Bitcoin, Ether, and XRP Weekly Market Update August 03, 2020
The total crypto market cap added $31.8 billion to its value for the last seven days and now stands at $338.6 billion. The top 10 currencies were mostly in green for the same period with Ripple’s XRP adding 36.5 percent to its value while Cardano (ADA) lost 9 percent. By the time of writing bitcoin (BTC) is trading at $11,125 while ether (ETH) skyrocketed to $380. Ripple’s XRP climbed up to $0.293.
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 of 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).
On Thursday, July 30, the BTC/USD pair remained flat at close even though we saw it falling as low as $10,835 in the early hours of trading.
The last day of the workweek and the month was marked by a test of the last registered weekly high near the $11,400-$11,500 area. The coin stepped up to $11,368 and added 24 percent to its value for the 30-day period.
The first day of the weekend came with a break above that level as BTC closed at $11,817 for the first time since August 2019.
On Sunday, August 2, we witnessed a significant pullback to $11,069. Bears were even able to push the price down to $10,550 during intraday, but the previous monthly high was preserved.
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 a 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.
On Thursday, July 30, the ETH/USD pair climbed up to $335 – the last registered high close on the daily chart. Bulls managed to add another 6.3 to the value of the leading altcoin.
The Friday session, which was also the last for July, saw the ether extending is gains to $346 closing the month 54 percent higher.
The first trading day of the weekend started with a bang as ETH skyrocketed all the way up to $387 reaching that zone for the first time since August 2018.
On Sunday, it made a short correction to $371 after trading in the wide range between $416 – $325 during the day.
The Ripple company token XRP started to lose momentum on Sunday, July 26. Still, it managed to form a small green candle to $0.215, but not before hitting the next resistance level at $0.225. The coin was 8 percent up for the seven-day period.
The XRP/USD pair extended its good performance into the new week. It moved up to $0.224 on Monday and almost hit the next major zone of interest for buyers.
On Tuesday, July 28, the “ripple” drew its fourth straight green candle on the daily chart and reached the important horizontal line at $0.23.
The mid-week session brought no change to the uptrend. The major altcoin continued its way up and peaked at $0.243 with another 5.6 percent being added to its value.
On Thursday, July 30 and Friday, July 31, the XRP seemed unstoppable and successfully surpassed the important psychological level at $0.25, stopping at $0.259 at the end of the workweek. The coin ended the month of July 48 higher compared to the previous 30-day period.
The first day of the weekend of August 1-2 was yet another session of solid gains. The XRP/USD pair moved up to $0.291 in one of its best single-day jumps for the year, which also resulted in 13 percent of price increase.
On Sunday, August 2, the coin made one step back to $0.287, but managed to keep the general uptrend.
Altcoin of the Week
Our Altcoin of the week is Zcash (ZEC). One of the leading privacy coins that focus on the decentralized finance anonymity added 29 percent to its value for the last seven days. ZEC was also 43 percent up for the two-week period.
The Zcash project coin peaked at $92.6 on Sunday, August 2, and moved up to #25 on the CoinGecko’s Top 100 list with a total market capitalization of approximately $827 million.
The recent surge is most probably related to the upcoming Zcash network upgrade, also known as Network Upgrade 4 and the recently implemented New Release 3.1.0 – a code preparation for the Canopy network upgrade (NU4).
As of the time of writing, ZEC is trading at $84.1 against USD on the Kraken platform.