Bitcoin, Ether, and XRP Weekly Market Update August 12, 2019
The total crypto market cap lost $7.7 billion of its value over the last seven days and now stands at $297.9 billion. The top 10 currencies registered mix results for the same time frame with Binance Coin (BNB) gaining 10.5 percent while Litecoin (LTC) lost 5.7 percent of its value. By the time of writing bitcoin (BTC) is trading at $11,336 while ether (ETH) stands at $211. Ripple’s XRP fell to $0.299.
Bitcoin regained its position above $11,000 on Sunday August 4, and for the first time since July 14 closed above this mark. It ended the week 21 percent higher compared to the previous seven-day period.
The BTC/USD pair opened the trading session on Monday, August 5 with a solid green candle on the daily chart. The move to $11,840 resulted in a 7.6 percent of losingprice increase.
Bulls were already eyeing the crucial levels around $12,000 and on August 6, managed to push the coin all the way up to $12,340. Although they were rejected hard at that level and allowed a drop to $11,450 at close, the good performance of the most popular cryptocurrency in the recent days suggested we might be witnessing the beginning of a new mid-term bull trend.
On Wednesday, August 7, bitcoin registered another good session and moved up to $12,000.
The mentioned critical level, however, proved to be hard to surpass and buyers could not extend gains on the next day Thursday, August 8, losing momentum. Even though BTC remained flat for the day, it was trading as low as $11,450 during intraday suggesting high pressure from bears.
On Friday, August 9, the BTC/USD pair moved down to $11,845. It started the weekend of August 10-11 with another red session, correcting price down to $11,250. The solid drop resulted in a 5 percent decrease.
On Sunday, August 11 BTC moved up to $11,535 and closed the seven-day period with 4.1 percent of increase.
The Ethereum Project token remained relatively flat on Sunday, August 4 and closed at $223 with a 6.2 percent increase for the period.
The coin is in a short-term bull run since July 28 when it last visited the $200 support line. Since then it showed a steady progress and on Monday, August 5 managed to finally break above $230. It added 4 percent to its value and climbed up to $232.
The ETH/USD bulls, however, could not hold their positions and even though the ether was trading as high as $240 during the intraday session on August 6, at the end of the day it fell back down to $225.
On Wednesday, August 7, we saw a volatile trading session during which the Ethereum token was trading in the $219-$231 range just to close flat at $225.
Apparently, it started to run out of steam on August 8 when we saw a red candle to $221 being formed on the daily chart. The move was followed by another downward correction, this time to $210 on the last day of the workweek, August 9. The ETH lost 5 percent of its value and was once again heading towards the $200 support.
On Saturday, August 10, the ether temporarily broke below the mentioned level trading as low as $197, just to close at $206.
The $200 level served as solid support once again as bulls successfully rebounded from this level. The ETH added 5.6 percent to its value and closed the week at $216, still 4 percent down for the period.
The Ripple company token moved up to $0.319 on Sunday, August 4 and closed the week 1.5 percent higher.
It started the new-seven-day period with another green session during which it climbed up to $0.321. Bull traders were even able to push price all the way up to $0.332, breaking above the solid resistance at $0.33.
On August 6 though the red color returned in full force and the XRP/USD pair fell back down to $0.31 loosing 3.5 percent of its value.
The trading session on August 7 was relatively calm and the coin stayed around the $0.31 zone, still losing some ground.
XRP was slowly but surely heading towards the $0.30 support line. It broke below that level twice already during the past 30 days, yet still it rebounded successfully. On Thursday, August 8 it formed a third consecutive red candle on the daily chart closing at $0.307.
The move was followed by a solid loss of approximately 4.5 percent on August 9 as the XRP closed the day at $0.295. It was of critical importance for bulls to regain the $0.30 level and void a freefall towards $0.285.
The first day of the weekend came with an extremely volatile session during which the coin was trading in the $0.305 – 0.281 zones. It ended the day at $0.298 keeping a close distance to the $0.30 mark.
On Sunday, August 11, the XRP/USD pair regained its position above $0.30 and closed the day at $0.303 with a loss of 5 percent on a weekly basis.
Altcoin of the Week
Crypto altcoins continued to bleed severely during the last seven days, still, some of them registered some gains.
One of the best performing alts was Algorand (ALGO). The coin, which is aiming to utilize blockchain technology to form an “equitable and truly borderless economy” added 9.6 percent last week end peaked at $0.862 on Sunday, August 11.
It is currently listed at number #44 as per cryptocurrency data provider Coingecko and has a total market capitalization of $167 million. It is 40 percent up for the last 14 days.
The driving factor behind the raise is without a doubt the launch of ALGO on the popular exchange Coinbase Pro. The US-based platform announced on August 9, that starting Wednesday, August 14, traders will be able to make deals with Alogrand on all supported jurisdictions, with the exception of New York State
The ALGO currently stands at $0.79 and is trading at $0.0000682 against Bitcoin in the early hours of August 12.