Bitcoin, Ether, and XRP Weekly Market Update September 23, 2019
The total crypto market cap lost $5 billion of its value during the last seven days and now stands at $262.3 billion. The top 10 currencies registered mixed results for the same time frame with ether (ETH) and XRP (XRP) gaining 9.8 and 3.9 percent respectively while EOS (EOS) lost 7.7 percent. By the time of writing bitcoin (BTC) is trading at $9,896 while ether dropped to $208. Ripple’s XRP fell to $0.27
Bitcoin closed trading on September 15 at $10,300, losing one percent of its value for the week.
The most popular cryptocurrency opened the new trading period on September 16 by forming its fourth consecutive red candle on the daily chart. It fell as low as $10,050 during intraday just to close at $10,272 later in the evening.
Bulls were once again under heavy fire, but this time we witnessed the return of the major altcoins, which unlike BTC managed to register some gains.
On Tuesday, September 17, the BTC/USD pair declined even further to $10,193. The move was followed by another drop, to $10,158 during the mid-week session on September 18.
After six straight losing sessions, the coin finally made a comeback attempt and climbed to $10,266 on September 19. BTC was trading in the wide range between $10,400 – $9.597. The mid-$10k level was still a barrier in front of bulls and another rejection there was not a good sign for the short to mid-term recovery.
The last day of the workweek came with the BTC/USD pair sliding down do $10,166.
During the weekend of September 21-22, the coin first fell to $9,980 and closed below $10,000 for the first time since September 1. Then it erased some of the loses and restored its positions by moving up to $10,025 on Sunday, September 22.
Bitcoin lost 2.7 percent for the week.
Monday, September 23 also marked the launch of the physically settled Bitcoin-based futures on Bakkt’s platform. The institutional digital assets trading and custody platform, which is a subsidiary of the Intercontinental Exchange (ICE) received its required approvals from the U.S. Commodity Futures Trading Commission (CFTC) and the New York State Department of Financial Services last month and started trading and supporting the new product on the ICE Futures U.S. exchange.
In the meantime, the social media giant Facebook continues developing its cryptocurrency business. According to different sources, the company has acquired artificial intelligence (AI) chatbot to support its crypto wallet Calibra. The service is developed by a company called Servicefriend and will offer end-user support.
The Ethereum Project token ETH touched $190 on Sunday, September 15 and closed the previous week with a 5 percent increase.
The ETH/USD pair started trading on Monday, September 16 by moving all the way up to $198. The coin added 4.2 percent during session and was now close to the psychological level at $200.
It continued its good performance on Tuesday, September 17 and stormed pass the mentioned resistance to close at $207. This was the fourth consecutive green candle on the daily chart since the ether surpassed the $180 mark.
On Wednesday, September 18 the ETH moved North to $210.
In another good session on September 19, the ether added $10 to its value and closed with a 4.7 percent increase at $220. This was also the sixth straight winning session for the altcoin.
On the last day of the workweek, we saw the Ethereum token entering into a price correction by dropping to $217. Bears were even able to push the trading zone to the levels around $210.
During the weekend, the ETH/USD pair continued experiencing difficulties and lost more of its value. It first dropped to $214 on Saturday, September 21, then to $211 on Sunday, closing the week with 11 percent increase.
The Ripple company token XRP dropped back to $0.26 on the last day of the previous week, September 15 and closed the week almost flat, loosing less than a percent.
It opened the new trading period on September 16 by moving up to $0.261 in a boring and low-volume session.
Things changed drastically on September 17 when the XRP/USD pair skyrocketed to $0.285. The coin added 9 percent to its value and stopped at the last major resistance before $0.30 in its best session since months.
It continued the good performance on September 18 and surpassed $0.30 to close at $0.313. The “ripple” added another 9.8 percent.
On Thursday, September 19, bulls started to lose momentum and allowed a break of the uptrend. The coin closed at $0.301, which was followed by a drop to $0.293 on Friday, September 20.
The weekend of September 21-22 proofed to be no different and the XRP continued sliding down. It fell to $0.289 on Saturday and to $0.276 on Sunday, forming its fourth consecutive red session on the daily chart. Still, it was 6 percent up on a weekly basis.
Altcoin of the Week
Our Altcoin of the week is 0x (ZRX).
The Ethereum-based open-source infrastructure for developers and businesses, which also allows trading assets and cryptocurrencies using smart contracts on the 0x gained 38.2 percent for the last 7 days.
It is 41.2 percent up for the last two weeks and now stands at #43 on the list of cryptocurrencies ranked by their market capitalization.
ZRX peaked at $0.256 on Sunday, September 22 and is currently trading at $0.00002282 against Bitcoin on the Huobi daily chart.