Bitcoin and Ether Market Update July 23, 2020
Total crypto market cap added $11.6 billion to its value since Monday morning and now stands at $284.2 billion. Top ten coins are all in green for the last 24 hours with ether (ETH) and ChainLink (LINK) leading the pack with 7.7 and 7 percent of increase respectively. At the time of writing bitcoin (BTC) is trading at $9,500 on the Bitstamp daily chart, while ether (ETH) moved to $262 and Ripple’s XRP climbed up to $0.202.
Bitcoin closed the trading session on Sunday, July 19 with a third consecutive green candle on the daily chart. The coin moved up to $9,211 and for the fourth straight session attempted to break above the diagonal line that acted as a mid-term support level since May 11.
It closed the seven-day period with a less then one percent of decline.
The BTC/USD pair started the new trading period on Monday with a short pullback to $9,160.
On Tuesday, July 21, the leading cryptocurrency skyrocketed to $9,390 in its best session since July 6. The move resulted in breaking both the horizontal resistance at $9,300 and the 50-day Exponential Moving Average (EMA). BTC regained its positions in the uptrend corridor and added 2 percent to its value.
Bulls continued with their good performance during the mid-week session on Wednesday and extended the gains up to $9,535, surpassing the lower-end of the $9,600-$9,500 S/R zone for the first time since June 22.
In terms of trading volumes, they hit $20 billion on 24-hour basis on Tuesday, up from $15 billion on Sunday, which corresponded to 25 percent increase. We saw a slight decrease back to $17 billion on Wednesday before recovering to $20 billion on Thursday morning.
The Ethereum Project token ETH moved up to $240 on Sunday, July 19, and reached the meeting point of the diagonal and horizontal resistances. The coin was 1.2 percent down on a weekly basis.
On Monday, the ETH/USD pair formed a similar candle on the daily chart, but in the opposite direction, correcting its price down to $235 after suffering a rejection near the above-mentioned lines.
The trading day on Tuesday was quite a good one for buyers as the price of ETH broke above the diagonal and horizontal resistances and climbed all the way up to $245 for the first time in two weeks. The ether added 4.3 percent to its value.
The uptrend was continued on Wednesday, July 22 when the leading altcoin reached its highest point since February and closed the day at $264 after touching $270 during intraday.
The trading volumes were relatively stable in the $4-$5 billion area for the first three days of the workweek, then increased sharply to $7 billion on Thursday morning.