Bitcoin and Ether Market Update: May 14, 2020
Total crypto market cap added $18.3 billion of its value since Monday morning and now stands at $256.2 billion. Top ten coins are all in green for the last 24 hours with Bitcoin (BTC) and Ether (ETH) leading the pack with 6 and 4.5 percent of gains respectively. At the time of writing Bitcoin (BTC) is trading at $9,437 on the Bitstamp daily chart, while ether (ETH) moved up to $199 and Ripple’s XRP reached $0.201.
This week we celebrate the third BTC halving, which occurred on May 11. The event was basically a non-event with no immediate impact on the price of the leading cryptocurrency. Traders and analysts were divided in their forecasts, but as always, the crypto market had its own mind.
The BTC/USD pair closed the previous week at $8,718 after suffering a major disappointment on Sunday, May 10. The coin was rejected at $9,500 and the long-term downtrend, which resulted in an 8.4 percent correction.
On the halving day, bitcoin was extremely volatile – it was trading in the $9,166 – $8,169 range, ending the session at $8,575, marking its fourth consecutive day in red.
On Tuesday, May 12, bulls reminded of themselves and regained positions near $8,819 after rebounding perfectly from the lower end of the support area – around $8,600. The coin also hit the $9,000 mark during intraday.
The mid-weeks session on Wednesday was again positive for buyers as their preferred digital asset added 5.6 percent and moved up to $9,315.
In terms of trading volumes, we saw them falling as low as $44 million on Monday before climbing up to $58 million midday on Tuesday. The move was followed by a gradual decline to $39 million on Wednesday.
The Ethereum Project token ETH crashed below the 100-day EMA and the $200 mark on Sunday, May 10 and entered the next support zone at $190-$187. It was 10 percent down for the week.
The leading altcoin opened the new trading period on Monday by falling as low as $175 in the early hours of trading. It hit the 200-day EMA and managed to recover in the evening, closing with a small loss to $186. Bulls did not allow a further decline and stabilized around the lower end of the support area.
On Tuesday, May 12, the ETH/USD pair climbed up to $189 in the aftermath on the Bitcoin halving and suggested it might be in for more gains in the coming days.
That was the case on the third session for the week. The “ether broke above the 100-day EMA and reached the $200 mark, closing the day 5.8 percent higher.
The 24-hour trading volumes were quite unstable, ranging in the $19 -$14 billion zone on Monday and Tuesday morning, then dropping to $12 billion and remained there until Wednesday evening.