Bitcoin, Ether, and XRP Weekly Market Update January 27, 2020
The total crypto market cap added $1.1 billion to its value for the last seven days and now stands at $238.7 billion. The top 10 currencies showed mixed results for the same time frame with Bitcoin Cash (BCH) and Cardano (ADA) gaining 4.7 percent while XRP lost 3.3. By the time of writing bitcoin (BTC) is trading at $8,614 while ether (ETH) moved up to $166. Ripple’s XRP is trading at $0.227.
Bitcoin lost 4 percent of its value in just 1 hour of trading on Sunday, January 19, but managed to recover partially in the evening after rebounding from the $8,500 support. It closed at $8,690, 6.3 percent up on a weekly basis.
The BTC/USD pair started trading on Monday by forming its second consecutive red candle on the daily chart. The coin dropped down to $8,624 and registered a small loss after bears once again tested the $8,500 line during intraday.
On Tuesday, January 21, the leading cryptocurrency climbed up to $8,719, completely erasing all losses from the previous session, still we lacked a general trend.
The mid-week trading day on Wednesday found BTC moving down to $8,656. Neither bulls nor bears were able to take over control of the price direction as both groups lost momentum.
On Thursday, January 23, the coin suffered a heavy loss and dropped to $8,328 or 3.1 percent down. We were still looking at the $8,500 – $8,300 area as a major support zone and last barrier before $8k and eventually $7,800.
On the last day of the workweek, the BTC/USD pair was trading in the $8,540 – $8.220 range and closed with a small gain to $8,424.
The weekend of January 25-26 started with another red session as BTC fell further to $8,325 after testing the $8,300 line for a third consecutive day.
On Sunday the coin made an unexpected jump and reached $8,597, adding 3.3 percent.
In terms of trading volumes, they were stable and stayed in the $26 -$30 billion zone for the whole week after peaking at $40 billion on Sunday, January 19.
The Ethereum Project token ETH followed the general crypto market trend on Sunday, January 19 and corrected its price down to $166, erasing 4.5 percent of its value. The ether ended the 7-day period 13 percent higher.
One of the most popular altcoins opened the new week by trading in the $169-$161 zone without registering any change in value compared to the previous session.
On Tuesday, January 21, the coin climbed up to $169 in its first green day since Saturday as bulls were looking for a proper consolidation before attempting an attack of the $180-$190 area.
The third day of the workweek came with yet another red session. The ETH token moved down to $167.7 and registered a small loss.
On Thursday, January 23, the ether bears accumulated enough power to test the $160 support, but only managed to push their favorite coin down to $162 or 3 percent down.
On the last day of the workweek, the coin was extremely volatile. It was trading in the $164-$155 zone, still, it remained flat for the day.
The first day of the weekend came with yet another red session for ETH/USD. The pair dropped to $160 as the major support line was still holding.
On Sunday, January 26 the coin followed the general crypto trend and climbed up to $167, gaining 4 percent.
Trading volumes were decreasing since the weekend when they last peaked at $16 billion. They fell by almost 50 percent to $8-$9 billion by Wednesday, January 22 and remained stable during the whole week.
The Ripple company token XRP managed to peak above $0.25 for the first time since November 2019 during intraday trading on Sunday, January 19. Still, it closed the day with a loss to $0.235 and a weekly increase of 8.5 percent.
The XRP/USD pair opened the new seven-day period by forming its second consecutive red candle on the chart. It moved down to $0.235 after falling all the way down to $0.223 in the early hours of the session. The popular altcoin remained in the uptrend channel, which was started on January 3.
On Tuesday, January 21, it was ranging in the $0.241 – $0.228 zone and ended the day by climbing up to $0.236.
The mid-week session on Wednesday did not bring any changes to the price of XRP and it continued to trade in the middle of the uptrend corridor.
On Thursday, January 23, the “ripple” lost 5 percent in a sudden crash to $0.224, which resulted in breaking the $0.23 support line.
Bear pressure was increasing and it was starting to become more and more obvious when on Friday, the XRP/USD pair was pushed all the way down to $0.212, or right below the next support zone around $0.215. Luckily, the coin recovered in the evening hours and closed at $0.222.
The weekend of January 25-26 started with another drop on Saturday. The XRP token fell down to $0.218 in its fourth straight losing session.
On Sunday, January 26 the coin skyrocketed to $0.23 in one of its best sessions for the last two weeks.
Altcoin of the Week
Our Altcoin of the week is Swipe (SXP).
This little-known cryptocurrency is aiming to bring digital assets to the mass consumer by introducing a cryptocurrency to fiat funded debit cards. The product enables end users to buy, sell, or pay with cryptocurrencies at multiple locations worldwide by using an easy crypto-to-fiat conversion.
SXP is 20.6 percent up for the last seven days and 26 percent up for the two-week period. It is currently ranked at #43 on the CoinGecko Top 100 list with a total market cap of approximately $114 million. It peaked at $1.86 on Sunday, January 26 and at the time of writing is trading at 0.000215 against BTC on KuCoin exchange.