Bitcoin (BTC) and Ether (ETH) Market Update: July 4, 2019
The total crypto market cap added $2 billion to its value since Monday, July 1, 2019, and moved up to $331 billion. The top ten coins are all in red for the last 24 hours with Cardano (ADA) and Litecoin (LTC) being the worst performers with 3.6 and 2.2 percent in respective losses. At the time of writing, bitcoin (BTC) is trading at $11,680 on the Bitstamp daily chart, while ether (ETH) stands at $294, and Ripple’s XRP dropped down to $0.398.
Bitcoin closed the previous week at $10,750 with a 2.6 percent price increase. It was 29.7 percent up in June for its fifth straight month of gains.
The BTC/USD pair opened the new seven-day period by dropping below the $10,000 mark during intraday trading on July 1, 2019. Bulls, however, rapidly took control and managed to limit the losses to just $170, by closing at $10,580.
The price of the most popular cryptocurrency remained in the downtrend channel on July 2, 2019, when bears once again tried to push its price below the mentioned level. This time they reached $9,630, still without being able to close the day with a solid red candle. Buyers reversed the direction of the trade and ended up winning back some of their territory. BTC closed at $10,820.
On July 3, 2019, the coin moved above $11,000 and stopped just shy of the $12,000 mark at $11,970. The 10.4 percent increase helped bitcoin move out of the downtrend channel and suggested a price recovery in the case that $11,000 is successfully defended in the next few days.
At the time of writing, bitcoin is trading at $11,790 with an expected run to $12,000.
The Ethereum token closed the previous week with a solid red candle to $290. Ether lost 8.2 percent of its value and registered 1.7 percent of losses for the seven-day period. It was 12.7 percent up for the month of June.
On July 1, 2019, it once again temporarily broke above the $300 mark, but could not hold to that level and closed the session at $294.
The ETH/USD pair formed an almost identical candle on July 2, 2019, but in the opposite direction, correcting its price to $291. Bears pushed the price as low as $271 during intraday suggesting that ETH is still under immense pressure. On July 3, 2019, it finally stabilized above $300 and closed the session at $302 after adding 3.4 percent to its value.
In the early hours of July 4, 2019, however, commentators are seeing ether trading at $295, still hovering around the above-mentioned level.