Bitcoin, Ether, and XRP Weekly Market Update November 25, 2019
The total crypto market cap lost $40.5 billion of its value during the last seven days and now stands at $194.3 billion. The top 10 currencies are all in red for the same time frame with EOS (EOS) and Binance Coin (BNB) being the worst performers with 30.4 and 29.7 percent of loses respectively. At time of writing, Bitcoin (BTC) is trading at $6,547 while ether (ETH) stands around $132. Ripple’s XRP is trading at $0.204.
Bitcoin was trading in the $8,636-$8,376 area on Sunday, November 17, and closed with a small increase to $8,504. It was 6 percent down for the previous week.
Surprisingly, it fell off a cliff on Monday and started the new seven-day period with a drop to $8,172. The coin lost 3.9 percent of its value and almost broke below $8,000 during intraday.
The 50% Fibonacci level at $8,454 cracked under bear pressure and we were already eyeing the above-mentioned level as the next line of defense.
On Tuesday, the BTC/USD pair continued to slide and moved south to $8,119 after another attempt from sellers to push the price below $8k.
The mid-week session on Wednesday proved to be no different and Bitcoin ended the day at $8,085 after moving mainly in the $8,239 -$8,035 zone.
On Thursday it formed its fourth consecutive red candle and lost 5.9 percent to close at $7,611. Bears smashed through the $8k barrier as the whole crypto market was bled severely.
The last day of the workweek came with yet another disappointment for buyers. The most popular cryptocurrency dropped to $7,269 and erased another $342 from its value. The BTC/USD pair was trading as low as $6,792 – its lowest since May 2019.
The weekend of November 23-24 started with a little room to breathe for BTC bulls as the leading digital asset moved up to $7,320 in an effort to preserve the $7k support level.
On Sunday, November 24, it lost another 6 percent and stepped down to $6,898. Bitcoin closed 19 percent lower compared to the previous 7-day period.
The Ethereum Project token ETH closed at $183.9 on Sunday, November 17 after two consecutive days of gains. Still, it was 2.9 percent down on a weekly basis.
It opened trading on Monday with a sudden drop to $177. The coin lost 3.2 percent and fell below the $180 support level for the first time since October 26.
On Tuesday the ETH/USD pair moved even lower and closed the session at $175. Naturally, the next support downwards was situated somewhere in the $170-$165 area.
The third day of the workweek brought a third consecutive red candle for the ether and it lost more ground dropping further to $174. On Thursday, the freefall continued with an 8-percent drop, which resulted in a step down to $160.
On Friday we witnessed the fifth losing session for the ETH token, which was then trading around $150. Bears were able to push price all the way down to $138 during intraday – these levels were last seen in April 2019.
Trading on Saturday, November 23 was mainly in the $155-$146 area and the popular cryptocurrency regained some positions by climbing up to $152.5.
The last day of the week came with another 7.9 percent drop as ETH moved down to $139. It lost 24 percent of its value on a weekly basis.
The Ripple company token XRP moved up to $0.263 on Sunday, November 17, but closed the seven-day period with a 6.8 percent loss.
The new trading period started with a huge drop on Monday. XRP fell all the way down to $0.24 during the early hours of the session, but managed to recover in the evening and closed with a 4.5 percent loss to $0.251.
On the next day, Tuesday, November 19, it compensated for some of the losses and moved up to $0.253. Still, the downtrend was more than confirmed and the bear pressure was increasing.
On Wednesday the XRP/USD pair dropped further to $0.250, and even though bulls were keeping trading close to the $0.26 support line, they did not manage to close on green territory. The coin continued to slide and made another step-down, this time to $0.243 on the fourth day of the week.
The Friday session was a little catastrophic for XRP as it followed the general crypto market trend and fell to $0.23. The 5.3 percent drop resulted in a third consecutive red candle on the daily chart. The coin briefly touched $0.222 during intraday. The last time we visited that level was in September this year.
The weekend of November 23-24 started with a small increase to $0.234. On Sunday, November 24, however, XRP continued with its bad performance and fell down to $0.22. It closed the week 16.3 percent lower.
Altcoin of the Week
The majority of the cryptocurrencies in the Top 100 list were brutally beaten during the last week of trading with almost all of them registering double-digit loses.
Few other low-cap coins also remained below the radar; one of them is a less-known coin by the name of Synthetix Network Token (SNX). As per the official whitepaper, “Synthetix is a decentralised synthetic asset issuance protocol built on Ethereum”.
The project’s native token SNX enables the issuance of synthetic assets called Synths once locked in the contract and allows users to exchange them without the need of third-parties. The Synthetix.Exchange and blockchain ecosystem supports synthetic fiat currencies, cryptocurrencies, and commodities.
The SNX token is currently ranked at #39 on CoinGecko with a total market capitalization of approximately $109 million. It was 38 percent up on a weekly basis and gained 57 percent for the last 14 days.
Synthetix peaked at $1.41 on Sunday, November 24, and is currently trading at 0.0000811 against BTC on Bittrex exchange.