Bitcoin and Ether Market Update July 30, 2020
Total crypto market cap added $17.2 billion to its value since Monday morning and now stands at $324.6 billion. Top ten coins were mostly flat for the last 24 hours with Crypto.com Coin (CRO) adding 1.5 percent to its value while Cardano (ADA) lost 2.6 percent. At the time of writing bitcoin (BTC) is trading at $11,037 on the Bitstamp daily chart, while ether (ETH) moved to $317 and Ripple’s XRP climbed up to $0.241.
Bitcoin continued to rise during the weekend of July 25-26 and successfully closed above the $9,500-$9,600 resistance area for the first time since June 22. The coin climbed up to $9,943 on Sunday after breaking above $10,000 in the early hours of trading. It was 7.9 percent up on a weekly basis.
The BTC/USD pair opened the new trading period by forming a huge green candle up. It moved all the way up to $11,045 in its biggest one-day price jump since April 29. This resulted in a 11 percent increase for BTC, which was taking the lead from Ethereum as the main driver in the cryptocurrency market.
On Tuesday, July 28 we saw a small pullback to $10,940 as profit-taking activities were already taking place. The session was quite volatile with prices ranging from $11,250 to $10,500 during intraday.
The mid-week session on Wednesday was a continuation of the uptrend. The leading cryptocurrency climbed up to $11,110 and was now comfortable sitting above the monthly resistance at $10,700. Next target for buyers in the mid to long-term is to close the monthly candle above that line and aim at surpassing $11,500 as the last high on weekly timeframe (registered July 2019).
The 24-hours trading volumes peaked at $34 billion on Tuesday then started to decrease and are now hovering around $23 billion on Thursday morning. We saw sporadic jumps up to $50-$57 billion on hourly basis during the rapid increase of the BTC price, but these were not sustainable.
The Ethereum Project token ETH continued to rise and reached $311 on Sunday, July 26 after trading as high as $321 at some point during the day. The coin added 32 percent to its value for the last seven days and after six consecutive days of gains reached the July 2019 resistance area near $315.
On Monday, July 27, the ether stormed pass the above-mentioned level and closed at $322, also hitting the last registered high of $333.
The Tuesday session was quite similar to the one BTC was having as we saw the major altcoin correcting its price down to $317. Still, buyers managed to turn the horizontal resistance into support.
The third day of the workweek came with relatively calm session, seen by some analysts as a consolidation effort by bulls. The coin remained flat for the session even though it was moving in the $330-$312 range.
Next for ETH is to use the $315 as a base for an attack of the $333 zone.
The 24-hour trading volumes peaked at $15 billion on Tuesday then started to drop stopping near $10 billion on Thursday morning.