mid-week session on Wednesday put an end to the uptrend as BTC was rejected at $9,440 and ended the day with a small loss to $9,291.
Trading volumes started to increase rapidly since Monday and we saw them climbing up from $28 billion on Sunday, January 26 to $49 billion on January 29 or 75 percent up for the three-day period.
On the derivatives front, CME Group’s January 2020 Bitcoin futures (3-month, BTCF20) expire this Friday, January 31, which often leads to big price movements and volatility.
The Ethereum Project token ETH followed the general crypto trend on Sunday, January 26 and climbed up to $167, gaining 4 percent. It successfully survived a three-day-long attack on the $160 line, which proofed to be a solid support zone in the mid-term. The coin remained flat on a weekly basis.
The ETH/USD pair opened the new trading period on Monday by forming its second consecutive green candle on the daily chart. The leading altcoin moved up to $169 escaping from the downtrend that was started on January 19 after bulls were rejected at $180.
On Tuesday, January 28, the ether gained 3.5 percent and climbed to $175 as buyers were already eyeing the 2020 high at $180 and the $180 – $190 zone.
The third day of the workweek came with a small correction as ETH could not reach $180. It rejected near $179 and fell down to $173 at the end of the session.
Trading volumes increased by 50 percent since Sunday, January 26 and reached $15 billion on Wednesday.