Bitcoin, Ether, and XRP Weekly Market Update December 7, 2020
The total crypto market cap added $22.8 billion to its value for the last seven days and now stands at $573.4 billion. The top 10 currencies are mostly flat for the same time period. By the time of writing bitcoin (BTC) is trading at $19,300, ether (ETH) moved up to $597. Ripple’s (XRP) is hovering at around $0.615.
Bitcoin formed its second consecutive green candle on the daily chart on Sunday, November 29, and confirmed the continuation of the uptrend after a three-day-long correction. The leading cryptocurrency climbed up to $18,208 and ended the seven-day period with a 1.2 percent loss.
Monday marked the end of the Thanksgiving holidays and with it the buying enthusiasm returned to the cryptocurrency markets. Bulls pushed the price of the BTC/USD pair up to $19,699 or 8.2 percent higher. The coin reached a new all-time high during intraday trading surpassing its previous record of $19,674 registered in December 2017.
On Tuesday, December 1, however, it experienced a flash crash, losing $1,843 after failing to break above the psychological level of $20,000 in the early hours of trading. The coin managed to compensate for some of the losses in the evening, but could not avoid closing with a loss to $18,762 and at the same time dropping below the weekly/daily resistance.
On the lower timeframe charts (1,4 hours) we could see a bullish cup and handle pattern in the making since November 25. BTC moved out of the “handle” and climbed to $19,234 on Wednesday.
The BTC/USD pair continued its upward movement on Thursday, December 3, and reached $19,457, forming a second straight green candle on the daily chart.
On the last day of the workweek, BTC lost $800 of its value by falling down to $18,665. The 4 percent correction was the end of the cup and handle run on the lower timeframes which brought a $1000 increase from the “handle” bottom-up to the December 3 peak of $19,457. Still, far away from the true potential of that figure.
Bitcoin once again moved into the green zone on Saturday and closed the first day of the weekend at $19,175. Then on Sunday, December 6, it continued to grow and closed the week at $19,389.
On the 1 and 4-hour charts, we could see a bullish pennant formation in the making.
The Ethereum Project token ETH ended its four-day long correction on November 27 and moved up to $577 during the weekend. It closed the week with a 2.8 percent price increase and was once again targeting the psychological level of $600.
On Monday, November 30, it climbed to $617 and almost hit the next weekly resistance at $618. The move resulted in another 6.9 percent increase. Naturally, the coin was building momentum prior to the long-awaited Ethereum 2.0 launch on Tuesday.
The ether finished the month of November 60 percent higher compared to the previous 30-day period.
On Tuesday, the Ethereum community celebrated the important milestone and moved to a proof-of-stake consensus mechanism. The coin was extremely volatile, jumping up and down in the wide range between $637 and $562 before closing with a loss to $586.
The Wednesday session brought some positive vibes to the charts as buyers pushed the price of ETH/USD up to $597, or just a step away from the resistance line.
On Thursday, December 3, the leading altcoin hit the weekly resistance at $620, but once again failed to close above it. This triggered a pullback on the next day and a correction to $568 – an 8.3 percent decrease.
The first day of the weekend came with another recovery attempt from bulls. ETH moved closer to the daily resistance at $600.
We did not see any major changes in the price on Sunday, December 6 and the coin continued to hover around the horizontal line.
The XRP/USD pair closed on Sunday, November 29 with a short red candle to $0.605 after successfully re-taking the monthly horizontal support during the previous session. It ended the week with a 35 percent price increase and formed a weekly candle above $0.5 for the first time since November 2018.
On Monday, the “ripple” continued to move upwards and reached $0.663, adding another 9.5 percent to its value. Bulls were once again targeting the next daily/weekly resistance at $0.70 while their preferred altcoin ended November 177 percent up.
The trading day on Tuesday was quite intense. We witnessed some serious sell-off in the early hours and XRP was trading as low as $0.56 before limiting the loss and stopping at $0.61 in the evening.
On Wednesday, December 2, the coin reversed its direction of trading and climbed up to $0.631. The move was followed by a consolidation in that area on the next day.
The last day of the workweek came with a sudden drop. The XRP token erased 12.3 percent and lost the weekly support by closing at $0.553.
The weekend of December 5-6 started positively for buyers as they managed to once again turn the tide, at least temporarily. The “ripple” closed at $0.584 on Saturday. Then on Sunday, it extended its gains up to $0.622.
Altcoin of the Week
Our Altcoin of the week is Sushi (SUSHI). The automated market maker, which was born as a Uniswap fork, is one of the best-known Decentralized Finance (DeFi) projects out there. Sushi grew by 54 percent for the last seven days and tripled in value on a monthly basis.
Earlier this month Yearn.finance (YFI) announced its plans to merge with the SushiSwap blockchain and work on further integration between the two ecosystems, mainly in the market-making direction, which most probably fueled the bull trend.
Sushi peaked at $2.34 on Wednesday, December 2, and is now comfortably sitting at #65 on CoinGecko’s Top 100 list with a market capitalization of approximately $268 million.
As of the time of writing this, Sushi is trading at $2.230 against USDT on Binance: