Bitcoin, Ether, and XRP Weekly Market Update October 7, 2019
The total crypto market cap lost $3.9 billion of its value during the last seven days and now stands at $213.4 billion. The top 10 currencies are mostly in green for the same time frame with Ripple’s XRP and EOS (EOS) being the best performers with 9.8 and 6.6 percent of gains respectively. At time of writing bitcoin (BTC) is trading at $7,936 while ether (ETH) dropped to $173. Ripple’s XRP moved up to $0.266
Bitcoin fell down to $8,045 on Sunday, September 29, and closed the previous week with a 19.8 percent of a price decrease.
It opened the new trading period with a highly volatile session on September 30 with the coin trading in was ranges between $8,377 – $7,714. Bulls were not only able to avoid a drop below the critical level of $8,000 but also regained positions at $8,300. As we pointed out during our previous analysis, the mentioned level is the last major support before $8k.
The BTC/USD pair closed the month of September 13.5 percent lower compared to August.
The start of the new 30-day trading period did not bring any sudden changes as BTC remained relatively flat around the $8,300 level. On October 2, bitcoin moved up to $8,382 and formed its third straight green candle on the daily chart.
The most popular cryptocurrency could not confirm its presence above $8,300 and on Thursday, October 3, initiated another correction. It moved down to $8,238 after dropping as low as $8,035 during intraday.
We saw the price of BTC dropping even lower on the last day of the workweek when it ended the session at $8,151, but not before testing the $8,000 support one more time.
The weekend of October 5-6 started with another unsuccessful attempt on the above-mentioned support on Saturday as BTC dropped to $8,142.
We finally saw a breakthrough on Sunday, October 6. On its fourth consecutive red candle on the daily chart, the BTC/USD pair stormed pass the $8,000 support and fell all the way down to $7,850. The last time we saw the coin that low was in June this year. Bitcoin lost 3.6 percent of its value for the day and closed the week 2.4 percent lower compared to the previous seven-day period.
The Ethereum Project token once again tested the $165 support on Sunday, September 29, but managed to limit losses by closing at $169 with a 20 percent loss for the previous week.
On Monday, September 30, the ETH/USD pair registered its best session for the last two weeks and gained 7 percent. It moved above the important level at $180 and closed the month of September at $181 or 5.8 percent up.
ETH peaked at $185 on the first day of October but fell down to $176 as buyers could not consolidate for another movement upwards.
On Wednesday, October 2, the coin formed an almost identical candle but in the opposite direction moving up to $181 and erasing the loses from the previous day.
Unfortunately for bulls, they were once again rejected around the $180 zone and on Thursday, October 3 fell down to $175.
In a highly volatile session on Friday, October 4, the ETH made another attempt on $180 as it was moving in the $180 – $170 range during the day, but clasped a $1 of price increase closing at $176
The weekend of October 5-6 started with an almost flat session on Saturday during which the ETH/USD pair only remained in the $170-$171 area.
On Sunday, October 6, it lost 3.4 percent and moved south to $170 closing the week flat.
The Ripple company token XRP closed the trading day on Sunday, September 29 at $0.24, which represented a 13 percent loss for the previous seven days.
The token started the new period with a solid green session on Monday, September 30 and skyrocketed all the way up to $0.257. It ended the month of September just where it started it, staying flat for the last 30 days.
On October 1, the XRP/USD pair was rejected at the important level of $0.26, which was followed by a drop to $0.248.
The mid-week session on October 2 saw the “ripple” bears unsuccessfully pushing its price down to the $0.245 support during intraday. It closed with a green candle to $0.253
As neither bulls, not bears were able to establish a trend, the XRP made another move in the opposite direction and ended the day on October 3 with a loss to $0.246.
On Friday, October 4, $0.245 once again proofed it’s a difficult level to break and bulls rebounded from there forming a green candle to $0.253.
The first day of the weekend came with another good session for the XRP and it climbed up to $0.254. It formed a third consecutive green candle on the daily chart on Sunday, October 6 and closed the day and the week at $0.255 with a 6 percent increase.
Altcoin of the Week
Our Altcoin of the week is Basic Attention Token (BAT). This digital advertising project, which was created to improve the efficiency of digital advertising, can be used by publishers and advertisers “to obtain a variety of advertising and attention-based services on the BAT platform” based on user attention. It added 21.7 percent to its value for the last 7 days and peaked at $0.202 on Sunday, October 6.
BAT is currently ranked at #31 on the CoinGecko Top 100 coins and has a market capitalization of approximately $258 million.
As of October 7, BAT is trading at $0,192 against USD on the Bitfinex chart.