Bitcoin, Ether, and XRP Weekly Market Update October 28, 2019
The total crypto market cap added $31.7 billion to its value during the last seven days and now stands at $254.3 billion. The top 10 currencies are all in green for the same time frame with Bitcoin SV (BSV) and Tron (TRX) being the best performer with 47.5 and 32.5 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $9,655 while ether (ETH) climbed up to $185. Ripple’s XRP is trading around $0.301
Bitcoin recovered above $8,000 on Sunday, October 20 and closed the week at $8,239. It remained flat for the previous 7-day period.
The most popular cryptocurrency opened trading on Monday by climbing above $8,300 during the day. Bulls, however, were once again rejected around the lower end of the mid-$8,000 levels and fell back to $8,208, closing the session in red.
A similar thing happened on the next day, Tuesday, October 22 when the BTC/USD pair peaked at $8,323 during intraday, just to end up the day at $8,022. It lost 2.2 percent of its value and was once again dangerously close to the critical support level at $8,000
The mid-week session on Wednesday, October 23 was the worst day for bitcoin since September 24. The coin drew a huge red candle on the daily chart and lost 6.8 percent to close at $7,470. Naturally, we were looking at $7,500 as the next major support line before $7,000.
On Thursday, October 24, bitcoin registered a small loss to $7,433.
The workweek ended with a bang as the BTC/USD pair formed one of its largest candles ever and added more than $1200 to its value. The 16.5 percent increase helped the leading cryptocurrency to reach $8,658.
The leading crypto market analysts attributed this unexpected move to the Chinese president Xi Jinping who on the same day took part in a workshop series organized by the Central Committee with the aim to better study and understand the benefits of blockchain. According to Xi, China needs to actively work on accelerating the development of this innovative technology and consider it one of its top priorities.
On the first day of the weekend, Saturday, October 26 it extended the gains and moved above $9,000 to close at $9,253. The coin added another 6.8 percent to its value and was trading as high as $10,344 during intraday.
China was once again on the news. This time with its new cryptography law it passed on Saturday. As reported by local media, the document provides guidelines and regulations for cryptography technologies and will eventually promote its research and development by setting the necessary framework.
Bitcoin was trading higher on the last day of the week and reached $9,550 closing the 7-day period with a 16.5 percent of increase.
The Ethereum Project token ETH followed the general crypto market trend on Sunday, October 20 and gained 2.3 percent to close at $175. It ended the week 4 percent higher compared to the previous 7-day period.
The ether started trading on Monday, October 21 by moving up to $178 during intraday. Buyers, however, could not hold to their gains and dropped back down to $174 without being able to escape from the downtrend channel.
On Tuesday, October 22, it lost another 1.7 percent and fell even lower to $171.
We found the ETH/USD pair breaking both $170 and $165 supports on Wednesday, October 23 as the Facebook Libra hearings heavily impacted the whole cryptocurrency market.
The ETH coin lost 5.2 percent and closed at $162. Bears were even able to push the price down to $153 at some point during the day.
On Thursday, October 24, it fell further to $160 in a low-volatility session.
Following the general crypto market trend, the ETH/USD pair registered some serious gains on Friday, October 25. It added 13 percent to its value and climbed to $181, successfully regaining position above the critical support level of $180.
On Saturday, October 26, the “ether” peaked at $198, but bulls could not consolidate properly and only managed to hold to the above-mentioned line.
The last day of the week found ETH moving up to $184. It closed the week 5 percent higher than the previous one.
The Ripple company token XRP moved up to $0.294 on Sunday, October 20, but not before testing the $0.280 line during the day. It closed the previous week with a 5.5 percent increase.
The XRP/USD pair started trading on Monday, October 21 with a red candle on the daily chart. It moved down to $0.292 in a low volatility session.
Bulls attempted a comeback on the next day, October 22 by pushing the price all the way up to $0.303 during intraday. Still, the only thing they achieved after being rejected around the mentioned level, was a small correction to $0.290.
The mid-week session on October 23 found the “ripple” touching $0.247 in its worst session since the end of September. The XRP lost 5.8 percent of its value and closed at $0.273 after erasing some of its losses later in the day.
On Thursday, October 24, we witnessed a price reversal as the XRP/USD pair climbed to $0.276. It closed the workweek by skyrocketing all the way up to $0.298 on October 25. It added 7.8 percent as bulls were ready to make another attempt at the $0.30 level.
The weekend of October 26-7 started with a high volatility session on Saturday. The “ripple” was trading in the $0.284-$0.314 range and closed with a small loss to $0.295.
On Sunday, October 27, the coin compensated for the loses and regained positions close to $0.30 It closed the week at $0.299 with a 1.8 percent increase.
Altcoin of the Week
Our altcoin of the week is Bitcoin SV (BSV). The coin, which is also known as Bitcoin Satoshi’s Vision is a hard fork of Bitcoin Cash (BCH) and is led by the infamous Craig Wright.
The BSV grew by the amazing 47 percent during the last seven days and peaked at $150 on Saturday, October 26 registering $1.6 billion of trading volume for the day. It currently stands at #9 on the Top 100 coins list as per CoinGecko and has a total market capitalization of $2.5 billion.
Bitcoin SV is 66 percent up since the same time last month and as of the time of writing is trading at $141 against USD on the Bitfinex daily chart.