BTC as well as other cryptocurrencies saw notable increases over the last two days. During this period, most major crypto assets recorded significant gains, which reflected in the global cryptocurrency market cap.
For the first time in more than 30 days, the value of the sector under consideration exceeded $1 trillion. Since dipping below it on September 15, there was no push to reclaim the lost level until yesterday.
We observed that sentiment across the market was bullish and most assets recorded notable gains. However, the industry’s value at the writing time is below $1T. This is due to the massive decline in buying pressure across it.
As a result, the prices of most cryptocurrencies are down by a few percent. The top losers over the last 24 hours are TON and CSPR, with losses exceeding 13% and 8% respectively. The global cryptocurrency market is also at $983 billion at this time.
Many speculate on the reason for the initial increases. One of the positive fundamentals that made rounds since the week started was that of crypto-friendly Rishi Sunak, resuming office as the new UK prime minister.
Another crypto proponent, Elon Musk, sealed the Twitter deal and now owns the platform. All these events hint that some cryptocurrencies will see more increases than others. Let’s examine how some top assets performed over the last seven days.
BTC/USD
Bitcoin continued trading sideways for the most part of the previous week. As a result, it failed to record any notable gains or losses at the end of the week. Nonetheless, there were some highlights during that period.
A closer look at price performance reveals that the apex coin experienced very little volatility during this period. A clear indication of this is the fact that daily, it fails to close with price changes exceeding 2%.
One of the top-performing days was on Sunday. BTC peaked at $19,687 from a low of $19,079. However, the asset failed to record any notable gains in the end. Nonetheless, it had its biggest loss on Tuesday as we observed a complete wipe of the accumulated the day before.
On the weekly, it failed to record any significant changes in value. We noticed the same impact on indicators. They were mostly stagnant throughout the week. This changed as the cryptocurrency picked momentum.
The Relative Strength Index peaked at 52 on Sunday. Other events took place during this period. One such is maintaining the $19k support. On two occasions, it also aimed at retesting the $20k resistance but failed. Nonetheless, it peaked at $19,800.
A bad start to the current week created a lot of concerns for traders. Over the last three when the BTC traded sideways, it kicked off the session with a green. A red candle signified a change in trajectory.
So far, it turned out bullish on the asset. The last two days were marked with notable price increases. Bitcoin gained more than 6% during this period. In response to these hikes, RSI peaked at 65. Further uptrend would send the metric above 70.
ETH/USD
Ethereum was also trading sideways for the first half of the previous week. A bullish start which was followed by small decreases over the next two days. Many worry about the largest facing further retracements.
A closer look at the daily chart reveals a price movement that closely mimicked that of BTC. A bullish start to the previous week was followed by three days of consistent downtrends.
However, it picked up momentum on Friday. This marked a recovery for the asset as it had a bullish close to the session under consideration. To this effect, the weekend was marked with green candles.
During the bullish days, the asset under consideration gained almost 6% with its highest-performing day being Sunday. It closed with a positive change of more than 3%. In the weekly chart, it recorded changes of almost 4%.
A look at the indicators paints a clearer picture of what transpired. Due to consistent losses from Tuesday to Thursday, the 12-day EMA hit a wall and failed to continue its surge. This changed as ETH picked up momentum.
The Relative Strength Index closed the previous seven-day session at 54. It went on a downtrend on Monday as the largest altcoin by market cap lost a few percent. For the first time in more than six months, ether became overbought.
This happened during the previous intraday session as it almost tested the $1,600 resistance. As of the time of writing, the metric is at 64 as the cryptocurrency lost more than 3%. Nonetheless, it is seeing changes of more than 12%.
BNB/USD
Binance coin had its first green candle last week. Monday was one of the most bullish days. However, it failed to register any notable increases or decreases. It lost almost 3% over the next three days.
After the losses, BNB dipped to a low of $267 on Friday. However, it recovered and closed a little bit above its opening price. The next day was another green but had little volatility as it failed to record any notable gains.
It saw its biggest gain on Sunday as it gained more than 2%. In the weekly chart, the asset also failed to record any notable changes in prices. A look at the indicators paints a clearer picture of what transpired.
From the daily changes, we observed that BNB had very little volatility like BTC. To this effect, the Relative Strength Index trended between 48 and 41. We also observed some anomalies in the Moving Average Convergence divergence.
On Sunday, the metric had a bullish divergence. This was an indication of further price increases. However, price action on the first day of the week was not what many expected. The altcoin failed to record any notable gains or losses.
It picked up momentum the next day as it peaked at $290. It faced rejection at the mark and closed at $284 with gains exceeding 3%. This also marked a flip of the 50-day Moving Average. The uptrend continued into the next day
Although not as huge as the previous day’s increase, BNB flipped the $290 resistance for the first time in more than fourteen days. In the weekly chart, the asset is up by more than 4%.
XRP/USD
Last week, Ripple failed to record any notable gains or losses last week. It saw very low volatility on the first day. On Tuesday, it started a downtrend that lasted for three days. One of the highlights of this period happened on Wednesday.
The altcoin saw its biggest loss as the bearish dominance increased. It closed the intraday session with losses of more than 3%. The bulls tried to rally the asset the next day as it peaked at $0.46. Nonetheless, it dipped to a low of $0.42.
After this massive volatility, it started a three-day uptrend. It had its biggest move on Friday as it closed at $0.46 following an open at $0.44. Due to price action on the fifth day of the week, the Moving Average Convergence Divergence had a change in its trajectory.
For example, the 12-day EMA slightly halted its downtrend and was gradually arching to resume its uptrend. Nonetheless, the 26-day EMA continued its dip. A look at RSI reveals that the asset under consideration had a slight increase in buying volume.
As with BTC, the new week started a little differently from the previous. As of the time of writing, XRP had its biggest decrease on Monday as it lost more than 3%. However, it recovered from this ordeal over the next two days.
On a weekly scale, the altcoin is yet to register any notable gains or losses. Nonetheless, a look at MACD revealed a brewing storm. We noticed a bullish convergence and an incoming divergence which may trigger another uptrend.
Price action over the last 23 hours showed a decrease in momentum. However, the asset tested the $0.48 resistance and briefly flipped it. It faced strict rejection and corrected. As a result, it failed to record any notable gains or losses. It is currently below its opening price.
ADA/USD
Cardano had another period of consistent downtrend last week. Like other cryptocurrencies, it started on Tuesday and ended on Thursday. However, within this timeframe, it lost more than 8% as bearish dominance peaked.
However, it went on a recovery spree during the last three days of the week. Low trading volume on Saturday prevented the asset from recovering its lost value. Nonetheless, it gained more than 5% with several impacts on indicators.
A look at the weekly chart shows that the altcoin failed to register any notable increases or decreases. MACD indicated a bullish convergence on Sunday which excited many as they look forward to more uptrends.
The second day of the current intraweek session was the most bullish in more than sixty days. ADA tested its 50-day EMA as it peaked at $0.43. It retraced but retained a large chunk of the accumulated gains.
The intraday session ended with gains exceeding 11%. It had very little price change during the next intraday session which was a result of low trading volume. However, the altcoin s down by more 3%.
It also bears mentioning that it had it bullish divergence on Tuesday. The Relative Strength Index also peaked at 52 for the first time in more than thirty days
