Bitcoin, Ether, and XRP Weekly Market Update December 9, 2019
The total crypto market cap added $6.5 billion of value during the last seven days and now stands at $204.2 billion. The top 10 currencies are mostly in red for the same time frame with Bitcoin SV (BSV) and Litecoin (LTC) being the best performers with 7.6 and 4.5 percent of loses respectively. By the time of writing bitcoin (BTC) is trading at $7,505 while ether (ETH) stands around $150. Ripple’s XRP is trading at $0.228.
Bitcoin moved back into the downtrend channel around $7,220 during the intraday trading on Sunday, December 1, but managed to recover later in the evening. It closed the first day of the new month and last of the previous week at $7,425 with a 6.3 percent of price increase.
The BTC/USD pair opened the new seven-day period with a third consecutive red candle on the daily chart on Monday, December 2. It erased another 1.5 percent of its value and dropped to the $7,300 zone.
We drew a Fibonacci retracement grid taking as a starting point, the last low we hit in December 2018 (which was $3,122) and $13,860 which was the highest point we reached in 2019 as an endpoint. From this model, we could clearly see that the current support level situated around the 61.80% Fibonacci line (near $7,222) could easily serve as a starting point to trigger a trend reversal.
On Tuesday the bears were rejected right there hitting the mentioned level perfectly without being able to break it. Bitcoin remained almost flat for the day even though it was ranging in the wide-area between $7,414 and $7,235.
The mid-week session on December 4 was extremely volatile. The most popular cryptocurrency was seen as low as $7,089 before peaking at $7,776. It closed with a red candle to $7,194.
On Thursday bitcoin finally broke its losing streak and climbed up to $7,395. Buyers were not able to escape the downtrend channel, still, they successfully initiated a short upward movement.
The last day of the workweek came with an increase to $7,547. The BTC/USD pair managed to add 5 percent to its value for the last two days and was already looking at $7,800 as its next stop.
The weekend of December 7-8 started with a calm session on Saturday. The coin remained mostly flat and closed with no change. The situation did not change a lot on Sunday and BTC continued to hover around $7,530 while trading volume was steadily decreasing.
The Ethereum Project token ETH was trading in the $146-$152 zone on Sunday, December 1, but closed flat at $151. It was 7.2 percent up on a weekly basis.
The popular altcoin opened the Monday session with a drop to $147. Bulls were able to recover in the evening but still ended the day with a loss to $149.
On Tuesday the ETH/USD pair dropped even lower and touched the $147 mark in its fourth straight losing session since it peaked at $160 on November 29.
The third day of the workweek found the whole cryptocurrency market trading in green. The “ether” was no exception and climbed up to $153 during intraday just to close with a loss to $142 later in the day when bears finally took over control.
On Thursday, December 5, the Ethereum token bulls pushed its price up to $148 and added 4.2 percent to the value. This was the first session in green for the cryptocurrency since the start of December.
On Friday, December 6, the coin was trading in the $150 – $145 area, but could not break the important psychological level and ended the session almost flat.
The first day of the weekend started with a small decline to $147 on Saturday, December 7. The ETH/USD pair stopped at the uptrend channel line without moving below it. On Sunday it successfully rebounded from that level and moved North to $151.
The Ripple company token XRP dropped to $0.218 during intraday trading on Sunday, December 1, but ended the day with a small loss to $0.224 after recovering in the evening. It remained flat for the 7-day period.
It opened the Monday session on December 2 with a drop to $0.218 and completely erased all gains since November 25 when it last visited that level.
On Tuesday the coin stayed flat in a low volatility session as neither bulls nor bears were able to form a trend.
XRP dropped to $0.214 on Wednesday, December 4 after trading in the $0.226 – $0.209 zone. The efforts from buyers were not enough to help re-enter the uptrend channel and the XRP/USD pair continued with its disappointing performance.
Things started to change on the fourth day of the workweek when the popular cryptocurrency finally showed some signs of recovery. It climbed up to $0.221 and added 3.2 percent to its price. The good move was followed by another one on Friday, December 6 when the uptrend was confirmed and the XRP closed at $0.225.
The weekend of December 7-8 started with a third consecutive green candle on the daily chart on Saturday and an increase to $0.227.
On the last day of the week, the “ripple” drew its fourth straight winning session on the daily chart and climbed up to $0.229.
Altcoin of the Week
Our altcoin of the week is Ravencoin (RVN). This open-source peer-to-peer blockchain eases the tokenization of assets and facilitates their transfer between users. The Ravencoin chain is an optimized and efficient ecosystem built on a forked version of the Bitcoin Core network.
The RVN token is 44 percent up for the last seven days. It peaked at $0.033 on Sunday, December 8 and currently stands at #36 on the CoinGecko Top 100 chart with a total market capitalization of approximately $163 million.
Ravencoin was recently added to the Binance’s Margin trading platform with the RVN/BTC, RVN/USDT pairs available for end-users. Additionally, the coin was listed on some less popular exchanges like Pionex and Bitfare, which might also explain the surge.
As of the time of writing, the coin is trading at $0.00000434 against BTC on the Binance daily chart.