Bitcoin, Ether, and XRP Weekly Market Update: May 9, 2019
The total crypto market cap is $13.5 billion up for the seven-day period and now stands at $188.8 billion. The top 10 currency are mostly in green for the same time frame with Bitcoin (BTC) being the biggest gainer with 13.2 percent increase, while Cardano (ADA) lost 6.4 percent of its value. By the time of writing bitcoin (BTC) is trading at $6,035 while ether (ETH) stands at $170. Ripple’s XRP is at $0.298.
Bitcoin formed a green candle to $5,322 on May 1 and moved above the important resistance level at $5,300 on the Bitstamp daily chart. On the next day it moved even higher, to $5,386 in its third consecutive day of gains.
On May 3, the BTC/USD pair broke above the 2019 high of $5,530 and stopped at $5,660 in its best day since April 2. The 5 percent price increase confirmed the current uptrend as bulls were already eyeing $6,000.
Bitcoin continued with its good performance during the weekend of May 4- May 5 and climbed up to $5,764 on Saturday. It made a slight correction to $5,706 on Sunday, still it closed the 7-day period 10.8 percent higher.
The first day of the new week brought another red candle and BTC closed at $5,681 after trading as low as $5,559 during the intraday.
On May 7, green returned to the charts as the most popular cryptocurrency peaked at $5,970 and almost touched the $6k mark before ending the session at $5,751.
May 8 was yet another great day for the crypto as it added another $188 to is value and stopped at $5,939.
In the early hours of May 9 it is trading above $6,000 for the first time since November 14 2018.
The biggest cryptocurrency exchange in terms of daily volume, Binance, was the latest victim of hackers. The Malta-based platform informed in the early hours of May 8 that on the previous day, intruders were able to breach into their hot wallet and withdraw 7000 BTC (or approximately 2% of their total BTC holdings) in one transaction.
As per the official blog post “Binance will use the #SAFU fund to cover this incident in full. No user funds will be affected.” During a live session on Twitter, the company CEO Changpeng Zhao re-assured users all required measures will be taken to address the security flaws as both deposits and withdrawals will be suspended for at least a week until full recovery is in place.
The Ethereum Project token dropped to $158 on May 1 after reaching $160 during the previous session. We saw almost no price change on the next day May 2 as the ETH/USD pair remained around the mentioned levels.
On the last day of the workweek, ether gained 3.7 percent of value and moved north to $164. Bulls were hoping to push above $166 and set the ground for another attack of the zone between $170 and $180.
It was trading in the wide area between $168 and $154 during the weekend and ended the 7-day period at $161, with a 5.2 percent of price increase.
On Monday, May 6, one of the most popular altcoins gained 6.7 percent and stormed pass $170 to close at $171. Buyers were able to push the price as high as $180 on May 7 before with a loss to $166.
It returned to winning ways on May 8 by adding $3 to its price to $169. In the early hours of May 9, the ETH is trading at $171.
The biggest news of the week for Ethereum is without a doubt the circulating rumor about a statement by the Commodity Futures Trading Commission (CFTC) that it will consider allowing ETH-based futures. This will enable users to invest in the future price of the popular cryptocurrency without the need of actually owning it. Currently, the Bitcoin futures offered by the CME Group are the only officially recognized method for offering such a product in the United States.
The Ripple company token dropped below the $0.30 support line on May 2 and closed the session at $0.295. On the next day,May 3, buyers managed to push the price two percent up and formed a green candle to $0.301.
On the first day of the weekend of May 4 – May 5, the coin was trading as high as $0.312 during the day session, only to close with a loss to $0.299. The highly volatile session saw the “ripple” moving between the $0.312 – $0.294 levels.
It ended the week even lower, at $0.296, which surprisingly represented 2.4 percent of price increase for the period.
The XRP started the new week with an extremely volatile session during which we saw it moving between $0.291 and $0.305 only to close at $0.299, completely erasing the losses from the past 24 hours. Bulls once again broke above the $0.30 mark on May 7, but were not able to hold the line and registered a 2.3 percent loss dropping to $0.293
On May 8, “the ripple” managed to bounce back and closed the session at $0.296.
Altcoin of the Week
Our Altcoin of the week is Chainlink (LINK), which jumped more than 20 percent to $0.59 for the last 7 days and now sits comfortably at the thirty-sixth position on CoinmarketCap. This decentralized oracle service connects blockchain with the real world by providing smart contracts with access to external data feeds. The driving force behind the price increase is most probably the partnership between Chainlink and the Ocean Protocol, an ecosystem for the data sharing services, which was announced on April 29.
Since then, the coin moved up from $0.000082 BTC on the Binance LINK/BTC chart to $0.0000994 in the early hours of May 9.