Bitcoin, Ether, and XRP Weekly Market Update May 2, 2019
The total crypto market cap lost $1.6 billion of value for the seven-day period and now stands at $175.6 billion. The top ten currencies are mostly in red for the same time frame with Cardano (ADA) and Ripple’s XRP down by 1.2 and 1.4 percent respectively. At the time of writing, bitcoin (BTC) is trading at $5,315 while ether (ETH) stands at $158 and XRP is at $0.297.
Bitcoin formed its second consecutive red candle on the Bitstamp daily chart on April 25 and lost 5.6 percent, closing session at $5,134. Bears were able to push price as low as $4,993 during the day, suggesting a further decline.
The BTC/USD pair was extremely volatile on April 26 as we saw it trading in the $5,049 to $5,290 zone. Bulls were trying to turn the tide but only managed to secure a $20 price increase to close at $5,155.
The weekend of April 27 to 28 opened with more upward movement on Saturday, this time to $5,169. This was erased on the last day of the week when bitcoin stopped and dropped back down to $5,160. It was 2.4 percent down for the seven-day period.
April 29 found the most popular cryptocurrency trading in the $5,198 to $5,077 range. It did not experience any price changes at the end of the day.
On the last day of the month, the coin formed a solid green candle and gained 2.2 percent climbing back up to $5,270. It was 28 percent up for the month of April.
On May 1, bitcoin moved up to $5,318, right above the short-term resistance at $5,314.
In other news, it was reported that the United Arab Emirates (UAE) has emerged as a global leader in digital token sales. The tiny Arabian country is home to over 24 percent of all funds raised in crypto offerings surpassing previous leader USA. As per the data, provided by CoinSchedule, UAE-based companies raised more than $210 million in 2019 and are global leaders for the first four months of the year followed by the Cayman Islands and Singapore with $103 million and $88 million respectively.
Jaguar Land Rover is partnering with the IOTA Foundation to enable a reward-based cryptocurrency service, the company announced on April 29. The British automotive giant will allow its users to earn IOTA tokens by sharing information with each other about traffic conditions, weather, incidents and many more and by this prevent accidents, traffic jams and reduce emissions.
The crypto tokens will be stored on newly developed smart wallets as in a later stage, drivers will be able to use them to pay for parking lots, road tolls or charging stations.
The Ethereum token lost 8.5 percent of its value on April 25 and moved down to $151. The critical support level at $150 was breached during intraday and traders saw the ETH/USD pair drop as low as $146.
On April 26, it compensated for some of the losses by moving up to $153, still, the pressure on sellers’ shoulders was visible on the charts where the most popular altcoin was ranging in the $155 to $148 zone.
The weekend of April 27 to 28 opened with another green candle, this time to $156. The rally was short-lived however and ETH formed an almost identical candle but in the opposite direction on April 28.
Ether closed the week at $153 with a loss of 9.4 percent, still holding above the uptrend channel.
On April 29, commentators once again saw a move below $150 during day trading. Bears were not able to keep the momentum and the session ended at $152. On April 30, after a 5.2 percent increase, the coin rose to $160. One of the most popular altcoins grew by 14 percent for the 30-day period.
The first day of May resulted in the first red candle of the month as the ETH dropped $2 to $158.
After losing six percent of its value to $0.302 during previous sessions, the Ripple company token moved even lower, this time to $0.29 on April 25. The downward correction resulted in another four percent loss as the XRP/USD pair touched $0.282 during day trading. Last time this level was reached was in September 2018.
Bulls were able to react fast and pushed price six percent up to $0.309 on April 26. It was critical to hold above the psychological level of $0.30 and not allow further decline below this mark.
On April 27 and 28, XRP was hovering between $0.309 to $0.304 closing the last seven days with a 4.3 percent loss.
The first day of the new week did not bring any positive results for bulls. On the contrary, they struggled to stabilize price above $0.30 and observers once again saw the altcoin break this threshold during the day session. It closed April 29 at $0.307.
On April 30, the coin gained 5.8 percent and successfully moved above $0.32 closing at $0.325. The XRP/USD was 3.5 percent up for the fourth month of the year.
On May 1, XRP lost two percent and moved South to $0.299 as the $0.308 mark proved to be hard to break and hold. This level is of critical importance for short-term price recovery.
The company will be adding XRP tracking index to the already existing Bitcoin Liquid Index (BLX) and Ethereum Liquid Index (ELX). The new XRP Liquid Index will be sourcing data from the world leading exchange to provide “a real-time spot or reference rate for the price of 1 XRP, quoted in USD.”