Bitcoin, Ether, and XRP Weekly Market Update October 21, 2019

The total crypto market cap lost $2.5 billion of its value during the last seven days and now stands at $222.7 billion. The top 10 currencies showed mixed results for the same time frame with Bitcoin SV (BSV) being the best performer with 10.8 percent of gains while EOS (EOS) lost 6.2 percent. By the time of writing bitcoin (BTC) is trading at $8,221 while ether (ETH) dropped to $174. Ripple’s XRP remained around $0.29

BTC/USD

Bitcoin was trading in the wide range between $8,480 -$8,137 on Sunday, October 13 and registered a small loss to $8,277, still closing the week with a 5 percent increase.

The most popular cryptocurrency opened the new seven-day period on Monday, October 14 with another attempt at $8,300. It moved up to $8,364 and once again closed above the mentioned level.

It was of critical importance for bulls to defend $8,300 and consolidate there in order to set the ground for further gains and avoid going back to $8,000.

On Tuesday, October 15, the BTC/USD pair lost 2.3 percent of its value and dropped to $8,152.

The move was followed by another red candle on October 16 as the coin fell below $8,000 and closed at $7,994.

On October 17, bitcoin regained its position above $8,000 and ended the day at $8,070 as the major support level did not crack under bear pressure.

On the last day of the workweek, BTC hit $7,800 during intraday, but limited loses to $7,950. Neither bulls nor bears were able to take over control and establish a solid trend.

This was even more obvious on the first day of the weekend, October 19 when bitcoin closed with almost no change after trading in the wide range between $8,100-$7,880.

It recovered to the levels above $8,000 on Sunday, October 20 and closed the day with a 3.4 percent increase to $8,239. BTC remained flat for the 7-day period.

The global crypto services company Circle announced it will part ways with its cryptocurrency exchange Poloniex. The later will form a new international company called Polo Digital Assets, Ltd and will invest $100 million into developing its international cryptocurrency trading and service business. The Poloniex spin out of Circle, however, will also put an end to its operations in the United States as Circle will be shutting down its trading services in the country come November 1.

Circle acquired Poloniex for approximately $400 million in February 2018.

ETH/USD

The Ethereum Project token ETH moved North on Sunday, October 13 and closed the week at $181 adding 6.4 percent for the period.

On Monday, October 14, it gained 3.3 percent and climbed up to $187 in its second straight day of the increase. Bulls continued to hold the uptrend channel and were already eyeing the $190 line.

On Tuesday, October 15, a similar candle was formed on the daily chart, but in the opposite direction, which resulted in the ETH erasing all of its gains from the previous session. It closed at $181.

The mid-week trading on October 16 proofed to be no different as the ether lost 3.3 percent and dropped to $174, breaking into a bear correction.

On October 17, the coin peaked at $179 only to close with a small increase to $177.

The Ethereum token found itself trading as low as $168 during intraday on Friday, October 18, but bears were rejected and pushed back up to $173. Still, it was visible that buyers were strong enough to retake $180.

The weekend of October 19-20 started with a drop to $172 on Saturday. The ETH followed the general crypto market trend on Sunday and gained 2.3 percent to close at $175. It closed the week 4 percent higher compared to the previous one.

XRP/USD

The Ripple company token XRP moved up to $0.277 on Sunday, October 13 and closed the week with an 8.6 percent increase.

The XRP/USD pair skyrocketed in the opening session of the new week. It added 7.2 percent to its value and successfully broke above $0.285 stopping at $0.297. Naturally, the next target for bulls was $0.30.

On Tuesday, October 15, however, we witnessed a price correction as the “ripple” dropped down to $0.288. It fell further on October 16 and closed at $0.283 once again losing its position above $0.285.

Buyers were not yet ready to retreat and on Thursday, October 17 formed a huge green candle to $0.301. The XRP added another 6.3 percent reaching this psychological level.

On the last day of the workweek, the coin moved down to $0.294 after trading as low as $0.285 during intraday.

The weekend sessions started with a drop to $0.291 on Saturday as the XRP/USD pair was ranging in the wide-area between $0.30 -$0.287.

On Sunday, October 20, it moved up to $0.294 but not before testing the $0.280 line during the day. The “ripple” was 5.5 percent up for the week.

Altcoin of the Week

Our altcoin of the week is 0x (ZRX). This Ethereum-based open-source infrastructure for developers and businesses allows trading of assets and cryptocurrencies using smart contracts on the 0x chain.

It added 29.5 percent for the last seven days and peaked at $0.34 on Sunday, October 20. The coin is already 51 percent up for the last two weeks and is one of the best performers among the Top 100 coins.

The 0x protocol currently has a market capitalization of approximately $202 million and is ranked at #34 on CoinGecko.

On October 15, the 0x Project team released its ecosystem update for September highlighting the most important news and achievements for the last 30 days. Among the important announcements was the release of OpenZKP, an open-source Rust implementation of zero-knowledge proofs (ZKPs) as well as the regular 0x network metrics report and update on some of the services and applications running on the 0x blockchain.

In the early hours of October 21, the ZRX is trading at $0.00003926 against BTC on the Huobi daily chart.