Bitcoin, Ether, and XRP Weekly Market Update December 16, 2019
The total crypto market cap lost $10.2 billion of its value during the last seven days and now stands at $193.1 billion. The top 10 currencies were all in red for the same time frame with Binance Coin (BNB) and EOS (EOS) being the worst performers with 8.2 and 6.8 percent of loses respectively. By the time of writing bitcoin (BTC) is trading at $7,078 while ether (ETH) dropped further to $142. Ripple’s XRP is trading at $0.212.
Bitcoin closed at $7,530 on Sunday, December 8 after trading in the $7,575 – $7,375 range during intraday.
The Monday session started with a huge drop to $7,334 as the BTC/USD pair lost 2,6 percent of its value and once again fell below the current uptrend line.
On Tuesday, December 10, the most popular cryptocurrency continued to slide and formed its second consecutive red candle. It moved down to $7,214, right at the previously discussed Fibonacci 61,80% level, which we consider stable horizontal support.
The mid-week session on Wednesday proofed to be no different. The coin lost more ground and fell to $7,204 after touching $7,113 during the early hours of the day.
On Thursday, December 12, bitcoin saw a high volatility trading during which it was moving in the $7,303 – $7,071 area. It closed with a small loss to $7,185 and erased $20 of its value.
The last day of the workweek came with a rebound to $7,257 as the BTC/USD pair tried to escape from the downtrend channel.
Unfortunately for bulls, the reversal was short-lived and they saw their favorite coin dropping down to $7,057 on Saturday, December 15. The coin lost 2.6 percent and hit the $7,000 support for the first time since November 27.
BTC successfully rebounded from the above-mentioned level on Sunday and closed the week in green, at $7,113. Still, it was 5.5 down on a weekly basis.
The Ethereum Project token ETH moved North to $151 on Sunday, December 8 and successfully returned to the $150-$152 support zone.
The coin started the new trading period on Monday with a correction to $147. It formed the exact same candle, but in the opposite direction, erasing all gains from the previous day.
The ETH/USD pair continued dropped further to $145 on Tuesday, December 10, after trading as low as $143 during intraday.
On Wednesday, the ether formed its third straight losing session and fell to $143.
The coin followed the general crypto market trend and moved up to $145 on Thursday, December 12.
Buyers, however, were not able to confirm the uptrend or to initiate a reversal and remained flat on Friday, closing at $144.5.
The weekend of December 14-15 started with a huge drop to $141, which erased another 2.7 percent of the price of ETH. The ether bears were now looking at $140 as their next target prior to $130.
One of the leading altcoins closed the week at $142 after moving in the $144 -$139 range during the session. It was 5.9 percent down for the seven-day period.
The Ripple company token XRP drew its fourth straight green candle on the daily chart on the last day of the previous week and climbed up to $0.229 on Sunday, December 8.
The coin started trading on Monday by breaking the uptrend after rejection at $0.231. The XRP/USD pair lost 2.1 percent of its value and moved down to $0.224.
It continued to slide on Tuesday, December 10, and closed at $0.222 after touching $0.218 during intraday. The bear pressure was extremely high at this point in time as they were pushing the price to the next support levels at $0.218 and $0.214.
The mid-week session on Wednesday proofed to be no different and the “ripple” lost more ground ending the day at $0.22.
The trading session on Thursday was quite volatile and the coin was moving in the wide range between $0.223 and $0.213. It finally stopped at the aforementioned support of $0.218.
Sellers made another attempt to break towards $0.214 on Friday, December 13 but without success. The XRP token ended the workweek with a green candle to $0.22.
The weekend of December 14-15, however, had a bad start for bulls as the popular altcoin could not extend gains and dropped to $0.215 instead, losing 2.3 percent of its value.
It rebounded from the lower end of the support corridor (or $0.214) on Sunday, December 15 and climbed up to $0.216.
The XRP/USD pair ended the seven-day period with a 5.6 percent loss.
Altcoin of the Week
Our Altcoin of the week is WAVES (WAVES). The decentralized open network was 21 percent up for the last seven days and peaked at $0.715 on Sunday, December 15. It reached #57 on the CoinGecko Top 100 chart, with a market cap of approximately $70 million.
The Waves platform helps designers develop and run their own Web 3.0 dApps by providing them with purpose-designed tools and easy access to open-source blockchain technology.
The current surge is most probably caused by the recent news that WAVES will join the retail electricity sector in Russia. On December 10, the blockchain startup announced it will partner with the Russian national energy grid operator Rosetti to launch an automated transaction platform for all parties involved in the energy distribution.
At time of writing, WAVES is trading at $0.000100 against Bitcoin on the Binance daily chart.