Bitcoin, Ether, and XRP Weekly Market Update March 23, 2020
The total crypto market cap added $23.6 billion for the last seven days and now stands at $166.9 billion. The top 10 currencies were all in green for the same time frame with and Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performing assets with 31.5 and 16 percent of gains respectively. By the time of writing Bitcoin (BTC) is trading at $5,917 while Ether (ETH) climbed to $125. Ripple’s XRP is hovering around $0.151.
Bitcoin formed a fresh green candle to $5,337 on Sunday, March 15 and added $180 to its value closing the seven-day period with 33.2 percent loss.
The BTC/USD pair started trading on Monday by once again breaking below the long-term uptrend line we drew last week. The coin dropped as low as $4,441 during intraday, but bulls managed to minimize the losses and ended the session at $5,020.
On Tuesday, March 17, we saw the exact same candle being formed on daily, but in the opposite direction. The most popular cryptocurrency moved up to $5,336, but not before peaking at $5,557 in the early hours of trading.
As mentioned, a few times already, the $5,400 – $5,500 zone will be crucial for the short-term recovery. Trading volumes, however, are still not stable enough to trigger a proper uptrend and at the current state neither bulls nor bears are able to take over control and establish a continuous trend.
Bitcoin continued with its good performance on the third day of the week and registered a small increase to $5,408.
On Thursday, March 19, the BTC/USD pair skyrocketed all the way up to $6,168. It peaked at $6,448 during intraday but was rejected near the very important level at the low-end of the mid-$6,000s.
The last trading day of the workweek was extremely volatile. Bulls were trying their best to continue the upward movement while bears were struggling to reverse it. The coin was trading in the wide range between $7,163 – $5,624, but only registered a small gain to $6,205.
Nothing changed on Saturday as bitcoin remained stable near the trading levels from Friday. On Sunday, March 22, however, we saw a drop to $5,812 as the coin was rejected at $6,400 for a second consecutive day.
The Ethereum Project token ETH registered a small price increase to $123 on Sunday, March 15 after peaking at $134 during intraday. It closed the week 38.5 percent lower.
The leading altcoin opened the new trading period on Monday by dropping below the $120 line. It suffered a 7.5 percent loss and ended the session at $111. Bears managed to once again push the price to the psychological level of $100 without actually breaking it.
On Tuesday, March 17, the ether was less volatile and was moving in the $120 – $110 range. It found itself on a positive territory in the evening, stopping at $116.
The mid-week session on Wednesday was again a good one for bulls and Ethereum continued to rise. It extended gains to $118 after testing down the $110 line earlier in the day.
On Thursday, March 19, the ETH/USD pair followed bitcoin and the rest of the top currencies and formed a solid green candle on the daily chart. It grew by 17.7 percent and reached $136 in its third straight winning session.
Friday was quite a ride for the market participants as we saw the ether moving in the $153-115 zone before closing with a small loss to $133.
We saw no change in the price of the altcoin on Saturday, March 21 as it remained in the above-mentioned zone. On Sunday, it made a step back to $120, losing 9 percent.
The Ripple company token XRP ended the trading session on Sunday, March 15 with a short green candle to $0.153, above the $0.145 – $0.15 support zone. It registered a 24 percent loss on a weekly basis.
The popular altcoin started the new seven-day period with a drop to $0.14 on Monday. It erased another 8.5 percent of its value as bears were strong enough to even push the price down to $0.126 during intraday.
On Tuesday, March 17 the XRP/USD pair climbed up to $0.146, partially compensating for the negative previous session. The move was followed by a low volatility trading day on Wednesday and the coin remained relatively stable, hovering around $0.147.
On Thursday, March 19, “ripple” bulls showed some activity and the XRP token formed a solid green candle to $0.165. The good performance, however, could not be extended on the last day of the workweek, when the altcoin dropped down to $0.156 after it was rejected near the next support line – $0.17.
The weekend of March 21-22 started with a relatively calm session on Saturday. The Ripple token closed with a small gain to $0.158.
On Sunday, March 22, it returned back to the zone below $0.15 after suffering a decline to $0.147.
Altcoin of the Week
Our Altcoin of the week is Numeraire (NMR). This little-known cryptocurrency startup for market predictions more than doubled in value for the last seven days. It registered a 110 percent increase for the period and is also 31 percent up on a biweekly basis.
The NMR peaked at $15.46 on Friday, March 20 and is currently ranked at #61 on GoinGecko’s Top 100 chart with a total market capitalization of approximately $55 million.
The reason for the surge is unknown, yet it can be related to the recent launch of Erasure Bay, smart-contract based marketplace for information and the post-launch euphoria around it.
As of the time of writing, NMR is trading at $12.16 against USD on Bittrex.