Bitcoin, Ether, and XRP Weekly Market Update January 6, 2020
The total crypto market cap added $4.3 billion to its value for the last seven days and now stands at $201.9 billion. The top 10 currencies were all in green for the same time frame with Bitcoin SV (BSV) and Bitcoin Cash (BCH) being the best performers with 14.8 and 10.9 percent of gains respectively. By the time of writing bitcoin (BTC) is trading at $7,504 while ether (ETH) moved up to $138. Ripple’s XRP is still trading at $0.196.
Bitcoin closed the trading session on Sunday, December 29, with a third consecutive green candle. It moved North to $7,395 but still ended the week with a 1.4 percent of loss.
On Monday, the BTC/USD pair corrected its price down to $7,220, at the Fibonacci 61.80% line. The coin lost 2.3 percent of its value and completely erased the gains from the previous sessions.
On Tuesday, December 31, the trading volumes remained significantly lower (around $20-$23 billion on 24h basis). The coin closed with a loss to $7,166 after moving mainly in the $7,303 – $7,101 zone during the day.
The most popular cryptocurrency ended the month of December 5 percent lower compared to November. On a yearly basis, however, it gained 94 percent making it one of the best performing investment products out there.
The first day of 2020 brought green back to the chart as the BTC/USD pair moved up to $7,175.
On Thursday, January 2, we registered a drop to the $7,000 support, which resulted in a 2 percent loss. Bulls managed to consolidate around this level and successfully regained positions on the last day of the workweek. In its best session since December 18, bitcoin skyrocketed to $7,341.
The weekend of January 4-5 started with another good session on Saturday, during which the leading cryptocurrency stabilized around the above-mentioned level. It continued its good performance on Sunday, January 5 by climbing up to the important level at $7,500 during intraday. Still, it remained flat for the day and added 1.8 percent to its price on a weekly basis.
The Ethereum Project token ETH climbed up to $134 on Sunday, December 29. It closed the seven-day period with a 2.4 percent of a price increase.
The trading week started on Monday with rejection at $135. The ether moved down to $131 still it managed to keep above the important support at $130 even though this level was tested by bears during intraday.
On Tuesday, December 31, we saw the coin dropping down to $128 after moving into the $134-$127 zone in the early hours of trading.
The leading altcoin closed the last month of the year with a 15 percent loss. It remained flat on a yearly basis after losing less than $2 of its value for the whole period.
The mid-week session on January 1, 2020, was relatively positive for buyers as the coin once again moved to $130, still without being able to surpass it.
On Thursday, January 2, the ETH/USD pair dropped down to $126.5. It remained, however, above the uptrend line. The trading day on Friday was quite good for the ether bulls as it climbed all the way up to $133.5 adding more than 5 percent to its value.
The first day of the weekend brought some stability to the market and ETH stayed in the $133-$134 zone.
On Sunday, January 5 it made a step forward towards $140, but could not reach it, closing with a small gain to $135.
The Ripple token closed the previous week with four consecutive green candles on the daily chart. It moved up to $0.196 on Sunday, December 29, after breaking the downtrend channel on Saturday for the first time since December 9.
The XRP/USD pair could not maintain the upward movement for too long and dropped down to $0.192 on Monday, December 30.
During the last session of the year, the coin was trading mainly in the $0.193 – $0.188 area, still, it remained flat for the day. The “ripple” was 14.5 and 44 percent down for the month and the year respectively.
The mid-week session on January 1 was no different, and the popular altcoin started 2020 without significant price changes. Trading volumes were extremely low as neither bulls nor bears could take over control.
On Thursday, January 2, XRP suffered a heavy drop and corrected its price down to $0.186. The good news for buyers was that these loses were all erased on the next day, January 3 when the token gained 3.2 percent and climbed up to $0.192.
Bears tried to intervene once again on Saturday and pushed the price down to the $0.19 line just to be rejected there.
On the last day of the week, the coin moved up to $0.194, still in the middle of the ranging zone.
Altcoin of the Week
Our altcoin of the week is Dash (DASH). One of the most recognizable digital assets out there is often described as a new generation of peer-to-peer electronic currency built on top of Litecoin.
The coin was 20 percent up for the 7-day period and peaked at $52.97 on Sunday, January 5. It is currently ranked at #24 on the CoinGecko Top 100 chart with a total market capitalization of approximately $484 million.
Daily trading volumes for Dash literally doubled from $270-$300 million during the week to more than $550 million on Sunday.
The recent surge is most probably caused by the news that DASH will be one of the first cryptocurrencies to be used as a payment method in Burger King Venezuela. As announced on December 31, Dash and Cryptobuyer, the leading crypto platform in Latin America, will form a partnership to provide their service in 40 Burger King locations in the country in 2020.
At the time of writing, DASH is trading at 0.00691 against BTC on the Binance platform.