Bitcoin, Ether, and XRP Weekly Market Update November 2, 2020
The total crypto market cap added $5.6 billion to its value for the last seven days and now stands at $402.4 billion. The top 10 currencies were all in red for the same time period with the only exception being bitcoin (BTC) which increased by 5.4 percent. By the time of writing bitcoin is trading at $13,751, ether (ETH) climbed up to $398. Ripple (XRP) is at $0.241.
Bitcoin was trading as high as $13,370 on Sunday, October 25, but bulls were not able to keep up with the pace from the previous days and took a short break. This allowed the leading cryptocurrency to correct its price down to $13,030 at the end of the session. Still, it closed the week with a 13.2 percent of increase and kept floating above the horizontal support at $12,800.
On Monday, the BTC/USD pair was extremely volatile, moving up and down in the $13,240-$12,780 zone before forming a short green candle to $13,075.
The trading day on Tuesday brought an unexpected continuation of the uptrend.
The coin broke into the $13,800-$13,900 monthly resistance area for the first time since June 2018. The last time the coin closed above $13,700 on both the daily and monthly chart was in January the same year.
Bitcoin failed to print a new high on the mid-week session on Wednesday, October 28 and made a sharp pullback down to $13,254 erasing 3 percent of its value.
On Thursday, October 29, it resumed the upward movement by forming a green candle to $13,452 on the daily chart. Buyers were once again on track to fill the gap up to the weekly/monthly resistance cluster at $13,800.
The last day of the workweek came with an increase to $13,551. The bears were still not ready to capitulate, though as they temporarily pushed the price down to $13,120.
The first day of the weekend and last for October was quite a good one for buyers. Bitcoin entered the resistance zone and closed at $13,812, but not before touching $14,100 earlier in the session suggesting the momentum is still there. The BTC/USD pair was 28 percent up on a monthly basis.
On Sunday, November 1, it experienced a small correction down to $13,750.
The Ethereum Project token ETH failed to break above the $420 level for the fourth consecutive day, and on Sunday, October 25 fell down to $405. The “ether” was 7.1 percent up on a weekly basis.
It opened the new trading period on Monday by dropping further to $392. The move resulted in a 3.2 percent loss for the coin as it was now looking at the previous monthly horizontal resistance at $390 to provide the required stability for a trend continuation.
On Tuesday, October 27, the ETH/USD pair bounced back from the mentioned level and formed a green candle to $404. Still, bulls could not register a new high and were starting to lose momentum.
The Wednesday session was proof of that. The ETH token continued to slide and moved below the support line, closing the day at $388 with a loss of 3.7 percent.
On Thursday, October 29, the leading altcoin fell further to $387 and once again touched the $380 mark, which was now acting as temporary support.
The ether formed is a third straight red candle on the daily chart on Friday and ended the session at $382. Bears pushed the price down to $374 during intraday but faced resistance at the 100-day EMA and the uptrend line coming up from the last registered low at $320 (September 23).
The weekend started positively on Saturday as the ETH climbed up to $387. It closed the month of October with a 7.2 percent increase. Then on Sunday, November 1, the coin climbed above the monthly resistance and closed the day at $396.
The Ripple company token XRP closed the trading day on Sunday, October 25 at $0.253 after getting rejected at the 100-day EMA on the daily chart around $0.256. It ended the previous week with a 4.5 percent price increase, but buyers were unable to break the monthly resistance at $0.259.
On Monday, the XRP/USD pair was trading in the wide range between $0.259 and $0.243 but ended the session in red and with a 2 percent loss to $0.248.
Bulls found some temporary relief on Tuesday and formed a short green candle to $0.252.
The mid-week session on Wednesday, October, 28 however brought back red to the chart. The “ripple” fell further to the 50-day EMA at $0.245 and erased another 2.7 percent of its value.
The major altcoin continued to slide on Thursday and Friday and closed at $0.242 and $0.239 on the respective days. It’s worth noting that bears even managed to push the price of XRP all the way down to $0.231 during intraday trading on Friday, almost touching the solid horizontal support at $0.23
The weekend of October 31- November 1 came with a relatively calm session on Saturday as the coin remained stable in the above-mentioned zone and closed the month of October flat.
We did not see significant price changes on Sunday and the “ripple closed the week at $0.24.
Altcoin of the week
Our altcoin of the week is a little-known project by the name of Vitae (VITAE). This cryptocurrency token, which is a fork of the popular PivX privacy coin, is aimed at building a “new age” social rewards network on the blockchain.
VITAE added 53 percent to its value for the last seven days after reaching a weekly high of $6.14 on Sunday, November 1. It moved up to #79 on CoinGecko’s top 100 list with a total market capitalization of approximately $130 million, also registered a 91 percent increase on a two-week basis.
By the time of writing, the altcoin is trading at 0.000401 against BTC on the HitBTC platform.