Bitcoin, Ether, and XRP Weekly Market Update January 4, 2020
The total crypto market cap added $102 billion to its value for the last seven-days and now stands at $824 billion. The top 10 currencies were mostly in green for the same time period with ether (ETH) and Polkadot (DOT) adding 39.9 and 80.4 percent to their values while Ripple’s XRP lost 18.7 percent. By the time of writing bitcoin (BTC) is trading at $30,345, ether climbed further to $959. XRP dropped to $0.229.
Bitcoin closed the trading day on Sunday, December 27 at $26,227 in what was its first negative session since December 23. The coin was moving in the wide range between $28,331 and $25,756 before closing the weekly candle at the already-mentioned mark. Still, it was 11 percent up for the seven-day period, confirming its position above the psychological level of $25,000.
The uptrend was resumed on Monday as buyers pushed the price of the BTC/USD pair up to $27,000, printing a fresh all-time high record. This also resulted in a 3 percent price increase.
On Tuesday, December 29, the leading cryptocurrency made one more step up, this time to $27,388. Analysts and traders were already predicting $30,000 by the end of 2020 due to the strong bullish momentum in the cryptocurrency market as a whole. For the time being the XRP-SEC confrontation is having limited impact on the rest of the major altcoins. A correction, in the form of a short to mid-term pullback, however, should not be ruled out once we reach a point of exhaustion.
The price of BTC continued to surge on December 30 hitting $28,947. The mid-week session brought another 5.6 percent of growth. Looking at the monthly chart, Bitcoin was about to close its biggest ever candle on that timeframe.
On Thursday, December 31, the last day of the year, the coin remained relatively calm and added $50 to its value to hit $29,000.
Bitcoin was 46 percent up for December and tripled in value for the last calendar year.
The last day of the workweek came with a further extension of the bull trend, this time to $29,416.
The weekend of January 2-3 started with a huge green candle to $32,222 on Saturday. BTC rose by 9.5 percent for the day.
Then on Sunday, it registered a new all-time high touching $34,830 in the early hours of trading before ending the week at $33,123.
Bitcoin experienced a flash crash on Monday morning filling a big derivative gap down to $27,770. As of the time of writing, the price recovered to around $30,600.
The Ethereum Project token ETH closed the previous week at $683 after successfully adding 7.2 percent to its value. On Sunday, December 27, it formed the fourth consecutive green candle on the daily chart and surpassed the $670 monthly resistance level.
On Monday, the ETH/USD pair continued to fly high. It climbed above the daily resistance and rose by 6.7 percent to close the session at $730. This level, alongside the weekly resistance at $790, however, were major uptrend barriers back in 2018, so all eyes on how the price of ether reacts when interacting with these.
On Tuesday, December 29, the coin remained stable in the above-mentioned zone and closed flat. During the mid-week session on Wednesday, it reached $752 and was going as per schedule to hit the $790 mark before year-end
The Thursday trading was the last one for 2020 and ETH decided to take a short break. It pulled back to $736 after breaking below the $730 line during intraday.
The ether closed 2020 with a 466 percent price increase.
On January 1, the coin fell further to $730, but the general uptrend remained intact. It was resumed on the very next day when the ETH/USD pair jumped up to $775, adding another 6 percent and hitting the weekly resistance at $790 during intraday.
On Sunday, January 3, it skyrocketed to $980, which corresponded to a 26.4 percent growth.
The coin surpassed the $1,000 price tag ($1,173) for the first time since 2018 on Monday morning before falling to sub-$1k levels.
The Ripple company token XRP closed the trading day on Sunday, December 27 at $0.283 after dropping below both the 200-day EMA and the solid monthly/weekly cluster support area situated near $0.30. The coin formed its eight straight red candle on the daily chart for the last nine sessions and ended the week with a 49 percent of a price decrease.
On Monday, the XRP/USD pair fell further to $0.247 and erased another 12.7 percent from its value. The last time we saw the major altcoin this low was back in November 2020.
The trading days on Tuesday and Wednesday were no different as bears continue pushing down the price of “ripple”. It moved below the next major support zone near $0.23-$0.24 for the first time since July last year and reached a daily low of $0.211.
On Thursday, December 31, bulls finally found some relief. The price bounced back up to $0.219 closing the month of December with a 67 percent loss. On the other hand, the XRP coin was 14 percent up for 2020.
The last session of the workweek, and the first of January, came with a big green candle to $0.238. Sadly, for the XRP buyers, their gains were erased on the very next day when the coin once again moved down to $0.221.
On Sunday, January 3 it continued to hover around the above-mentioned area.
Altcoin of the Week
Our Altcoin of the week is Dogecoin (DOGE). The well-known cryptocurrency is on its way up ever since Tesla’s Elon Musk mentioned it on December 21.
DOGE added 131 percent to its value for the last seven days and registered a 204 percent increase on a monthly basis making it one of the best performing altcoins in the current bull run.
The coin moved up to #24 on CoinGecko’s Top 100 list with a total market cap of approximately $1.34 billion. It peaked at $0.0131 on Sunday, January 3 and as of the time of writing is trading at $0.00866 against USDT on Binance.