Bitcoin, Ether, and XRP Weekly Market Update July 29, 2019
The total crypto market cap lost 23.4 billion of its value during the last seven days, and now stands at $267.4 billion. The top 10 currencies are all in red for the same time frame with Bitcoin SV (BSV) and Litecoin (LTC) being the worst performers with 14.7 and 9.1 percent of loses respectively. By the time of writing bitcoin (BTC) is trading at $9,649 while ether (ETH) stands at $213. Ripple’s XRP is at $0.311.
Bitcoin closed the trading session on Sunday, July 21, at $10,598 with a 3.3 percent of weekly increase. The most popular cryptocurrency managed to escape from the danger zone around $9,000 and avoided a break below that level.
It started the new seven-day period with a red candle to $10,329 on Monday, July 22, though as bears were still not ready to give up. The BTC/USD pair was trading as low as $10,040 during intraday and almost fell below the $10k support mark.
On Tuesday, July 23, it formed a third consecutive red candle on the daily chart and lost 4.5 percent to stop at $9,840 percent and dropping below the mentioned level. The weak support meant that the zone around $9,000 was still in play for the bears who were in control.
On July 24, we saw the price of BTC dropping even further, to $9,750.
The trading session on July 25 was quite volatile and bitcoin was trading in the $9,721 – $10,170 range. It closed the day at $9,885 with a little more than $50 of increase. On the last day of the workweek, the coin erased its gains from the previous session and fell down to $9,848.
The weekend of July 27-28 started with a huge drop to $9,477. Surprisingly bulls managed to push its price all the way up to $10,240 during the day, but ended up with losing 3.7 percent. On Sunday, July 28 bitcoin almost broke below the $9,000 support line trading as low as $9,115 during some periods of time. Bulls, however, managed to recover and pushed the price up to $9,530 at close, successfully escaping that zone. BTC was 8.9 percent down for the week.
The Ethereum Project token lost $3 of its value and closed at $225 on Sunday, July 21. It remained flat for the period as bulls were trying to consolidate for an attack of the levels above $230.
The ETH/USD pair opened the new week with a four percent drop to $217 on July 22 and continued its decline on the next day, July 23 when it stopped at $211. It was of critical importance for buyers to defend the zone above $200 and somehow stabilize around $230 to avoid a freefall.
On Wednesday, July 24, ether hit the $200 mark during intraday, but successfully rebounded and registered a green session by closing with some gains at $216.
The ether formed a second consecutive green candle on the daily chart and moved up to $218 on July 25. However, it still remained in the $230-$200 zone where it is ranging since July 14.
On July 26, we saw no change in price and the coin remained flat around the above-mentioned level.
Saturday, July 27 came with a sudden selloff as the ether lost 5.5 percent of its value and fell down to $206.
During the last session of the week, the ETH/USD pair was trading below the critical level of $200 but still closed with a green candle to $210 later in the day.
It lost 5.6 percent of its value during the last seven days.
The Ripple company token XRP closed the last week trading period at $0.330 with 7.8 percent of price increase. It was, however, still in a downtrend since June 22 when it last broke above the $0.45 mark.
The coin opened the new week with a drop to $0.320 on July 22, which represented a 3 percent loss. It continued its freefall on the next day when it closed at $0.307. The XRP/USD pair was dangerously close to the critical support level at $0.30. A break below this line would mean total lack of engagement from bulls’ side.
On July 24, however, buyers returned to winning ways and managed to push the price a little bit higher, to $0.315. The good performance was extended to the next day as we saw the “ripple” trading as high as $0.323. The growth was not sustainable and the coin closed the session at $0.312.
We finally saw a solid green candle being formed on the last day of the workweek, July 26 when the XRP climbed all the way up to $0.325.
The joy was short-lived and the continuous pressure from sellers resulted in a drop to $0.308 on Saturday, July 27.
The week ended with a winning session to $0.311 on Sunday, July 22 as the XRP ended the seven-day period with a 5.5 percent of decline.
Altcoin of the Week
Our Altcoin of the week is OKB (OKB). The OKEx backed global utility token, which was issued by the OK Blockchain Foundation added more than 30 percent to its value during the last week and peaked at $2.84 on Saturday, July 27.
Additionally, the OKB is 50 percent up for the last 30 days.
The coin now has a market cap of approximately $808 million and is ranked at #22 as per cryptocurrency data provider CoinGecko
In the early hours of July 29, the OKB is trading at $2.7 against Tether’s USDT on the OKEx daily chart.