Bitcoin, Ether, and XRP Weekly Market Update June 8, 2020
The total crypto market cap added $7.2 billion to its value for the last seven days and now stands at $276.8 billion. The top 10 currencies are all in green for the same time period with Cardano (ADA) and Bitcoin Cash (BCH) being the best performers with 15.7 and 6.3 percent of increase respectively. By the time of writing Bitcoin (BTC) is trading at $9,746 while Ether (ETH) climbed up to $244. Ripple’s XRP hovers around $0.203.
Bitcoin fell below the horizontal support area around $9,500-$9,600 on Sunday, May 31 and closed the day at $9,426. The coin was 8.3 percent up for the week and ended the month of May with a 9.4 percent increase.
The BTC/USD pair opened trading on Monday by forming a huge green candle to $10,208. It surpassed the mid-term diagonal resistance and the two major support zones – the already-mentioned $9,500-$9,600 and the one near $10,000. Bulls were even able to push the price up to the year-to-date high, but could not that level for too long.
What we saw on Tuesday, June 2, was a solid pullback. The leading cryptocurrency dropped all the way down to $9,513 after finding support at the long-term downtrend, now possibly turned resistance. The correction was attributed to a flash crash event that occurred on the Bitmex exchange and which resulted in price reaching $8,600 in a span of about 15 minutes.
The mid-week session on Wednesday was seen as a stabilization period as traders were fighting to keep BTC floating above $9,500. The coin closed the day with a small gain to $9,687.
On Thursday, June 4, the BTC/USD pair made another step up to $9,800 in a highly volatile session. Bulls even managed to push price up to the mid-term diagonal resistance without being able to break it.
The Friday trading was all sellers as the price of the leading cryptocurrency moved back down to the support area near $9,600.
The first day of the weekend came with a short green candle to $9,672 as the uptrend could not be re-established, but the price remained above the critical zone of support.
On Sunday, June 7, bitcoin fell as low as $9,346, but recovered later in the evening closed in green at $9,755.
The Ethereum Project token ETH experienced a significant correction down to $231 on Sunday, May 31 and erased 5 percent of its value after hitting $243 during the previous session for the first time since March.
The coin was 16 percent up for the week and added 12 percent to its value on a monthly basis.
The first day of the trading week was once again positive for buyers. The leading altcoin continued to climb and reached $248, successfully surpassing the March highs.
On Tuesday, June 2, however, it followed the general crypto market trend and fell down to $237, or right below the horizontal S/R line. Still, the ether found stability and did not allow further decline, preserving the uptrend.
The mid-weeks session on Wednesday was a good one for bulls as they partially erased some of the losses and moved up to $244.
On Thursday, June 4, the ETH/USD pair made a step down to $243 after it fell as low as $234 in the early hours of trading.
The $240 horizontal support was tested once again on Friday, but it was too strong to be surpassed easily. Still, the coin formed its second straight day of losses.
The weekend of June 6-7 saw bulls fighting back on Saturday as the price climbed up to $242, then on Sunday extended gains to $244.
The Ripple company token XRP peaked at $0.213 in the early hours of trading on Sunday, May 31, but still closed the week with a loss to $0.202 after giving up all of their gains at the end of the session.
The XRP/USD pair opened the new trading period on Monday by forming a huge green candle to $0.211. The perfect start of the new month resulted in a 4.4 percent of increase.
The importance of the $0.211 line was more than visible on all timeframes. This horizontal resistance was a major one in front of bulls back on May 1-4.
On Tuesday, June 2, the “ripple” was extremely volatile. It was trading in the wide range defined by the 200-day EMA up at $0.214 and the 100-day EMA at $0.195 downwards. The coin made a short pullback and ended the session at $0.203.
The third day of the workweek was relatively calm as bulls were trying to consolidate and avoid further decrease. They stayed in the zone around $0.203.
On Thursday, June 4, we saw no changes in price as XRP continued to hover around the above-mentioned level even though it touched $0.207 during intraday.
What we saw on Friday, was an unsuccessful attempt from bears to push the price down below $0.20 as the support level played its role perfectly. Still, the major altcoin experienced a short correction to $0.201.
The weekend of June 6-7 started positively for buyers as the priced moved up to $0.203 on Saturday. Then on Sunday, it hit the diagonal support at $0.198 before recovering in the evening and closing flat for the day.
Altcoin of the Week
Our Altcoin of the week is Zilliqa (ZIL). This Singapore-born project aims to enhance the scalability of blockchain networks and provide greater transaction speeds by implementing the “sharding” concept. This way it allows the network to scale in a linear way.
ZIL added 55 percent for the last seven days and is 114 percent up on two-week basis. It peaked at $0.0223 on Sunday, June 7 and moved up to #38 on the CoinGecko’s top 100 chart with a market capitalization of approximately $221 million.
Although the reasons for the surge is unknown, the Singaporean technology incubator, Anquan Capital, which is behind Zilliqa, recently announced a partnership with the fintech subsidiary of the German bank WEG aimed at exploring blockchain applications in financial services.
As of the time of writing, ZIL is trading at $0.0224 against USD on Bitfinex.