Bitcoin, Ether, and XRP Weekly Market Update September 21, 2020
The total crypto market cap added $11.6 billion to its value for the last seven days and now stands at $348.3 billion. The top 10 currencies were mostly in red for the same period with ChainLink (LINK) loosing 19.3 percent while bitcoin (BTC) added 6.1 percent. By the time of writing bitcoin is trading at $10,950, ether (ETH) dropped to $373. Ripple (XRP) continues to slide and is now at $0.246.
Bitcoin moved down to $10,333 on Sunday, September 13, and formed a short red candle after it was rejected at the lower end of the $10,700-$10,600 resistance zone. The coin found support at the 100-day EMA but broke its four-day-long winning streak.
The biggest cryptocurrency registered less than a percent of increase on a weekly basis.
On Monday, the BTC/USD pair saw a sudden spike in the demand and rose to $10,761 during intraday, breaking above the resistance area on the monthly timeframe. It ended the session at $10,667 or 3.2 percent higher compared to the previous day.
Bulls continued to push the price up and on Tuesday, September 15 reached $10,780. The 26-day EMA at $10,950 was also hit in the early hours of trading, which proofed that the buyers’ pressure was rapidly increasing.
The mid-week session on Wednesday was quite similar to the previous two, Bitcoin climbed up to $10,957 and added yet another $177 to its value.
The BTC/USD pair remained flat at the end of the trading day on Thursday, September 17 even though it was trading in the wide range between $10,740 – $11,00 during intraday.
The situation was exactly the same on Friday as the coin made no significant changes and continued to hover near $10,950. As commented on our mid-week report, next for BTC is to consolidate above the $10,700 horizontal support and prepare for an attack of $11,100.
The first day of the weekend came with a green candle to $11,090. Bulls even managed to temporarily push the price of BTC above the $11,100 line.
On Sunday, the coin made a similar candle, but in the opposite direction and once again found itself below the $11k mark (at $10,950).
The 24-hour trading volumes jumped up from $20 to $25 billion between Sunday evening and Wednesday afternoon then started to decrease hitting $18 billion on Sunday afternoon.
The Ethereum Project token ETH fell down to $365 on Sunday, September 13, and lost 5.6 percent of its value for the day after hitting the meeting point of the short term EMAs (26-day and 50-day) at $388. Still, the coin found support at the $360-$350 area and ended the week with a 3.3 percent of increase.
The ETH/USD pair opened the new trading period on Monday by recovering its position near $377 and also compensating for some of the losses.
On Tuesday, it made a short pullback to $363 as the whole altcoin market started to bleed and lose ground. The reason for this was most probably the return of BTC and the fact that a big part of the active traders preferred to transfer funds back to the leading cryptocurrency hoping it will be the main driver of a short to mid-term bull run.
The third day of the workweek brought some stability for the ether and it remained near $365, above the support line. The coin was flat on a daily basis.
On Thursday, September 17, the ETH/USD pair skyrocketed all the way up to $389 and added 6.5 percent to its value while hitting the monthly S/R line at $395 in the early hours of trading.
We witnessed a short pullback to $384 on Friday, but the ether found its support at the short-term 26-day EMA.
The weekend of September 19-20 started with a relatively calm session on Saturday during which the ether added less than a dollar.
Then on Sunday, it dropped back down to the support zone near $370 and erased 3.9 percent.
The Ripple company token XRP failed to break the $0.25 resistance line on Sunday, September 13, and form a red candle to $0.242 instead. It lost 2 percent for the day and closed the seven-day period with a negligible 1.2 percent increase.
The XRP/USD pair opened trading on Monday by moving up to $0.245. The coin was caught in the $0.25 – $0.235 range since September 5 as neither bulls nor bears were able to take over control and establish a trend.
On Tuesday, September 15, we saw proof of that when the “ripple” almost erased the gains from the previous session and stopped at $0.243.
The mid-week session on Wednesday was marked by high volatility. The major altcoin was trading in the zone between $0.252 and $0.234 before closing at $0.247.
On Thursday, September 17, XRP finally made a breakthrough and surpassed the $0.25 resistance ending the day at $0.25. The coin even hit the short-term 26-day EMA and the monthly resistance at $0.259 during intraday.
The last day of the workweek came with a short pullback to $0.25. Still, buyers defended the support line.
The weekend of September 19-20 started with a volatile session on Saturday. However, no major changes in the price were registered as the XRP/USD pair continued to hover around the above-mentioned level.
On Sunday, September 20, bulls once again lost the $0.25 line and closed the week at $0.246.
Altcoin of the Week
Our Altcoin of the week is a relatively unknown coin by the name Kusama (KSM).
This coin acts as a “canary network for Polkadot (DOT) meaning that it helps in detecting vulnerabilities in the polkadot code.
The coin added 20 percent to its value for the last seven days and is 183 percent up on a monthly basis.
KSM hit a new high at $48.60 on Friday, September 18, and moved up to #45 on the CoinGecko’s Top 100 list with a market capitalization of approximately $380 million.
As of the time of writing, KSM is trading at 0.00347 against BTC on Huobi: