Bitcoin, Ether, and XRP Weekly Market Update September 30, 2019
The total crypto market cap lost $53.2 billion of its value during the last seven days and now stands at $210.1 billion. The top 10 currencies are all in red for the same time frame with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the worst performers with 31.9 and 30.6 percent of loses respectively. By the time of writing bitcoin (BTC) is trading at $7,793 while ether (ETH) dropped to $166. Ripple (XRP) fell to $0.238
Bitcoin lost 2.7 percent of its value during the previous week and closed the trading session on Sunday, September 22, at $10,025.
The most popular cryptocurrency was trading in the narrow corridor between $10,440 and $10,000 since September 6, when it last peaked at $10,950. The recent upward movement by the major altcoins brought the pressure back to bitcoin as some investors were already fleeing to altcoins hoping for another high-profit season.
On Monday, September 23, the BTC/USD pair broke below the $10k mark and stopped at $9,668 losing 3.5 percent. Bulls were looking at $9,400 as the next major defense line.
Unfortunately for buyers and long-term investors, bitcoin was not able to hold and corrected down to $8,535. In its worst one-day session since July 16, the coin erased 11.5 percent of its capitalization. To be more precise, it saw $1,000 disappear in just one hour of trading.
The mid-week session on September 25, proved to be no different as the current trend was continued and the BTC/USD pair formed its third consecutive red candle on the daily chart to close at $8,434.
The coin broke below the $8,300 level on Thursday, September 26, and closed at $8,074 losing 4.6 percent.
On Friday, September 27, bitcoin attempted a reversal of the trend and climbed up to $8,200.
Bulls looked ready to defend the $8k mark and proofed that on the first day of the weekend by pushing the price to $8,353 during intraday, closing the day at $8,218.
On Sunday, September 29, bitcoin once again moved South closing the week at $8,045 with 19.8 percent of price decrease.
The Ethereum project token moved down to $211 on Sunday, September 22 and closed the week with an 11 percent increase.
After it successfully peaked at $224 on September 19, the ETH/USD pair entered a correction, which started as a profit-taking activity, which later evolved in an all-out trend reversal.
The coin started the new trading period with a huge red candle on Monday, September 23. It lost 4.7 percent of its value and fell to $201. The next major support for bulls was $200.
Following the general crypto market trend at the beginning of this week, the ether stormed pass the mentioned level on Tuesday, September 24 and closed at $166. In just one trading day, one of the major altcoins erased 17 percent and moved back to where it was two weeks ago. Even though it dropped as low as $152 during intraday, buyers managed to defend $165 as the next line of support.
On Wednesday, September 25, the Ethereum token attempted a short-term recovery and registered its first green candle in 5 days to move up to $169.
ETH was trading as low as $152 during the day on Thursday, September 26, but buyers found some support right above the $165 mark to close at $166.
On Friday, September 27 we witnessed a healthy increase up to $173, which was followed by a relatively boring session on the first day of the weekend. ETH remained flat and continued to trade around the $173 zone.
On the last day of the week, Sunday, September 29, the ether bears tested the $165 support again, but only pushed the price down to $169 closing the 7-day period with 20 percent loss.
The Ripple company token (XRP) fell down to $0.276 on Sunday, September 22, but still closed the week with a 6 percent increase.
The coin opened the new trading week by falling down to $0.267 on September 23. Bulls were not able to fight their way back to the levels above $0.285 even though they managed to push the price up to $0.286 during intraday.
The XRP/USD pair formed its sixth consecutive red candle on the daily chart on September 23 and closed the session at $0.233 with 12 percent loss.
On Wednesday, September 25, it finally found some breathing space and moved north to $0.246. The Thursday session was quite volatile as XRP was trading in the $0.228 -$0.249 range. It closed with a loss at $0.241 and remained flat during the last day of the workweek on September 27.
The weekend of September 28-29 started with a low volatility session on Saturday as the XRP remained around the $0.242 level. On Sunday, September 29, the coin made a step back and closed the week at $0.24, which represented a 13 percent loss.
Altcoin of the Week
Literally all of the coins in the top 20 list registered double-digit loses for the last seven days.
If we dig deeper though, we will find a relatively unknown cryptocurrency called Swipe (SXP) that gained more than 24 percent for the period. The coin was introduced on August 23 and has been on it’s on its way up since then.
As per the official whitepaper, Swipe is aiming to create a platform which will enable the use of cryptocurrencies at millions of locations worldwide. The ecosystem combines a “highly-secure bank-grade digital Wallet infrastructure that will host multiple blockchain systems tied to a traditional debit card”. This means users will be able to buy, sell or pay with digital assets while using standard fiat account.
The SXP is 437 percent up for the last 30 days and currently stands at #54 on the Coingecko Top 100 list with a market capitalization of $80 million. The driving force behind the rapid price increase during the last week is the listing on KuCoin and Bithumb exchanges.
The coin peaked at $1.33 of Sunday, September 29 and is currently trading at $1.32 against USDT on the KuCoin exchange where it was recently introduced.