Bitcoin and Ether Market Update: September 26, 2019
Total crypto market cap lost $42.4 billion of its value since Monday, September 23 and now stands at $221.78 billion. Top ten coins are mostly in green for the last 24 hours with XRP (XRP) and Cardano (ADA) being the best performers with 2.6 and 2 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $8,390 on the Bitstamp daily chart, while ether (ETH) stands at $169 and Ripple’s XRP dropped up to $0.244.
Bitcoin lost 2.7 percent of its value during the previous week and closed the trading session on Sunday, September 22 at $10,025.
The most popular cryptocurrency was trading in the narrow corridor between $10,440 and $10,000 since September 6 when it last peaked at $10,950. The recent upward movement by the major altcoins brought the pressure back to bitcoin as some investors were already fleeing to altcoins hoping for another high-profit season.
On Monday, September 23, the BTC/USD pair broke below the $10k mark and stopped at $9,668 loosing 3.5 percent. Bulls were looking at $9,400 as the next major defense line.
Unfortunately for buyers and long-term investors bitcoin was not able to hold the mentioned level and corrected down to $8,535. In its worst one-day session since July 16, the coin erased 11.5 percent of its capitalization. To be more precise, it saw $1,000 disappearing in just one hour of trading.
The mid-week session on September 25 proofed to be no different as the current trend was continued and the BTC/USD pair formed its third consecutive red candle on the daily chart.
In the early hours of September 26, bitcoin is trading at $8,353.
The Ethereum Project token moved down to $211 on Sunday, September 22 and closed the week with an 11 percent increase.
After it successfully peaked at $224 on September 19, the ETH/USD pair entered a correction, which started as a profit-taking activity, which later evolved in an all-out trend reversal.
The coin started the new trading period with a huge red candle on Monday, September 23. It lost 4.7 percent of its value and fell down to $201. The next major support for bulls was $200.
Following the general crypto market trend at the beginning of this week, the ether stormed pass the mentioned level on Tuesday, September 24 and closed at $166. In just one trading day, one of the major altcoins erased 17 percent and moved back to where it was two weeks ago. Even though it dropped as low as $152 during intraday, buyers managed to defend $165 as the next line of support.
On Wednesday, September 25, the Ethereum token attempted a short-term recovery and registered its first green candle in 5 days to move up to $169.
In the early hours of Thursday, September 26, the ETH/USD pair is trading at $170.