Bitcoin, Ether, and XRP Weekly Market Update August 5, 2019
The total crypto market cap added $39 billion to its value during the last seven days and now stands at $306 billion. The top 10 currencies are all in green for the same time frame with Bitcoin (BTC) gaining 21 percent while Bitcoin Cash (BCH) added 11 percent to its market cap. At time of writing bitcoin (BTC) is trading at $11,663 while ether (ETH) stands at $228. Ripple’s XRP climbed up to $0.312.
Bitcoin almost broke below the $9,000 support line on Sunday, July 28, and was trading as low as $9,115 during some periods of the day. Buyers managed, however, to recover and closed the week at $9,530, with 8.9 percent of losses.
The most popular cryptocurrency started the new period with a volatile session on July 29, trading in the $9,725 – $9,350 range. It ended the day at $9,496 with an insignificant price decline, still remaining above the lower end of the important $10,000 -$9,400 area which we drew last week.
On Tuesday, July 30, the BTC/USD pair formed a green candle on the daily chart and climbed up to $9,594.
The last day of the month came with a bang as Bitcoin gained more than 5 percent and moved up to $10,090. However, the coin closed the month 6 percent lower to confirm the mid-term downward correction.
The month of August started positively, with another winning session on Thursday as bitcoin climbed up to $10,418, defending the $10k line and its gains from the previous day.
During the last trading day of the week, the coin formed the fourth consecutive green candle and continued its march upwards with an increase to $10,526.
Bitcoin remained in positive territory during the first day of the weekend of August 3-4. Bull traders were already feeling strong and ready for another attack of the $11,00-$12,000 levels. They pushed price all the way up to $10,816.
On Sunday, August 4, the most popular cryptocurrency regained its position above $11,000 for the first time since July 14 and stopped right at that mark. It ended the week 21 percent higher.
The Ethereum Project token ETH formed a green candle to $210 on July 28, yet still, it was down for the last seven days erasing 5.6 percent of its value.
Ether opened the new week with a relatively volatile session on Monday, July 29, moving in the $215 – $205 zone, just to close at $211.
It moved even lower, to $209, on Tuesday, July 30 after touching $204 during intraday. This second consecutive red session brought almost no change in price and confirmed that neither bulls nor bears were able to establish a trend and take over control of the market situation.
On the last day of July, the ETH/USD pair followed the general market trend and registered a winning session. It gained 4.3 percent and climbed up t $218, but in the end, closed the 30-day period with the stunning 28 percent of decline.
August 1 came with a loss as the ether lost $1 after trading around the $210 level for the biggest part of the day. On Friday, August 2, the coin stayed in the same zone without being able to establish a trend.
We saw the Ethereum token move into green territory on the first of the weekend. It added 2.3 percent and closed at $222. On the last day of the weekend, it made no sudden moves, staying mainly in the $223 zone.
The ether closed the seven-day period with 6.2 percent of increase.
The Ripple company token XRP ended the previous week with a winning session to $0.311 on Sunday, July 28, still it found itself 5.5 percent lower on seven-day-basis.
XRP opened Monday, July 29 trading lower, around the $0.304 level, but bulls managed to push the price up to $0.309 at the end of the session in order to avoid going back into the downtrend channel.
On Tuesday, July 30, it formed a solid green candle and gained 3 percent to close at $0.318. The move was confirmed on the last day of the month when the XRP climbed up to $0.319, it ended the 30-day period with 18 percent decline.
On the first day of August, the coin dropped to $0.316. It formed a second consecutive red candle on the daily chart on August 2 and declined further to $0.311. It was of critical importance for bulls to hold above the $0.30 mark and not allow more tests of the support lines in order to recover from the recent losses.
On the first day of the weekend, the XRP/USD pair moved north to $0.316. It moved up to $0.318 on Sunday, August 4, and closed the week 1.5 percent higher.
Altcoin of the Week
Our Altcoin of the week is Tezos (XTZ). The coin added 43 percent to its value for the last seven days and moved up to 16th position in terms of market capitalization. It is currently valued at $1,171 billion with its price standing at $1.46
On July 30, the US-based exchange Coinbase announced it will add Tezos to its Coinbase Pro trading platform starting August 5. The XTZ pairs will be available for all supported jurisdictions with the exception of New York.
Two days later, Huobi Wallet, the wallet app developed by the crypto exchange Huobi revealed that it had added Tezos to the list of tokens it supports.
In the early hours of August 5, the XTZ is trading at $0.0001269 against Bitcoin on the Bitfinex platform.