Bitcoin, Ether, and XRP Weekly Market Update August 10, 2020
The total crypto market cap added $24.5 billion to its value for the last seven days and now stands at $364.2 billion. The top 10 currencies were all in green for the same period with ChainLink (LINK) leading the group with 64.5 percent of increase respectively. By the time of writing bitcoin (BTC) is trading at $12,007 while ether (ETH) moved up to $396. Ripple’s XRP is hovering around $0.295.
Bitcoin made a significant pullback to $11,069 on Sunday, August 2. Bears were even able to push the price down to $10,550 during intraday, but the previous monthly resistance, now turned support near $10,700 was stable enough. The leading cryptocurrency closed the seven-day period with 11.3 percent of price increase.
The BTC/USD pair opened the new trading week by climbing up to $11,245. The coin was trading in the $10,900 – $11,450 range, but the decreasing volumes prevented bulls from making a move towards the lower-end of the next resistance zone near $11,500.
On Tuesday, August 4, it made a correction down to $11,190 in a low volatility session.
The mid-week session on Wednesday was a good one for buyers and they successfully pushed the price of BTC up to $11,760 surpassing the already-mentioned horizontal barrier. The move resulted in a 5 percent price increase.
On Thursday, August 6, the BTC/USD pair was not able to continue its way up and closed the day almost flat. The low volatility was a sign that the coin was already lacking the momentum to continue with the uptrend and correction might be on its way.
Friday trading was a good example of that as bitcoin fell to $11,586. It also saw a daily low of $11,222.
A candle with a similar body structure was formed on Saturday, but in the opposite direction as bulls regained positions near $11,775.
On Sunday, BTC made another leg down and closed the week at $11,676.
The 24-hour trading volumes dropped from $30 billion on Sunday, August 2 to $17 billion on August 9.
The Ethereum Project token ETH made a short correction to $371 on Sunday, August 2 after trading in the wide range between $416 – $325 during the day. Still, it managed to preserve the newly established horizontal support at $370 and closed week 19 percent higher.
On Monday, the coin rebounded from the above-mentioned level and formed a green candle to $386, adding 4.3 percent to its value.
The Tuesday session on August 4 was a continuation of the uptrend and the ETH token seemed unstoppable. It climbed to $389, but not before peaking at $403 during intraday.
On Wednesday, it registered its third consecutive day in green and extended the winning streak to $400 already chasing the major resistance zone near $420.
The trading days on Thursday, August 6 and Friday, August 7 were not that good for the ETH bulls as the coin entered a correction mode after the current upward movement was more or less exhausted. It fell to $379 on the last day of the workweek, but not before hitting $360 in the early hours.
The weekend started with a solid green candle on Saturday. The ETH/USD pair moved up to $397 and added 5 percent to its value.
Then on Sunday, it dropped to $390 as it was unable to extend the upward movement.
Down we see weekly support at $370 and $335 as the next area of stability.
The Ripple company token XRP was extremely volatile on Sunday, August 2 and was trading in the wide range between $0.327 and $0.25 before closing with a small loss to $0.287. Still, it managed to keep the general uptrend and ended the previous seven-day period with 33 percent of price increase.
It opened the new trading week on Monday by climbing all the way up to $0.31, adding yet another 8 percent to its value. The “ripple” reached the November 2019 peak and was already looking at the last visited high at $0.335.
On Tuesday, August 4, however, we saw a short pullback to $0.30 as the above-mentioned horizontal resistance couldn’t be surpassed by bulls. The $0.29 line has been converted to a temporary support level as it was tested and successfully defended during the intraday trading.
The mid-week session on Wednesday was marked by low volatility as the XRP/USD pair remained flat around $0.30
On Thursday, August 6, we witnessed another calm day of trading for the major altcoin as neither buyers nor sellers were able to take over control.
The last day of the workweek came with a drop to $0.294 and the XRP started losing ground, temporarily giving up their control over the horizontal support in the early hours of trading. The 24-hour volumes dropped from $4.8 billion on Sunday to less than $1.8 billion on Friday – a 62 percent decrease. This, combined with the overall crypto market uptrend exhaustion, resulted in a correction for the “ripple”
The first day of the weekend was once again stable, with no rapid movements in either direction.
On Sunday, however, the downward movement was continued and XRP fell below the support line, closing the week at $0.287.
Altcoin of the Week
Our altcoin of the week is Band Protocol (BAND). This little-known cryptocurrency stormed into the Top 100 list by adding the stunning 305 percent to its value for the last seven days. The coin was 890 percent up for the 30-day period.
According to the official website BAND is a cross-chain data oracle platform that helps DeFi projects accumulate and exchange real-world data and connect APIs to smart contracts.
The Band Protocol peaked at $14.06 on Sunday, August 9, and now comfortably sites at #41 with a market cap of approximately $337 million. Reason for the surge is the recent listing on Coinbase + the announced partnership with the Elrond Project.
As of the time of writing, the coin is trading at 0.00137 against BTC on Binance.