Weekly Cryptocurrency Update (September 6-10) – Top 5 Cryptocurrency Coins to Watch
Weekly Cryptocurrency Summary – Bitcoin (BTC/USD)
The BTC/USD coin failed to halt its bearish moves of the previous day, remaining depressed against the US dollar, at around $46,000. The price of Bitcoin is consolidating against the greenback, below the $46,000 zone. In order to start afresh and increase in the near term, BTC must clear $46,500 and $47,000.
Bitcoin could continue its declining streak if it fails to clear the $48,000 resistance zone. Immediate support to the downside is near the $46,200 level. The first major support is near $45,900. It is close to the 50% Fib retracement level of the recent rise from the $44,444 down-swing back up to the $47,399 high. The main support appears to be forming near the $45,500 level. The price could extend its decline towards $44,000, if there is a downside break below the $45,500 support zone.
However, the declines in the BTC prices were mainly sponsored by the sharp sell-off in the crypto market. The entire cryptocurrency market has been flashing red signals since the start of the week. It should be noted that RBI Governor Shaktikanta Das has reported that the RBI still has “serious and major” concerns about cryptocurrencies like Bitcoin, and has conveyed those concerns to the government. Governor Shaktikanta stated that it is entirely up to the government to decide what needs to be done in the crypto matter. Meanwhile, he added that he would like to have “credible explanations and answers” about the value these instruments can bring to the Indian economy. These mixed remarks put some pressure on the price of BTC.
On the positive side, El Salvador’s largest bank showed its willingness to support Bitcoin for loans, credit cards and other services. Bancoagrícola, the country’s biggest financial institution, is among the first banks to include Bitcoin-compatible technology solutions, and it is already adapting its infrastructure to offer Bitcoin services, thanks to a partnership with digital payments startup Flexa.
As per the keyword, “We are excited to be the first financial institution in El Salvador to enable bitcoin access for our customers, across our entire suite of financial products, and to enhance financial inclusion. These encouraging remarks may help the BTC prices to bounce back.
Weekly Cryptocurrency Summary – Ethereum (ETH/USD)
The ETH/USD coin pair failed to halt its overnight decline and accepted some additional bids at around $3,400. Ethereum started consolidating against the US Dollar below $3,400 on Friday, and it could continue to drop below the $3,400 support level. ETH traded as high as $3,512.90 before the downside correction started. Ethereum could start afresh and increase if it stays above the $3,500 zone and the 100 hourly SMA.
Ethereum is trading near USD 3,384.58, with a 24-hour trading volume of $21,269,968,871. Ethereum has dropped by 4.77% in the last twenty-four hours. Moreover, the current market ranking is #2, with a live market cap of $397,565,974,071. ETH has a circulating supply of 117,463,844 ETH coins and the max. supply is not available.
Institutional investors are betting on the chance of Ethereum surging, due to its financial market growth. Standard Chartered analysts believe Ethereum’s growth potential could overtake Bitcoin, which is the leading cryptocurrency by market cap. Standard & Poor’s took a bullish stance on future prices of Ethereum. As a result, ETH has started to gain more attention, thanks to the London fork, a recent innovation on the blockchain. The network shows that to date, 224,700 tokens have been burned, with 7,500,000 locked in ETH 2.0 deposit contracts. Some analysts now predict a huge surprise in the future prices of ETH.
Standard Chartered is the latest among various financial institutions that have strong confidence in the performance of Ethereum. However, this positive prediction hasn’t had any notable positive impact on the ETH price, at least for now.
Weekly Cryptocurrency Summary – Litecoin (LTC/USD)
The LTC/USD coin pair failed to stop its previous long downward rally, drawing offers around the $180.00 level. Litecoin was trading at $179.063, which was down 3.03% on the day. It was the most significant one-day percentage loss since September 7. This downwards move pushed Litecoin’s market cap down to $11.904B, or 0.58% of the total cryptocurrency market cap.
