Bitcoin, Ether, and XRP Weekly Market Update February 24, 2020
The total crypto market cap added $0.7 billion to its value for the last seven days and now stands at $283 billion. The top 10 currencies are all in red for the same time frame with Bitcoin Cash (BCH) and XRP (XRP) leading the pack with 7.6 and 7.3 percent of losses respectively. By the time of writing bitcoin (BTC) is trading at $9,691 while ether (ETH) moved up to $265. Ripple’s XRP is trading at $0.272.
Bitcoin remained flat around $9,900 on Sunday, February 16 and closed the week with a 2.8 percent loss.
On Monday, the BTC/USD pair continued to slide and was trading in the sub-$9,600s area during intraday. It dropped as low as $9,465, but bears were not able to push for a daily close below the first-mentioned mark and ended the session at $9,686.
The most popular cryptocurrency perfectly rebounded from the Fibb 23.60 level at $9,535 on Tuesday, February 18 and preserved the uptrend by climbing up to $10,192. Buyers once again found themselves above the psychological level of $10k, but the middle line of the corridor already turned into a resistance line.
The third day of the workweek saw bitcoin nosediving to $9,588. The coin was trading as low as $9,312 during the day as the Tuesday scenario came into play once more.
On Thursday, February 20, the BTC/USD pair stabilized around $9,600 and did not allow further decline.
The last day of the workweek came with a brand-new green candle on the daily chart as the biggest cryptocurrency climbed up to $9,689. The coin successfully defended the 23.60 support level and was already looking for a return to the uptrend channel.
The weekend of February 22-23 started with a small correction to $9,661 on Saturday. Then on Sunday, it registered one of its best session in the last few days and moved up to $9,968. The coin added 3 percent to its value and was one step below the $10,000 support.
The Ethereum Project token ETH continued to slide on Sunday, February 16 and fell down to $259 after trading in the $276-$234 zone throughout the day. It closed the seven-day period with a 13 percent increase thanks to its good performance in the first half of the week.
It started the new trading period by jumping off the $235 line. We were looking at the $230 mark (which also coincides with the Fibonacci 38.20 level) for support, but the ether bulls called in an early reversal. The ETH/USD pair moved up to $268 on Monday and completely erased all losses from the previous session.
On Tuesday, February 18, the ether extended its gains to $281 and was just a step away from the last registered high at $286.
The mid-week session on Wednesday was a bad one for ETH bulls as the coin fell all the way down to $258 erasing 8.8 percent of its value. It found support right at the $250 line.
On Thursday, February 20, we witnessed quite volatile trading in the $264 – $246 area. The ether closed the day with a small loss to $257.
The last session for the workweek came with a green candle to $266. It looked like the altcoin was away from danger after successfully jumping off the support line.
On Saturday, it made a step back to $262, but no major price movements were observed. The trading day on Sunday, February 23 found the ETH/USD pair climbing up to $275. As already mentioned, few times, this level is of significant importance for setting the ground for an attack of the local high and also for escaping the $230-$270 range trading zone.
The Ripple company token XRP continued to slide on Sunday, February 16 and dropped down to $0.292. It was already 15 percent down since it peaked at $0.346 during intraday on February 15. Still, the coin managed to register a 3.5 percent increase on a weekly basis.
On Monday, the XRP/USD pair fell down to $0.286, but not before hitting an even lower level – $0.269. We set $0.28 and $0.265 as the next major support zones, also corresponding to the Fibonacci 38.20 and 50.00 levels.
The trading session on Tuesday, February 18 was quite positive for bulls as the major altcoin managed to partially recover by climbing up to $0.30.
On Wednesday, however, it was rejected at the above-mentioned area and once again corrected its price down to $0.274 losing 8.6 percent of its value. The $0.269 mark was turning into serious support as it survived three attempts from bears in the last four trading days.
We saw the XRP token moving below the 20-day moving average and on Thursday, February 20 it lost even more ground by stopping at $0.271. The coin was trading in the $0.261 – $0.281 zone during intraday.
The last day of the workweek came with the formation of a new green candle on the daily chart. The “ripple” avoided further decline and moved up to $0.273 after rebounding from $0.269.
The weekend started with a second consecutive green candle. The XRP/USD pair registered a small gain and moved up to $0.275. The move was followed by another positive session on Sunday as the support zone around $0.28 was once again reached.
Altcoin of the Week
Our Altcoin of the week is Algorand (ALGO). This new generation blockchain protocol aims to eliminate major obstacles like lack of full decentralization, scalability, and security by implementing a series of innovative approaches: blockchain assets with customizable options, atomic transfers, and stateless smart contracts.
The ALGO coin is 32 percent up for the last seven days and added 95 percent to its value for the last month only. It peaked at $0.47 on Friday, February 21 and reached #33 on CoinGecko’s Top 100 chart with a total market capitalization of approximately $273 million.
As of the time of writing the coin is trading at 0.00004520 against BTC on Binance exchange.