Bitcoin, Ether, and XRP Weekly Market Update December 30, 2019
The total crypto market cap remained almost unchanged for the last seven days and now stands at $197.9 billion. The top 10 currencies were all in green for the same time frame with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performers with 13 and 8.9 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $7,371 while ether (ETH) dropped further to $135. Ripple’s XRP is trading at $0.196.
Bitcoin skyrocketed to $7,504 on Sunday, December 22, closing the week with a solid green candle and a 5 percent increase for the period.
It opened the new trading day on Monday with a rejection at $7,500. Bulls pushed the price all the way up to $7,708 during intraday, but they were not able to consolidate above the mentioned level and dropped hard to $7,310 at the end of the session.
On Tuesday, December 24, it continued to slide and closed at $7,246 after moving mainly in the $7,141 – 7,425 area.
The mid-week session on Wednesday was no different as the BTC/USD pair fell further to $7,194. It was the holiday season in the majority of the Western countries so trading volumes were experiencing a severe decline.
On Thursday, December 26, the coin remained flat at the end of the day and closed at $7,186 even though it peaked at $7,447 during the early trading hours. It was the fourth consecutive red candle for the most popular cryptocurrency.
The end of the workweek brought some relive to buyers. They successfully avoid touching the $7,000 support and re-gained some positions closing at $7,254. The 61.80% Fibonacci level provided stability once again.
The weekend of December 28-29 started with another winning session on Saturday. This time, bitcoin climbed up to $7.293.
On Sunday, it continued to impress and moved North to $7,395, still with a 1.4 percent of loss for the weekly period.
The Ethereum Project token ETH climbed up to $132 on Sunday, December 22, registering a 4 percent increase. Still, it lost 7 percent on a weekly basis.
The ETH/USD pair started trading on Monday by forming a red candle to $128. It erased all of the gains from the previous session after being rejected at the upper end of the downtrend corridor. Buyers couldn’t break the trend which resulted in a solid drop to sub-$130 levels.
On Tuesday, December 24, the ether closed with no change but not before it made another attempt at $130.
We witnessed yet another bad day for ETH on Wednesday. The coin moved South to $124, losing 3 percent of its value. Bear traders were hoping for another push towards $120 or even $116 given the current pressure on the leading altcoin.
The Thursday session, however, brought some relief for buyers. Ether was seen as high as $132 during intraday and closed with a small gain to $125. The move suggested we can expect this to be a local bottom, or at least a temporary rebound from the current levels.
On the last day of the workweek, Friday, December 27, the ether added another dollar to is value and closed slightly higher, at $126.
The good performance was extended during the weekend when it first climbed up to $127.5 on Saturday, then to $134 on Sunday. It closed the seven-day period with 2.4 percent of a price increase.
The Ripple token XRP moved up to $0.197 on Sunday, December 22, and ended the week 8.7 percent lower compared to the previous trading period.
It opened the new trading session on Monday with a heavy loss, which resulted in a 4 percent decline to $0.189. The cryptocurrency was not able to break above the downtrend channel by escaping the $0.20 -$0.19 trading range.
On Tuesday, December 24, it managed to avoid further losses and found support at $0.19 closing with a small gain to $0.1904 after peaking at $0.194 during intraday.
The mid-week session on Christmas saw low-volatility in the crypto market. The XRP/USD pair dropped to $0.188.
The move was followed by a green session on Thursday, December 26, during which the “ripple” once again reached $0.194 and erased the losses from the previous day by closing at $0.189.
The current target for bulls was to restore positions in the already-mentioned zone and prepare for an attack of the levels around $0.217-$0.218. XRP resumed its good performance on Friday and successfully climbed up to the lower end of the support area.
On December 28-29, XRP started with the formation of a third consecutive green candle on the daily chart. The XRP/USD pair moved to $0.192 on Saturday after breaking the downtrend channel for the first time since December 9.
On the last day of the week climbed up to $0.196 ending the week flat.
Altcoin of the Week
Our altcoin of the week is Basic Attention Token (BAT).
The project was created to improve the efficiency of digital advertising. It is meant to be used by publishers and advertisers “to obtain a variety of advertising and attention-based services on the BAT platform” based on user attention. BAT was developed on the Ethereum blockchain as a utility coin for the company’s Brave browser.
Basic Attention Token was 14.3 percent up for the last seven days and currently stands at #30 on the CoinGecko Top 100 list with a total market capitalization of approximately $270 million.
It peaked at $0.194 on Sunday, December 29, but as the time of writing is trading at $0.196 against USD on the Bitfinex daily chart, registering new high.