Bitcoin, Ether, and XRP Weekly Market Update: July 15, 2019
The total crypto market cap lost $49.2 billion of its value over the last seven days and now stands at $278.2 billion. The top ten cryptocurrencies are all in the red for the same time frame with almost all of them registering double-digit losses.
Bitcoin SV (BSV) and Bitcoin Cash (BCH) are the worst performers with losses of 39 and 30 percent, respectively. At the time of writing, bitcoin (BTC) is trading at $10,200 while ether (ETH) stands at $221, and Ripple’s XRP is at $0.311.
Bitcoin closed the previous week with a 4.5 percent price increase and moved up to $11,486.
It opened the new seven-day period with a solid green candle on July 8, 2019. The pioneer cryptocurrency added 6.5 percent and climbed up to $12,264 in its third consecutive winning session. The BTC/USD pair was already looking at the $13,000 mark.
On July 9, 2019, bitcoin registered another day of strong trading and moved North to $12,568. The twenty-four-hour trading volumes increased from around $24 billion at the start of the week to approximately $35 billion on July 9, 2019.
The most popular cryptocurrency broke above $13,000 for a short period on July 10, 2019, peaking at $13,227. Bulls, however, were not able to hold their position and retreated, closing with a red candle to $12,098.
On July 11, 2019, BTC/USD moved even lower by closing at $11,325 with a loss of 6.4 percent. Bears were once again pushing towards the $11,000 support. A break below that level would likely confirm a short-term downtrend.
The last day of the workweek arrived with a price jump to $11,821, which gave buyers some room to breathe regarding the latest events. The rebound was short-lived though, as BTC continued to slide slowly towards $11,000.
The weekend of July 13 to 14, 2019, began with a drop to $11,392 as the top cryptocurrency was trading as low as $10,805 at some points during the day. On July 14, 2019, BTC moved back to the previously created downtrend channel by closing at $10,186. It was 9.6 percent down for the week.
The cryptocurrency exchange Binance successfully launched its margin trading platform on July 11, 2019. As previously reported by BTCManager, the platform, which is also known as Binance 2.0, is hosted under a new interface and co-exists alongside the original exchange platform. It will initially allow leverage trading with a ratio of 3:1, which is due to increase shortly.
The government of Turkey published its new Economic Roadmap from 2019 to 2023. In it, officials outlined the most important developments to guarantee the country’s stability and to enhance its welfare. Among the leading topics are blockchain technology and the creation of a central bank digital currency.
The document, published on July 9, 2019, explicitly states that “blockchain-based digital central bank money will be implemented” during the next five years making Turkey the latest country to embrace the idea of government-controlled cryptocurrency.
The Ethereum token gained 3.8 percent during the last seven-day period and climbed up to $306 on July 7, 2019.
Ether started the new week by moving to $313 on July 8, 2019. Bulls were looking for a few good sessions to consolidate and initiate a run towards a 2019 high of $334, and then on to $350.
On July 9, 2019, however, ether made an almost identical move, but in the opposite direction and stopped at $307. Commentators saw the price of one of the most popular altcoins drop even further on July 10, 2019, when it registered a 5.8 percent losing session and broke below $300 to close at $289.
On July 11, 2019, it formed its third consecutive red candle on the daily chart and declined to $269 after losing an additional 6.5 percent of its value. ETH was once again trading in the $270, a level which has helped the altcoin stabilize a few times already in the past.
On July 12, 2019, just like the rest of the coins in top 100, the Ethereum token registered some gains and climbed to $275. The move did not help it avoid further decline, however, and on July 13, 2019, it once again found itself at $269.
On the last day of the week, July 14, 2019, the ETH/USD pair registered a 16 percent drop and closed at $226. The coin lost 27 percent of its value during the seven-day period.
The Ripple company token opened the trading session on July 8, 2019, at $0.398 after losing one percent of its value during the previous week. It moved up to $0.402 in its third straight day of gains.
The $0.40 level, however, was once again tricky to hold and bears rapidly took over control by pushing the price down to $0.393 on July 9, 2019. This was followed by another hard hit to XRP as it lost 8.4 percent on July 10, 2019, sliding to $0.36. The $0.37 support line was smashed easily as XRP was looking weak and ready to register more losses.
This is similar to what happened during the next session on July 11, 2019, as the coin declined to $0.328, erasing another 8.8 percent from its market cap.
On July 12, 2019, XRP regained some of its ground and moved North to $0.344.
The weekend of July 13 to 14, 2019, started with a drop to $0.331 on July 13, 2019, and was followed by another dip on July 14, 2019, when the coin closed at $0.303 with a 20 percent loss for the week.
Altcoin of the Week
Our Altcoin of the Week is a coin known as Egretia (EGT), which according to its official webpage “integrates the world’s first complete HTML5 workflow [and] includes 14 products, covering all aspects of HTML5 content development.”
This little known project was recently added to Huobi’s trading platform, which helped it jump 43.5 percent for the last seven days and currently stands at $0.081. Additionally, EGT is 323 percent up for the previous 30 days, making it one of the best-performing currencies in the top 100 list.
As of July 15, 2019, the EGT/BTC pair is trading at $0.000008 against bitcoin on the Huobi hourly chart.