Bitcoin, Ether, and XRP Weekly Market Update October 14, 2019
The total crypto market cap added $11.3 billion to its value during the last seven days and now stands at around $225 billion. The top 10 currencies are all in green for the same time frame with Binance Coin (BNB) and Ripple’s XRP being the best performers with 20 and 11 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $8,345 while ether (ETH) dropped to $183. Ripple’s XRP moved up to $0.289
Bitcoin fell all the way down to $7,850 on Sunday, October 6. It lost 3.6 percent on the day and ended the week 2.4 percent lower.
After closing below $8k for the first time since June this year, the BTC/USD pair started trading on Monday, October 7, with a huge green candle. It gained 4.5 percent and moved up to $8,200, but not before hitting the $7,760 mark – right where we projected the bottom of the current downward correction.
On Tuesday, October 8, the coin broke above $8,300, but bulls were not able to hold to that level. They made a step back and closed the day at $8,175.
The mid-week session on October 9 was quite positive and bitcoin continued to rise. It closed at $8,585 with a 5 percent increase. On October 10 we witnessed a low-volatility session during which BTC stayed mainly in the zone around $8,570 and did not change in price.
The last day of the workweek came with a huge loss for the coin as it dropped back down below $8,300. The 3.8 percent correction resulted in BTC stopping at $8,262.
The weekend of October 12-13 started with a small increase on Saturday and BTC regained its position at $8,300. On Sunday, October 13, it was trading in the wide-area between $8,480 -$8,137 and only managed to register a small loss to $8,277 closing the week with a 5 percent increase.
The Ethereum Project token ETH lost 3.4 percent of its value on Sunday, October 6 and dropped down to $170 closing the week flat.
The ETH/USD pair started the new trading period by regaining its position around $180. It gained 5.8 percent and for the fifth time for the last two weeks was in a position to consolidate around the aforementioned level.
On Tuesday, October 8, the coin moved up to $181 after peaking at $185 during intraday. We saw a continuation of the uptrend on Wednesday, October 9, and the ether climbed up to $193 adding another 7.2 percent.
ETH started running out of steam on October 10 when it was first rejected at $195. After three consecutive winning sessions, it entered a short-term correction phase. The coin fell to $191 on Thursday as bears were even able to push the price down to $187 at some point during the day.
In the last workweek session, one of the most popular altcoins broke below $190 and move to the zone around $180 losing 6.5 percent. It was of critical importance for bulls to defend the mentioned level and avoid a return to the $190-$180 area.
On the first day of the weekend – October 12, the ETH/USD pair extended its downward movement to $177 during the day session. Bulls, however, successfully recovered to $180 later in the evening.
On Sunday, October 13, the coin made another step North and closed the week at $181 adding 6.4 percent for the period.
The Ripple token XRP formed its third consecutive green candle on the daily chart on October 6, and closed the day and the week at $0.255 with a 6 percent increase.
The XRP/USD pair opened the new trading period in the best possible way. It added 8.2 percent to its value on October 7 and moved up to $0.276. Naturally, the next target for buyers was the previously solid support level at $0.285.
On Tuesday, October 8, the “ripple” tried to break above the mentioned level, but bulls were rejected. Still, they managed to register some gains and closed the day at $0.277.
The mid-week session on Wednesday found XRP once again around the $0.285 level. The second consecutive rejection there suggested exhaustion of the current uptrend movement.
Even, though buyers managed to push the price up to $0.281, it was obvious to expect a correction, which happened on Thursday, October 10 then the Ripple token dropped down to $0.271 putting an end to the six-day winning streak.
On Friday, October 11, it fell further to $0.266. During the two weekend days, the coin avoided a drop to $0.26 and successfully moved first to $0.273 on Saturday, then to $0.277 on Sunday.
It closed the week with an 8.6 percent increase.
Altcoin of the Week
Our altcoin of the week is one of the most traded altcoins for the 2019 – ChainLink (LINK). The coin gained 19.6 percent on a weekly basis and is already 52 percent up for the last 14 days. LINK is currently ranked at #14 on the Top 100 list with a market capitalization of approximately $944 million
ChainLink is a decentralized oracle service that connects blockchain with the real world by providing smart contracts with access to external data feeds.
The current rally is most probably caused by the recently announced launch of 7 new price-reference oracle networks on the Ethereum blockchain. The news was shared on the DevCon5 conference and will reportedly give “developers easy access to high-quality pricing data that has been verified by the most decentrally secure oracle network”. The feature will provide data for the following assets: BTC, DAI, USDC, ZRX, REP, WBTC and BAT as well as the already included ETH.
In the early hours of October 14, LINK is trading at $0.000316 against BTC on the Binance daily chart.