Bitcoin, Ether, and XRP Weekly Market Update November 11, 2019
The total crypto market cap lost $0.3 billion of over the last seven days and now stands at $245.8 billion. The top 10 cryptocurrencies are mostly in green for the same time frame with Stellar (XLM) and EOS (EOS) gaining 13.3 and 8.8 percent respectively. At time of writing bitcoin (BTC) is trading at $8,952 while ether (ETH) stands around $188. Ripple’s XRP is trading at $0.277.
Bitcoin took another step down on Sunday, November 3, closing the day and week at $9,204, with 3.4 percent loss for the 7-day period.
The most popular cryptocurrency opened Monday with a 2.3 percent increase and a green candle to $9,423. It peaked at $9,597 during intraday and successfully broke above the 38.20% Fibonacci level.
Bulls, however, were not able to hold their territory and retreated to $9,311 on Tuesday; the BTC/USD pair was trading as low as $9,174 during the session.
On Wednesday, Bitcoin was moving lower around noon but managed to recover in the evening, closing at $9,347.
Bears pushed BTC price down to $9,191 on Thursday, and then to $8,763 on Friday, November 8. The “digital gold” lost 6.1 percent during the drop as the majority of the analysts were already pointing at the mid-$8,000 levels as the next zone of support.
The weekend of November 9-10 started with a quick jump to $8,817 on Saturday, which was followed by a solid green session on Sunday, November 10. The BTC/USD pair climbed above $9,000 and ended the session at $9,029 adding 2.5 percent for the day, but still losing 1.9 percent on a weekly basis.
The Ethereum token ETH continued to slide on Sunday, November 3 and stopped at 181.6 losing 1.5 percent on a weekly basis.
The ETH/USD pair started trading on the first day of the new week by successfully rebounding from the $180 support level. It added 3.3 percent to its value and climbed up to $186. The coin peaked at $189, one step shy of the important zone around $190.
On Tuesday, ETH was quite volatile. We saw it moving in the wide-area between $182 – $193, closing at $188 with a small increase compared to the previous day.
Bulls were already eyeing $190 as their next target and managed to reach it during the mid-week session on November 6. ETH formed a third consecutive green candle on the daily chart and moved up to $191.
On Thursday however, it was the bears’ turn. The coin dropped to $186 while erasing 2.6 percent as it was unable to hold above $190 for too long.
The last day of the workweek came with further decrease, this time to $183. The ETH was trading as low as $180 during the day session.
The ether was trading in the $180-$190 range since October 26 as both sides were unable to establish a trend.
It moved up to $185 during the first day of the weekend and on Sunday, November 10 it followed the general crypto market trend and drew a big green candle to $189.
The Ethereum token was 4.4 percent up for the week.
The Ripple company token XRP closed at $0.29 on Sunday, November 3 and lost 2 percent of its value for the previous 7-day period.
It started trading on Monday by forming a solid green candle. The coin moved all the way up to $0.299 while gaining 3.1 percent.
The move was followed by another winning session on Tuesday. In a highly volatile session, during which it was trading in the $0.295-$0.305 area, the “ripple” successfully broke above the $0.30 support level and closed at $0.301.
The mid-week session on November 6 was no different and the XRP/USD pair drew its third consecutive green candle on the daily chart stopping at $0.31. It added another 2.9 percent.
Unfortunately, bulls were once again rejected at the local high around the $0.31- $0.315 zone. This level was reached on September 18 and it’s the highest point for bulls since then.
On Thursday we saw XRP erasing 6.4 percent and dropping all the way down to $029. Bears were even able to push the price to $0.274 during intraday.
The freefall continued on the last day of the workweek and XRP fell to a monthly low of $0.274.
The weekend of November 9-10 started positively for buyers as they found some room to breath and regained positions around $0.279.
On Sunday, November 10, the XRP/USD pair was again rejected around $0.285 and dropped down to $0.279. It was 4 percent down for the 7-day period.
Altcoin of the Week
It peaked at $1.3 on Thursday, November 7 and currently stands at #17 on the CoinGecko Top 100 list with a market capitalization of approximately $970 million.
The reason for the surge is the series of news coming from the leading cryptocurrency exchanges.
On November 4, the third-largest platform in terms of 24-hour volume, OKEx announced it will list two spot trading pairs for XTZ – against BTC and ETH.
Two days later, the US-based company Coinbase introduced rewards for Tezos in a blog post. This is the latest addition to the staking program, which aims at providing regular interest payments to users who participate in the network of particular assets by staking part of their coins.
Additionally, the XTZ token was included in the learning campaign – Earn Tezos, which provides eligible users with the opportunity to gain coins by answering to a short quiz.
In the early hours of November 11, The XTZ is trading at $1.221 against USD on the Bitfinex chart.