Bitcoin, Ether, and XRP Weekly Market Update August 19, 2019
The total crypto market cap lost $25.8 billion of its value during the last seven days and now stands at $271.5 billion. The top 10 currencies are all in red for the same time frame with Litecoin (LTC) and EOS (EOS) being the worst performers with 15.1 and 12.3 percent of loses respectively. By the time of writing bitcoin (BTC) is trading at $10,684 while ether (ETH) stands at $200, and Ripple’s XRP climbed up to $0.286.
Bitcoin climbed up to $11,535 on Sunday, August 11 and closed the previous seven-day period with 4.1 percent of price increase.
After failing to regain $12,000 during the weekend, the BTC/USD pair gave up some of its recent gains and fell back down to $11,392 on the start of the new week. It was trading as low as $11,123 on the Bitstamp daily chart or right at the breakpoint of the uptrend channel we created on our last reports.
On Tuesday, August 13, the most popular cryptocurrency decreased to $10,861 after losing 4.6 percent. The majority of the crypto analysts agreed that a breach below the mid-$10k levels would leave the door open for further loses and a drop below the mentioned psychological level in the short-term.
On August 14, bitcoin formed its third consecutive red candle and lost the stunning 8 percent closing at $10,023.
The trading session on Thursday, August 15, saw the coin breaking its losing streak to climb up to $10,296 after trading as low as $9,470 during intraday. As predict, bull traders found support at both $9,400 and $10,000 levels.
On the last day of the workweek, the BTC/USD pair was once again engaged in a high volatility session during which it was moving in the $10,560 -$9,740 zone before closing at $10,360.
The weekend of August 17-18 came with another test of the $10k line on Saturday as bears were still not eager to ease the pressure. Bitcoin closed with a loss to $10,202, still defending the 5 figure price.
On Sunday, August 18 the coin moved North to $10,324 loosing 10.4 percent for the week.
The biggest news this week is without a doubt Bakkt announcing its official launch date. The institutional digital assets trading and custody platform, which is a subsidiary of the Intercontinental Exchange (ICE) announced on August 16 it will start offering bitcoin futures and warehouse services on September 23.
The company received the required approvals from the U.S. Commodity Futures Trading Commission (CFTC) and the New York State Department of Financial Services to provide physically-delivered daily and monthly bitcoin futures contracts. The new product will be traded on the ICE Futures U.S. exchange.
The Ethereum Project token ETH added 5.6 percent to its value on Sunday, August 11 and closed the previous seven days at $216 or 4 percent down for the period.
ETH, which was caught in the $230-$200 zone since July 14, started to move downwards since the last time it was rejected at $230 on August 8. It opened the new week on August 12 with a drop to $211, which was followed by another loosing session, this time to $208 on Tuesday, August 13.
The ETH/USD pair fell off a cliff on August 14 and lost 11 percent to close at $185. The ether moved South of the $200 support, eyeing the levels around $180.
On Thursday, August 15, the coin made a slight comeback and closed with a green candle to $188 but only after touching $173 during intraday. The last time ETH visited these levels was in May 2019. Buyers did not allow further decline and successfully regained their positions later in the day.
The ETH/USD pair lost $3 on Friday, August 16 and once more it was briefly trading below the critical support of $180.
We saw the coin remaining relatively flat on Saturday, August 17 and on the last day of the week It gained 4.8 percent to close at $194. The Ether was 9.8 percent down for the seven-day period.
The Ripple company token XRP regained its position above $0.30 on Sunday, August 11 and closed the day at $0.303 with a 5 percent of weekly loss.
The coin opened the new trading period with a move to the above-mentioned support on Monday, August 12. It fell as low as $0.291 on the next day, August 13 and even though it managed to erase some of the day trading losses, the XRP/USD pair closed with a loss to $0.297.
On August 14, the “ripple” experienced its worst day since June 27 and lost 11.7 percent, dropping to $0.262. The coin visited levels not seen since September 2018 as bulls were already turning to $0.26 as their next stronghold.
The XRP visited $0.225 during the trading session on August 15, still, it managed to recover and closed the day at $0.263.
The workweek ended with another red candle to $0.26.
During the weekend, the ripple token attempted a comeback by first climbing up to $0.265 on Saturday and then to $0.282 on Sunday. It was down 6 percent for the week.
Altcoin of the Week
Our Altcoin of the week is HyperCash (HC). The open-source platform, which is designed to intermediate between the blockchain and non-blockchain environments, gained 46.6 percent for the last seven days and moved to #47 place on CoinGecko’s top 100 list. The coin is currently trading at $3.23 with a total market capitalization of approximately $143 million.
The project consists of two separate blockchains – HyperCash (HC), which is the main chain and HyperExchange (HX) – a fork, built to facilitate communication between different blockchains and non-blockchains. It is V Label Project on the Binance Info page. The latest project update was published on August 16 providing detailed status of the current technical work on the ecosystem.
In the early hours of trading on August 19, the HC/BTC pair is trading at $0.0003064 on Binance.