At its peak, Litecoin’s market cap was $25.609B. Litecoin has witnessed a rise in value, as it has gained 2.01% over the past seven days. The volume of Litecoin traded in the 24-hours to the time of writing was $5.760B, or 2.34% of the total volume of all cryptocurrencies. In the last seven days, LTC has traded in a range of $163.4165 to $232.2701.The Litecoin price is likely to continue to trade sideways within the channel, so traders can expect the price to continue to rise as soon as the buyers put more pressure on the market.
If the LTC prices stay below the 9-day moving average, the market price may drop towards the channel’s lower boundary. On the other hand, traders can expect a bullish continuation towards the 9-day moving average if the price keeps respecting the upward movement. At this time, Litecoin is trading at $178.97, with a 24-hour trading volume of $2,767,677,050. Litecoin has dropped by 3.03% in the last twenty-four hours. Whereas, the market ranking is #16, with a live market cap of $11,946,790,640. Litecoin has a circulating supply of 66,752,615 LTC coins and a max. supply of 84,000,000 LTC coins.
However, the reason behind its downward rally could be the decline in BTC prices. It is worth mentioning that the Bitcoin price is consolidating against the US Dollar below the $46,000 zone. BTC must clear $47,500 and $48,000 to start a steady increase in the near term. As a result, the bearish bias in Bitcoin prices highlights a sharp sell-off in the crypto market, which has a negative impact on other cryptocurrencies, including the LTC coin.
Weekly Cryptocurrency Summary – Ripple (XRP/USD)
The XRP/USD crypto coin failed to extend its early-day bullish bias on Friday, drawing some offers around the 1.07 level. Ripple XRP was trading at $1.21377 on Friday, which was up 10.49% on the day – this was the biggest one-day percentage gain since September 10.
However, the gains in XRP were short-lived or temporary, as the world’s biggest cryptocurrency, Bitcoin, lost its traction and dropped badly, falling below the $46,000 level. This was seen as one of the key factors that kept the XRP/USD pair under pressure.
Ripple XRP has seen a stagnation in value, as it has only moved 1.86% over the past 7-days. The volume of XRP traded in the 24-hours to the time of writing was $5.88336B, or 4.06% of the total volume of all cryptocurrencies. Ripple has been trading in a range from $0.9617 to $1.4152 in the past seven days. Currently, the XRP price is trading near $1.07, with a twenty-four-hour trading volume of $7,562,564,888. Ripple XRP has dropped by 5.36% in the last twenty-four hours. The current market ranking is #7, with a live market cap of $50,036,984,735. Ripple has a circulating supply of 46,585,282,244 XRP coins, and a max. supply of 100,000,000,000 XRP coins.
Weekly Cryptocurrency Summary – DOGECOIN (DOGE/USD)
The DOGE/USD coin pair failed to stop its declining streak of the previous day, and it has been flashing red signals since the day started. The Dogecoin is currently trading at $0.249304, with a 24-hour trading volume of $1,866,045,391.
Dogecoin has dropped by 3.07% in the last twenty-four hours. The current market ranking is #8, with a live market cap of $38,384,210,776. It has a circulating supply of 131,128,539,044 DOGE coins and there is no max. limit to the supply.
However, the losses in Dogecoin were mainly as a result of the weaker crypto market, which showed fresh declines in Bitcoin prices. The Bitcoin price remained depressed below the $46,000 support zone. It seems like BTC is trading in a range above the $46,000 support zone and below the $47,500 resistance. On the other hand, the strength of the broad-based US dollar, backed by multiple factors, was seen as another factor that kept the DOGE/USD pair down. On the USD front, the greenback was up on Friday, rebounding from a sell-off triggered by the latest US jobs report. Meanwhile, investors continue to bet on when the US Federal Reserve will start asset tapering.
The US Dollar Index, that tracks the greenback against a basket of other currencies, rose by 0.05%, to 92.530. It is worth recalling that the greenback dropped to its lowest level since August 3 last week, after the release of the downbeat jobs report for August. The report, which was much weaker than expected, lessened expectations that the Fed would start asset tapering.
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