Bitcoin, Ether, and XRP Weekly Market Update August 17, 2020
The total crypto market cap added $9.3 billion to its value for the last seven days and now stands at $373.7 billion. The top 10 currencies were mostly in green for the same period with ChainLink (LINK) and EOS (EOS) leading the group with 38.4 and 25.6 percent of increase respectively. By the time of writing bitcoin (BTC) is trading at $11,791 while ether (ETH) moved up to $420. Ripple’s XRP is hovering around $0.298.
Bitcoin moved down to $11,687 on Sunday, August 9, and closed the seven-day period 5.6 percent up. The most popular cryptocurrency found stability near the previous weekly high at $11,500 and successfully turned that level into horizontal support. It remained above it for four straight sessions.
On Monday, August 10, the BTC/USD pair climbed up to $12,000 during intraday, but the resistance was way too strong for bulls to surpass. Still, the coin closed with a green candle up to $11,900.
What we saw on Tuesday was a sudden drop to $11,390 as bitcoin erased 4.2 percent of its value. The $11,500 level was broken, but as we already know – support is not a number, but rather a zone, in this case, $11,500-$11,400.
The mid-week session on Wednesday was a good one for bulls. BTC regained positions and stabilized its price near $11,570, but not before falling as low as $11,140 in the morning.
On Thursday, August 13, the BTC/USD pair climbed up to $11,805 and successfully confirmed its position above the horizontal support. During intraday, bears were able to push the price all the way down to $11,285.
The last day of the workweek was more of a consolidation effort by buyers as the coin remained flat, with no major price changes.
The first day of the weekend came with a short candle up to $11,845. BTC hit the major horizontal resistance at $12,000 in the early hours of trading.
On Sunday, August 16, it continued its way up and closed the seven-day period at $11,900 with 1.8 percent of the increase.
The 24-hour trading volumes remained in the $21-$23 billion throughout most of the week then fell down to $19 billion on Sunday.
The Ethereum Project token ETH closed the previous week at $390 or 4.8 percent higher compared to the Monday opening. The coin, however, was rejected at the $400 mark on Sunday, August 9 as the horizontal resistance was too strong for the weak weekend volumes.
Actually, the 24-hour trading volumes were 48 percent lower compared to those from August 1-2.
On Monday, August 10, the ether climbed up to $396 and formed a short green candle after once again hitting $400 in the early hours of the session.
The second day of the workweek came with a sudden drop to $379 and the leading altcoin lost 4.2 percent of its value.
Then on Wednesday, August 12 it fell down to $364 during intraday without reaching the horizontal support at $360, but managed to recover in the evening hours and closed at $387.
On Thursday, in just 3 hours’ time, the ETH/USD pair skyrocketed all the way up to $425 smashing through the $400 resistance line an adding 9.8 percent to its value.
The breakout was confirmed on Friday when the coin extended its gains to $439.
The weekend of August 15-16 started with a small correction to $432 on Saturday. The short red candle that was formed was most probably related to price-taking activities after the rapid price increase.
On Sunday, the ether remained flat, ending the seven-day period 10.7 percent up.
The 24-hour volumes remained in the $10-$12 billion area in the first three days of the week then started to increase and reached $16 billion on Thursday and Friday. The move was followed by a drop back to $12 billion on the weekend.
The Ripple company token XRP continued to slide on Sunday, August 9, and reached a weekly low of $0.287, still remaining flat for the seven-day period.
On Monday, the XRP/USD pair it formed a similar candle but in the opposite direction and partially recovered from the losses registered in the previous few sessions. It closed at $0.294, but not before hitting the $0.30 mark during intraday.
On Tuesday, August 11, we witnessed a highly volatile session, during which the coin was trading in the wide range between $0.27-$0.308. Bears managed to once again push the price below the $0.29 support and we saw it close at $0.283.
The mid-week session on Wednesday was a calm one as the major altcoin remained stable near the above-mentioned levels.
On Thursday, August 13, the XRP/USD pair started to pick up the pace and climbed up to $0.294, successfully adding 3.8 percent to its value.
The last day of the workweek came with a second consecutive day of gains as the “ripple” moved up to $0.30.
The weekend of August 15-16 started with a relatively calm session on Saturday and with no major price fluctuations.
On Sunday, the coin moved North to close the day and the week at $0.304.
Altcoin of the Week
Our Altcoin of the week is TRON (TRX). The decentralized applications platform founded by Justin Sun was 35 percent up for the last seven days. The coin also registered a 45 increase for the two-week period, reminisce of its glory days.
TRX peaked at $0.028 on Sunday, August 16, and reached #15 on the CoinGecko’s Top 100 list with a market cap of approximately $1.98 billion.
The exact reason for the surge is not known, but it is most probably related to the recent partnership with the WAVES protocol that was announced on August 13.
As of the time of writing, TRX is trading at 0.00000233 against BTC on Binance.