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$68,407,876,608
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$1,287,829,237
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Bitcoin, Ether, and XRP Weekly Market Update: February 21, 2019

Reading Time: 4 minutes by on February 21, 2019 Altcoins, Bitcoin, Blockchain, Cryptocurrency Market Outlook, Ethereum, News, Price Analysis

The total crypto market cap increased to $133 billion after gaining more than $14 billion of value for the past seven days. Top ten cryptocurrencies are all in green for the same time period with EOS, Litecoin, and Binance Coin leading the pack with more than 20 percent in gains.

At the time of press, BTC, ETH, and XRP are trading at $3,974, $146, and $0.323 respectively.

BTC/USD

Bitcoin marked its second consecutive day of losses on February 14 and closed the day at $3,656. On February 15, however, it finally rebounded from the $3,640 level and jumped to $3,670 after breaking above $3,700 earlier in the day.

The BTC/USD pair continued its run upwards during the weekend of February 16 to 17 and reached $3,736 on February 16.  The most popular cryptocurrency remained flat for the seven-day period, but the increased trading volumes and price spikes were already showing buyers’ ambitions for further movement upwards.

Israel-based cryptocurrency exchange Coinmama suffered a major data breach, which resulted in more than 1.3 million users’ account information being compromised. No credit card data or funds were stolen during the hack, which reportedly was part of a bigger data heist involving more than 24 websites.

The American exchange Coinbase made yet another acquisition in the crypto industry by buying the blockchain intelligence platform Neutrino. According to the official blog post, the company’s public blockchain data analysis tools will help tackle fund thefts and limit ransomware attacks. It will also play a big role in bringing cryptocurrencies to more and more people by ensuring compliance with local laws and regulations.

Binance, one of the biggest cryptocurrency exchanges in terms of trading volume, successfully launched the testnet of its decentralized exchange (DEX). The new platform is powered by the Binance Chain, s blockchain and p2p distributed system, which now allows users to create wallets and exchange supported tokens.

Bahrain, the small Persian Gulf island country, will allow cryptocurrency-related entities to work in the country on a trial basis and “ test their solution on a limited number of users, with a limited number of transactions” until a regulatory framework is in place. The idea is to attract startups and innovative companies to become an important industry location.

On February 18, the pair managed to break above $3,750 in its fourth green day since Valentine’s day, and closed at $3,977 on the Bitfinex daily chart. The move represented a 6.5 percent price increase as BTC managed to cross the $4,000 mark for the first time since January 9.

On February 19, bitcoin reached a 40-day high above $4,000. Buyers were not able to use the bullish momentum, however, and we saw the pair trading at $4,085 during the day just to close the session at $3,992.

February 20 saw BTC/USD finally closing above $4,000 (at $4,054) after gaining 1.8 percent, now eyeing the 2019 high at $4,169.

BTC Price Movement Chart

ETH/USD

Ether bulls were not able to hold price above $127, which was a crucial checkpoint on the way up and ended the February 14 session at $122.5.

One of the most popular altcoins compensated for the losses on February 15 and moved higher to $123.7.

Ether gained another $1 of value on the first day of the weekend, which was followed by a 9.5 percent jump on February 16. The ETH/USD pair successfully broke above $126 and Fibonacci 38.20 percent at $132 to stop at $136. It was seven percent up for the seven-day period.

In a recent Reddit thread, Vitalik Buterin, a co-founder of Ethereum, disclosed that his crypto investments are mostly in ETH. According to the “Ask Me Anything” (AMA) post, Vitalik’s non-Ethereum-ecosystem tokens BCH, BTC, DOGE, and ZEC amount for less than ten percent of the value of his ETH. Additionally, he owns MKR, OMG and REP tokens, worth less than ten percent of the value of his ETH holdings.

The Enterprise Ethereum Alliance, a member-driven organization which promotes the use of Ethereum blockchain technology as an open-standard to empower enterprises, opened its first office in China. According to the official announcement, Dr. Weijia Zhang was appointed as the EEA’s Regional Head and the new branch will support Ethereum blockchain development and its use in the Far East. The primary goal of the initiative is to “accelerate the global adoption of Enterprise Ethereum standards and associated certification programs

The ETH/USD pair opened on February 18 with another solid move upwards. It closed the trading session at $149, which represented a 9.6 percent price increase on the daily chart and managed to temporarily break above $150 for the first time since January 9.

The pair peaked at $154 on February 19, but profit taking activities prevented it from further movement upwards, so it closed lower at $146.5.

On February 20 it once again moved above $150 (at $151.5) avoiding definitive price correction.

ETH Price Movement Chart

XRP/USD

The Ripple company token was trading in the $0.304 to $0.317 zone since February 8 without being able to choose a direction or establish a trend. It dropped below $0.309 on February 14 and closed the trading day at $0.306 in its second consecutive losing session.

On February 15, after peaking at $0.312, the XRP/USD pair moved up to $0.307, right above the 78.60 percent Fibonacci level.

Bulls were still not able to take control and lost even more ground on February 16 eventually dropping to $0.305. The intraday price spikes, however suggested a possible breakout, which was later confirmed by increasing trading volumes on February 17. XRP gained one percent of value on the same day before stopping at $0.308.  It also marked the end of the seven-day period with a two percent loss.

On February 18, XRP/USD gained 6.8 percent and smashed through $0.31 and $0.32 lines finding its current level at $0.328, right above the 61.80 percent Fibonacci. Trading volumes doubled and surpassed $900 million.

On February 19, XRP was highly volatile as it made a huge movement upwards and touched $0.355 during the intraday session to end the day at $0.329. Trading volumes hit $1.3 billion reaching its highest point since December 25 when commentators saw them at $2 billion.

One of the most popular cryptocurrencies moved up to $0.3378 on February 20 and was looking to break above last registered high at $0.34.

XRP Market Movement Chart

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