Bitcoin, Ether, and XRP Weekly Market Update July 6, 2020
The total crypto market cap added $5.3 billion to its value for the last seven days and now stands at $263.7 billion. The top 10 currencies were all green for the same period with cardano (ADA) and Crypto.com Coin (CRO) leading the pack with 23 and 12 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $9,202 while ether (ETH) moved up to $231. Ripple’s XRP reached $0.18.
Bitcoin finally managed to turn the tide and formed a green candle on the daily chart after five consecutive losing sessions. The coin was in freefall since it was last rejected at $9,700 on June 23, but closed the trading day on June 28 at $9,120 or 1.3 percent higher. BTC ended the seven-day period with a 2 percent loss.
On Monday, the BTC/USD pair continued to rise and extended its gains up to $9,185. Still, it was worth noting that the leading cryptocurrency was gravitating around the $9,150 line in an obvious consolidation.
The trading session on Tuesday, June 30 was direct evidence for the above statement. BTC formed a short red candle and dropped down to $9,127. It was 3.2 percent down on a monthly basis.
The third day of the workweek was quite positive for buyers. The price of bitcoin climbed up to $9,237, but not before hitting the $9,300 mark.
On Thursday, July 2, the leading cryptocurrency made another correction, this time to $9,092, but managed to keep the price above the uptrend line even though it fell as low as $8,940 during intraday.
The last day of the workweek came with a short red candle to $9,065.
The weekend of July 4-5 started positively for bulls as BTC rebounded from the support level and climbed up to $9,140. The coin, however, continued to be caught in extremely low volatility for almost two weeks.
On Sunday, bears forced it to retest the diagonal support once again, but the already-mentioned uptrend line provided the required stability. The BTC/USD pair remained flat for the seven-day period.
The Ethereum Project token ETH was also under a high seller pressure since it was rejected near the mid-term downtrend line on June 23. It ended the losing streak on Sunday, June 28, and moved up to $224 after finding support in the $220-$216 zone.
The ETH/USD pair surpassed the 50-day EMA, but closed the seven-day period 1.3 percent lower.
The ether started trading on Monday by hitting the $230 mark in the early hours of the session before closing at $228 few hours later.
On Tuesday, June 30, the leading altcoin made a short pullback to $225, but found stability near the already-mentioned exponential moving average. It closed the month of June 2.1 percent lower compared to May.
The mid-week session on Wednesday marked the return of buyers. The price of ETH reached $232 during the day and stopped at $230 at closure.
On Thursday, July 2 we saw a drop to $226, right to the 50-day EMA as an uptrend could not be established.
The Friday session was no different and ETH made one more step down, this time to $225.
The first day of the weekend came with a big green candle to $228 as bulls avoided another test of the $220-$216 support zone. On Sunday, July 5, however, the lack of trading volumes made it impossible for the upward movement to be extended and the coin closed the week with a loss to $227 or 0.8 percent higher compared to the previous seven days.
The Ripple company token found its local bottom on Sunday, June 28 and partially recovered from the losses by forming a green candle to $0.177. The coin was 4.3 percent down for the week.
The new trading period started with a low volatility session on Monday. The XRP/USD pair remained flat in the zone around $0.177.
On Tuesday, June 30 it made a step down to $0.175, but managed to find stability there and did not allow further decline.
Still in a sold downtrend, the “ripple” closed the month of June 13 percent lower compared to the previous 30-day period.
The mid-week session on Wednesday, which was the first for July brought some positive vibes to the charts. The major altcoin erased some of its losses and closed with at short green candle to $0.176
On Thursday, July 2, however, it dropped down to $0.175, also reaching $0.172 during intraday.
The last day of the workweek was a good one for bulls. Their preferred coin climbed up again to $0.176. The move was followed by a second straight green candle, this time to $0.178 on Saturday, July 4. The XRP/USD pair successfully hit the diagonal resistance, but it was not able to break above it.
On Sunday, July 5, the XRP token fell as low as $0.173 in the early hours of trading, but managed to recover later and ended the week at $0.177 flat.
Altcoin of the Week
Our Altcoin of the week is VeChain (VET). This blockchain project is supporting the supply-chain industry and is aiming to build a “trust-free and distributed business ecosystem to enable transparent information flow, efficient collaboration and high-speed value transfer.”
The VET token added 71 percent to its value for the last seven days and is 121 percent up on a monthly basis. Although the reason for the surge is not known, it can be related to the recently announced financial results by the company and the growing interest in the supply chain use cases for blockchain in the food industry.
VeChain peaked at $0.0152 on Sunday, July 5 reaching #21 on the CoinGecko’s Top 100 list with a market capitalization of approximately $952 million.
As of the time of writing, VET is trading at $0.0146 against USD on the Bitfinex platform.