Bitcoin, Ether, and XRP Weekly Market Update June 22, 2020
The total crypto market cap added $13.2 billion to its value for the last seven days and now stands at $267.7 billion. The top 10 currencies were mostly in red for the same time period with Cardano (ADA) as the only gained with 5.2 percent increase for the period. Bitcoin SV (BSV) was the worst performers with 3.1 percent loss. By the time of writing Bitcoin (BTC) is trading at $9,413 while Ether (ETH) moved up to $234. Ripple’s XRP reached $0.188.
Bitcoin moved down to $9,323 on Sunday, June 14 and closed the week with a 4.4 percent loss. The coin fell below both the horizontal support area around $9,500 and the mid-term uptrend line. It managed, however, to keep the price above both the 50 and the 100-day EMAs.
On Monday, the BTC/USD pair formed a green candle to $9,442 and avoided further decrease. The session was marked by extreme volatility and we saw the leading cryptocurrency falling as low as $8,912 in the early hours of trading and peaking at $9,500 later in the evening.
Buyers successfully pushed BTC up to $9,532 on Tuesday, June 16 and surpassed the lower end of the S/R zone, also regaining positions above the diagonal line.
The mid-week session on Wednesday, however, was not that good for bitcoin bulls.
They were struggling to consolidate in the mentioned zone and were forced to retreat back to $9,462. The extremely saturated indicator-wise zone and the decreasing volumes were also not in their favor.
On Thursday, June 18, the BTC/USD pair made another step down and closed at the 50-day EMA at $9,371
The last day of the workweek came with a third consecutive red session on the daily chart. The coin moved lower and stopped at $9,300 after touching $9,225 during intraday trading.
The weekend of June 20-21 started with a volatile session on Saturday, during which BTC was moving in the $9,400 – $9,120 range before closing at $9,355. Bulls managed to regain some of their positions and avoided further decrease to the sub-$9k levels.
On Sunday, June 21, the major cryptocurrency formed a similar candle but in the opposite direction and erased all of its gains from the previous day by ending the week at $9,277. Still, it remained flat for the week.
The Ethereum Project token ETH stopped at $231 on Sunday, June 14 right after hitting the $230 support line. The coin was 5.3 percent down on a weekly basis, still not being able to recover from the June 11 drop.
The new trading period on Monday started with a slight decrease down to $230. It is worth noting that the ETH/USD pair hit $217 during intraday in what looked like a flash crash on the Bistamp exchange.
On Tuesday, June 16, the ether rebounded from the mentioned support zone and formed a solid green candle to $235. We have marked this zone as our next point of interest up on the way to $240 and $250.
The third session of the week came with a short pullback as bears managed to take advantage of the high volatility. The Ethereum token was moving in the $237 – $227 range before closing with a small loss to $233.
On Thursday, June 18, the ETH/USD pair moved down to $231 but not before breaking below the $230 support during intraday.
The coin registered its third straight day of losses on Friday and closed below the mentioned horizontal support for the first time since May 30.
The first day of the weekend was relatively calm and the leading altcoin remained flat while on Sunday, June 21 it continued to slide and ended the week at $227 with 1.7 loss on a weekly basis.
The Ripple company token XRP moved down to $0.189 on Sunday, June 14 and closed the seven-day period with a 6.8 percent loss.
The coin started trading on Monday by jumping up to $0.192. It is worth noting that bears were able to push the price all the way down to $0.181 during intraday.
On Tuesday, June 16, the ETH/USD pair remained relatively call and was almost flat at the day close.
The third session of the week came with another short green candle to $0.193. Additionally, buyers showed some strength and successfully reached $0.198 in the early hours of the day.
On Thursday, June 18, the “ripple” started to lose ground and made a correction down to $0.189. The move was followed by another red day on Friday, which resulted in a drop to $0.186.
The weekend trading started positively for buyers as they rebounded from the mentioned area and closed at $0.187. They failed to extend their gains into the Sunday trading and fell to $0.185.
Altcoin of the Week
Our Altcoin of the week is IOST (IOST). This cryptocurrency project is aimed at utilizing blockchain technology for providing the necessary scalability and security to multinational business through the use of their native Internet of Services Token.
IOST is 11.7 percent up for week and added 21.6 percent for the last 14 days. It peaked at $0.0061 on Sunday, June 21 and successfully reached #80 on the CoinGecko’s Top 100 list with a total market capitalization of approximately $94 million.
The coin’s good performance is most probably caused by the series of good news that came out of the project in last days and weeks. On June 17, IOST launched the world’s first nautical themed blockchain strategy game, Coin Voyage. Then two days later started the 2nd event of year-long NFT event series with limited edition “Genesis” Badge.
The culmination was the Global Public Chain Technology Evaluation Index putting IOST at #4 on its the top 37 public blockchain projects list.
As of the time of writing, IOST is trading at 0.00000069 against BTC on the Binance daily chart, which corresponds to $0.00633.