Bitcoin and Ether Market Update December 31, 2020
Total crypto market cap added $40 billion to its value for the period since Monday morning and now stands at $763.8 billion. The top ten coins are all in green for the last 24 hours with Polkadot (DOT) leading the pack with a 13.9 percent increase. At the time of writing bitcoin (BTC) is trading at $29,000 on the Bitstamp daily chart, ether (ETH), at $774. Ripple’s XRP continues to be underwater, at $0.221.
Bitcoin closed the trading day on Sunday, December 27 at $26,227 in what was its first negative session since December 23. The coin was moving in the wide range between $28,331 and $25,756 before closing the weekly candle at the already-mentioned mark. Still, it was 11 percent up for the seven-day period, confirming its position above the psychological level of $25,000.
The uptrend was resumed on Monday as buyers pushed the price of the BTC/USD pair up to $27,000, printing a fresh all-time high record. This also resulted in a 3 percent price increase.
On Tuesday, December 29, the leading cryptocurrency made one more step up, this time to $27,388. Analysts and traders were already predicting $30,000 by the end of 2020 due to the strong bullish momentum in the cryptocurrency market as a whole. For the time being the XRP-SEC confrontation is having limited impact on the rest of the major altcoins. A correction, in the form of a short to mid-term pullback, however, should not be ruled out once we reach the point of exhaustion.
The price of BTC surged on December 30 hitting $28,947. The mid-week session brought another 5.6 percent of growth. Looking at the monthly chart, Bitcoin is about to close its biggest ever candle on that timeframe.
On Thursday, December 31, the last day of the year, the coin is trading even higher, at $29,100 as of the time of writing.
The Ethereum Project token ETH closed the previous week at $683 after successfully adding 7.2 percent to its value. On Sunday, December 27, the coin formed its fourth straight green candle on the daily chart and surpassed the $670 monthly resistance level.
On Monday, the ETH/USD pair continued to fly high. It climbed above the daily resistance and rose by 6.7 percent to close the session at $730. This level, alongside the weekly resistance at $790, however, were major uptrend barriers back in 2018, so all eyes on how the price of ether reacts when interacting with these.
On Tuesday, December 29, the coin remained stable in the above-mentioned zone and closed flat. During the mid-week session on Wednesday, it reached $752 and was going as per schedule to hit the $790 mark before year-end
As of the time of writing this material, the ETH token is trading lower, at $747.