Bitcoin, Ether, and XRP Weekly Market Update February 3, 2020
The total crypto market cap added $23 billion to its value for the last seven days and now stands at $261.6 billion. The top 10 currencies are all in green for the same time frame with Cardano (ADA) and Litecoin (LTC) gaining 27.4 and 26.4 percent respectively. By the time of writing Bitcoin (BTC) is trading at $9,390 while ether (ETH) moved up to $190. Ripple’s XRP is trading at $0.252.
Bitcoin made an unexpected jump on Sunday, January 26 and moved up to $8,597 adding 3.3 percent to its value. Still, it was 1.1 percent down for the seven-day period.
After rebounding up from the $8,300 support on the last day of the week, the leading cryptocurrency moved above $8,500 later in the session, setting the ground for an attack of the $8,900 – $9,000 zone.
The mentioned area was reached on Monday, January 27 when the BTC/USD pair formed its second consecutive green candle on the daily chart and stopped exactly there.
On Tuesday, the coin skyrocketed all the way up to $9,400 smashing both the $9,000 support and the year-to-date high of $9,184 on its way. The move resulted in a 5.6 percent increase.
The mid-week session on Wednesday put an end to the uptrend as BTC was rejected at $9,440 and ended the day with a small loss to $9,291.
On Thursday, January 30, the previously discussed consolidation in the mid-$9ks zone turned into a fact as BTC successfully avoided a break of the $9,200 line and climbed all the way up to $9,500.
On the last day of the workweek, the coin was rejected at $9,500 but still managed to hold above $9,200 for the third consecutive day.
The recently reached $9,450-$9,500 zone coincides with the Fibb extension 0.5 level. For bulls, to hold $9,200-$9,500 area will be crucial if they plan a move to $10k in the mid-term. Also, the zone acted as major horizontal support already in late October, stopping the then extremely strong bull run.
Bitcoin ended the month of January with a 30 percent increase.
On the first day of the weekend, bitcoin climbed up to $9,450 during intraday and ended the session with a small gain to $9,388. On Sunday, February 2, it registered a loss and closed the week at $9,334.
The Ethereum Project token ETH followed the general crypto trend on Sunday, January 26 and climbed up to $167, gaining 4 percent. It successfully survived a three-day-long attack on the $160 line, which proofed to be a solid support zone in the mid-term. The coin remained flat on a weekly basis.
The ETH/USD pair opened the new trading period on Monday by forming its second consecutive green candle on the daily chart. The leading altcoin moved up to $169 escaping from the downtrend that was started on January 19 after bulls were rejected at $180.
On Tuesday, January 28, the ether gained 3.5 percent and climbed to $175 as buyers were already eyeing the 2020 high at $180 and the $180 – $190 zone.
The third day of the workweek came with a small correction as ETH could not reach $180. It was rejected near $179 and fell down to $173 at the end of the session.
On Thursday, January 30 the coin registered some solid gains by moving all the way up to $184, or 6.9 percent higher.
Bulls, however, could not keep above the newly established year-to-date high and dropped down to $179 on the last day of the month. The ether was 39 percent up on a monthly basis.
The trading session on Saturday started with ETH rebounding from the $180 support line. It added $4 to its value. On Sunday, February 2 if continued its good performance and climbed up to $188 after trading in the $193-178 zone during intraday.
The Ripple company token XRP skyrocketed to $0.23 on Sunday, January 26 in one of its best sessions for the last two weeks. It closed the seven-day period 2.1 percent lower.
The XRP/USD pair successfully rebounded from the $0.215 support line and returned to the $0.23 -$0.25 zone, which we already marked as critical for the mid-term recovery more than once.
The coin stabilized around the mentioned level and experienced no significant changes in price during the trading day on Monday, January 27.
On Tuesday, January 28 it continued with a good performance and climbed up to $0.239 adding 3.9 percent to its value.
The mid-week session on Wednesday was not that good for bulls and they could not return to the uptrend channel. The “ripple” dropped to $0.234 erasing half of its gains from the previous day.
On Thursday, January 30, the popular altcoin formed another green candle and moved up to $0.243 pushing price 3.8 percent higher.
The last day of the workweek once again proofed that neither bulls nor bears were strong enough to take over control of the situation. The coin fell down to $0.238 after trading as low as $0.233 during intraday.
The XRP closed the month of January with an increase of 25 percent.
The weekend of February 1-2 started positively as the “ripple” moved up to $0.24. On Sunday, February 2 it smashed through the $0.25 support line and peaked at $0.262, just to close the week at $0.251.
Altcoin of the Week
Our altcoin of the week is ICON (ICX). The decentralized network of blockchain communities, which is being used to connect the digital with the real-world industries gained 88.8 percent for the last seven days. The coin is also 163 percent up on a monthly basis and is one of the best performing cryptocurrencies for 2020.
ICX peaked at $0.285 on Sunday, February 2 and is currently ranked at #40 on CoinGecko’s Top 100 chart with a total market capitalization of approximately $149 million.
As of the time of writing, the coin is trading at $0.00003419 against BTC on the Binance chart.