Bitcoin, Ether, and XRP Weekly Market Update May 27, 2019
The total crypto market cap is $22 billion up for the seven-day period and now stands at $269 billion. The top ten currencies are mostly in green for the same time frame with Binance Coin (BNB) and Litecoin (LTC) leading the pack with 18.1 and 19.3 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $8,764 while ether (ETH) stands at $268. Ripple’s XRP is at $0.412.
Bitcoin added $940 to its value on May 19, 2019, and broke above the $8,000 level in a stunning 13-percent increase session.
The BTC bulls, however, started feeling the pressure and needed consolidation before continuing the run towards $10,000. On May 20, the BTC/USD pair dropped to $8,000 as traded as low as $7,570 during intraday. It moved even lower on May 21 before stopping at $7,950.
On May 22, the most popular cryptocurrency lost another four percent of its value and closed at $7,620.
In the latest report, a support line at the $7,350 level emerged, but on May 23 bulls managed to reverse the short-term downtrend trend to a higher point, $7,470, before pushing North to $7,880.
BTC/USD continued its way up on May 24, climbing to $8,000. It was trading as high as $8,200 during the day, suggesting that bulls are ready to break and hold above the mentioned psychological level.
They did that on May 25 when they pushed the price further to $8,161.
Bitcoin ended the seven-day period with a 6.6 percent price increase after gaining 8.2 percent on Sunday to $8,733.
In other news, cryptocurrencies are now available for transactions on WhatsApp thanks to a new bot by Zulu Republic. The company, which describes itself as an “ecosystem of digital platforms built on the Ethereum,” will allow users to exchange bitcoin, litecoin and its native ZTX token by using a bot called Lite.IM. The service integrates with Facebook’s messaging app, which opens the door for more than one billion users in 180 countries to use digital coins.
In the meantime, the social media giant Facebook will be looking to launch its cryptocurrency by the first quarter of 2020. According to BBC, the so-called GlobalCoin (also known as Project Libra), will be offered in “about a dozen countries” including the United States and the United Kingdom. Additionally, the CEO of the U.S.-based company is in talks with money transfer operators to support his digital solution for cheaper and faster transactions.
On May 24, the American telecommunications giant AT&T announced it would support cryptocurrencies for paying bills online.
The company became the first major mobile carrier in the United States to add digital tokens as a payment method. Users will have to select BitPay, a Bitcoin payment processing company, as a preferred payment option and perform the transaction online or using the AT&T mobile application.
The Ethereum token added 10.7 percent and peaked at $261 on May 19. It was unsurprising to see some profit taking after the solid bull run from one of the most popular altcoins and on May 20, it dropped down to $252.
Buyers tried to regain territory on May 21, but only managed to push the price to $252. On the next day, May 22, the ETH/USD pair declined further, this time to $242.
The coin closed the workweek in positive territory after moving up to $250 on May 24 and on the first day of the weekend extended gains to $251.
The ETH/USD formed a fourth consecutive green candle on the Bitstamp daily chart on Sunday, May 26 and closed the week at $268 after a 6.7 percent winning session.
It was 2.4 percent up for the seven-day period.
The Ripple company token lost 4.5 percent of its value on May 20 and dropped to $0.399, or right below the critical level of $0.40.
Even though it declined further to $0.396 on May 21, the XRP/USD pair remained in the uptrend corridor drawn last week. On Wednesday, May 22, it formed the third consecutive red candle on the Bitstamp daily chart and stopped at $0.37 after losing another 6.5 percent.
The $0.36 level proved to be a solid one to break, and XRP bulls found their short-term support there. On May 23 the coin bounced back up from that level to reach $0.38 and continued its run on the last day of the workweek by moving North to $0.383.
XRP was slowly but surely crawling towards the $0.40 mark. The important price level is a difficult one to hold, but eventually, it could open the door for $0.50.
The weekend of May 25 to 26 started with yet another small winning session, this time to $0.386. The XRP/USD pair, however, followed the general crypto trend and registered significant gains on May 26. It added six percent and finally broke above $0.40 to reach $0.409.
Surprisingly, the Ripple token was 1.4 percent down for the week.
Altcoin of the Week
This week’s Altcoin of the Week is Bitcoin Satoshi Vision (BSV). The Bitcoin Cash fork token registered a remarkable 63 percent price increase for the seven-day period and is the best performer in the top 100 cryptocurrencies by market cap.
The Bitcoin SV peaked at $107 on May 21 on the Bitfinex daily chart after its creator Craig Wright filled a copyright registration for the Bitcoin whitepaper on the same day. Wright is trying to prove he is the mysterious Bitcoin creator Satoshi Nakamoto while the crypto community remains relatively skeptical.
In the early hours of May 27, the BSV/USD pair is trading at $106.