Bitcoin and Ether Market Update: January 9, 2020
The total crypto market cap added $8.1 billion to its value since the morning of Monday, January 6, and now stands at $209.6 billion. The top ten coins are all in red for the last 24 hours with Litecoin (LTC) and EOS (EOS) being the worst performers with 5.7 and 5.4 percent of losses respectively. At the time of writing bitcoin (BTC) is trading at $7,949 on the Bitstamp daily chart, while ether (ETH) stands at $139 and Ripple’s XRP hovers around $0.206.
Bitcoin continued with its good performance on Sunday, January 5, and climbed up to the important level at $7,500 during intraday. Still, it remained flat for the day and closed at $7,357 adding 1.8 percent to its price on a weekly basis.
On Monday, it started the new trading period by drawing a huge green candle to $7,762. The BTC/USD pair successfully broke above $7,500 and was looking at the next major level of support which was $7,800. The run also resulted in a 5.5 percent increase.
On Tuesday, January 7, the most popular cryptocurrency continued to raise. This time it moved up to $8,160. The coin broke the psychological level of $8,000 and also managed to surpass the 100-day exponential moving average (EMA) for the first time since September.
The mid-week session on Wednesday was meant to be no different as BTC was on its way to form its sixth consecutive green candle targeting $8,400. It peaked at $8,452, just to crash in the evening and fall all the way down to $8,042.
The stability of the mid-$8k levels were pointing to a potential rejection near that level as it proofed to be a solid support/resistance line in the past. As expected, the move resulted in a correction to the zone near $8,000, so we are most probably looking at consolidation and an attempt towards $9,000 in the coming days.
Trading volumes increased by 50 percent from Monday to Wednesday evening and are hovering around $40 billion.
The Ethereum Project token ETH found some stability above $130 during the weekend of January 4-5 and remained in the zone around $134-$135. It ended the 7-day period flat.
The first day of the new week came with a solid green candle as during the session bulls managed to push the price of ether all the way up to $144. The coin added 6.6 percent and was eyeing $150.
On Tuesday, January 7, the leading altcoin was not able to extend its gains and fell down to the support line at $140 during intraday. Buyers, however, did not allow further decline and the coin ended the day with a small loss to $143.
The Wednesday session was somehow similar to the ETH/USD pair was not stable enough to initiate an upward movement. It was trading in the wide-area between $147-$136 and closed at $140, keeping above the temporary support line.
The recent surge resulted in ETH moving above its 50-day EMA as trading volumes increased to $10 billion on Wednesday compared to $8 million at the beginning of the week.