Crypto Market Update: XRP shoots to the moon, Bitcoin and Ethereum are left behind

Crypto Market Update: XRP shoots to the moon, Bitcoin and Ethereum are left behind
  • The digital assets have been sidelined during Tuesday trading hours.
  • The recent report confirms the growing activity of the crypto exchanges.
  • Bitcoin stays below $8,000, XRP jumped above $0.2000.
  • The cryptocurrency market is a mixed picture on Tuesday. Bitcoin entered a consolidation phase after a retreat from the new April’s high $7,800; major altcoins are losing ground amid low trading activity. The total capitalization of all digital assets in circulation settled at $221 billion, slightly higher from this time on Sunday, April 26, while an average daily trading volume reached $141 billion. 

    The volume of the direct transactions between cryptocurrency exchanges doubled in the first quarter of 2020 as compared to the similar period of 2019. Within the reporting period, the exchanges transacted Bitcoins worth $15 billion against $8.2 billion in Q1 2019, according to the recent report, provided by Crystal Blockchain.

    The researchers analysed the transaction history between 436 exchanges in 70 countries around the globe starting from 2013 and until the end of Q1 2020. Their main purpose was to trace the evolution of the Bitcoin market and its reactions to various internal and external factors, including change of regulatory environment, global financial conditions.

    Notably, 37% of all BTC transactions were performed on Seychelles Island, while the UK has become a leader in terms of exchange transactions. 

    BTC/USD has been sitting in a tight range marginally below $7,800 since the beginning of the day. The price of the first digital coin has stayed unchanged both on a day-to-day basis and since the beginning of Monday.  BTC/USD is moving within a short-term bullish trend amid low volatility as bulls are not ready to take out $8,000. 

    ETH/USD resumed the recovery and settled above $197.00 after a short0lived consolidation at $195.00 during early Asian hours. The second-largest coin has stayed unchanged both on a day-to-day basis and since the beginning of the day amid short-term bullish sentiments and low volatility. The bulls need to take out $200.00 to keep the recovery on track.

    XRP/USD jumped above $0.2000 and hit $0.2100 before retreating to $0.2070 by press time. The coin is moving with bullish bias amid high volatility, 6% higher from this time on Monday.


    Bitcoin Price Analysis: BTC/USD Hangs On The Edge Of Cliff, Is $9,000 Milestone Possible Before Halving?

    Bitcoin Price Analysis: BTC/USD Hangs On The Edge Of Cliff, Is $9,000 Milestone Possible Before Halving?

  • Bitcoin price is 14 days away from the third block reward halving; increased volatility and speculation could send the price towards $9,000.
  • BTC/USD must bring down the seller congestion at the confluence created by the 200-day SMA and the 61.8% Fibo.
  • Bitcoin price is trying to balance at $7,700 after $7,900 became impenetrable. The largest digital asset has been focused on rising above $8,000 in the last couple of weeks. Buyers are hoping to take advantage of the block reward halving, which will take place in 14 days. Speculation regarding the event is growing as well. Google trends indicate that searches related to Bitcoin halving are higher by 33% when compared to those in 2016 during the second halving.

    As halving approaches, the price is expected to increase significantly due to investors taking their positions in readiness for the post halving rally. Bitcoin has been predicted to hit levels above $20,000 in the months following the halving. Some predictions go as high as $250,000 (from Venture Capitalist Tim Draper). Other analysts such as PlanB believe that Bitcoin has the potential to hit highs of $80,000 by 2022.

    Bitcoin is trading below the 200-day SMA (initial and key resistance zone), which forms a confluence with the 61.8% Fibonacci retracement level taken between the last swing high of $10,546 to a swing low of $3,856. Movements to the north have not been able to overcome the seller congestion at $8,000. Instead, BTC/USD has retreated to $7,718 (market value on Coinbase). The zone at $7,700 is functioning as the initial support area as bulls work hard to pull the price above $8,000.

    Meanwhile, the RSI has slowed down the movement towards the overbought region (70). The leveling above 60 suggests that consolidation is likely to take center stage. BTC is also trading within the confines of an ascending channel. Besides, the recent breakout above the 50-day SMA confirms the influence buyers have over the price. Therefore, a spike above $8,000 is still possible and will also work as a stepping stone to $9,000.

    Spot rate: $7,718

    Relative change: -74

    Percentage change: -1.02%

    Trend: Short term bearish bias


    Bitcoin Price Analysis: BTC/USD Hangs On The Edge Of Cliff, Is $9,000 Milestone Possible Before Halving?

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    Bitcoin Price Analysis: BTC/USD Hangs On The Edge Of Cliff, Is $9,000 Milestone Possible Before Halving?



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    John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige


    Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

    Bitcoin Rally Pauses Near $7.8K After Longest Winning Run in 8 Months

    Bitcoin’s bulls are taking a breather, having engineered the longest run of daily gains since last summer.

    The lackluster trading comes a day after prices hit a 6.5-week high of $7,800. Notably, the cryptocurrency has eked out modest gains in each of the last seven days. Bitcoin last rallied for seven straight days in July 2019.


    The seven-day winning trend (above right) from July 30 to Aug. 5, 2019, saw prices rise by over $2,600 to highs near $12,000. While the upward move was bigger than the latest $1,000 rise from $6,800 to $7,800, it was short-lived and reversed in the following 10 days.

    Meanwhile, most analysts are anticipating an extension of the recent uptrend, possibly to $10,000, in the days leading up to the mining reward halving, due on May 12.

    Some observers, however, think the cryptocurrency could witness a pullback before breaking above $8,000 in a convincing manner.

    “Feels like we have gone quite far over the last week and now there’s every chance of a small pullback (perhaps as far as to $7,000) over the course of the next few days,” Chris Thomas, head of digital assets at Swissquote Bank, told CoinDesk.

    What future awaits cryptocurrencies?

    To make $8,000 a tough task, bitcoin is also approaching a cluster of resistance levels lined up in the $7,800 to $8,000 range.

    Daily chart


    To start with, the $7,800-$7,900 area has offered strong support and resistance over the last year. “Technically its quite a large resistance for bitcoin to break,” said Jones.

    If these levels prove a tough nut to crack, the market may test dip demand, or buyers’ resolve to keep the upward trend on track, by revisiting support at $7,469 (April 7 high) and $7,300 (April 18 high).

    The odds of bitcoin rising to $10,000 ahead of halving, as suggested by Jehan Chu, co-founder at Hong Kong-based blockchain investment and trading firm Kenetic on Monday, would strengthen if the descending trendline resistance is breached.

    4-hour chart


    The 4-hour chart is reporting conflicting signals.

    While the bearish divergence of the relative strength index (RSI) indicates scope for a price pullback, the symmetrical triangle breakout confirmed on Monday suggests the path of least resistance is to the higher side.

    Price patterns usually take precedence over indicators. However, in this case the odds of a pullback, as suggested by the RSI, look strong as the cryptocurrency has already failed twice to chew through resistance at $7,800.

    Disclosure: The author holds no cryptocurrency at the time of writing.


    Author: Christine Kim

    Crypto Market Update: XRP shoots to the moon, Bitcoin and Ethereum are left behind

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