Tag: Daily Brief

The cryptocurrency market has spent the weekend closely watching the timer to Bitcoin’s halving. Most cryptos had an over 10% price decrease on Sunday. Bitcoin is currently trading for $8,698, which represents an increase of 0.85% on the day. Meanwhile, Ethereum gained 0.25% on the day, while XRP went up by 0.13%.

Crypterium took the position of today’s most prominent daily gainer, with gains of 31.95%. Hyperion lost 22.39% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance decreased over the weekend, with its value currently at 67.25%. This value represents a 0.68% difference to the downside.

The cryptocurrency market capitalization decreased when compared to Friday’s value, with its current value being $239.74 billion. This value represents a decrease of $25.81 billion when compared to the value it had on Friday.

What happened in the past 24 hours

With Bitcoin halving being just hours away, everyone is looking at the biggest and most well-known cryptocurrency. However, just like before the previous halving in 2016, Bitcoin’s price dropped right before the event.

People are not scared though, as the fear and greed index shows that Bitcoin investors are in the greed phase, which shows us that people are quite interested in grabbing their Bitcoin before it becomes too late.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap has, after failing to break the $10,000 resistance, started testing support levels in order to find one it can consolidate at. However, one support level by another fell and Bitcoin quickly reached double-digit losses, standing at under $9,000. It is currently bound by its immediate resistance at $8,880 and support at $8,650. It is important to note that Bitcoin fell back into a long-term upwards facing trend, which its price reacted to.

Key levels to the upside                    Key levels to the downside

1: $8,820                                           1: $8,650

2: $8,980                                           2: $8,000

3: $9,120                                            3: $7,750

Ethereum

Ethereum also lost quite a bit of its value over the weekend. The second-largest cryptocurrency by market cap failed to break $217.6 which triggered a downturn that brought its price to $178.65 levels. However, the price quickly recovered and Ethereum is back above $185. Ethereum is, unlike  Bitcoin, in a descending trend which its price completely respected and acknowledged.

Key levels to the upside                    Key levels to the downside

1: $193.6                                            1: $185

2: $198                                              2: $178.65

3: $217.6                                            3: $167.8

Ripple

XRP pretty much followed the market when it comes to price movement over the weekend. The third-largest cryptocurrency by market cap also had an over 10% loss, which resulted in XRP falling below the $0.214 support (now turned resistance).

XRP managed to stabilize above $0.19, where it is trading at the moment.

Key levels to the upside                    Key levels to the downside

1: $0.2                                               1: $0.19

2: $0.205                                           2: $0.178

3: $0.214                                            3: $0.147

The cryptocurrency market has spent the day mainly watching Bitcoin’s price rise prior to the halving. With all eyes on Bitcoin as its halving event nears, other cryptos moved far less than the biggest cryptocurrency. Bitcoin is currently trading for $9,796, which represents an increase of 5.64% on the day. Meanwhile, Ethereum gained 1.85% on the day, while XRP went down by 0.13%.

Crypterium took the position of today’s most prominent daily gainer, with gains of 65.26%. Numeraire lost 8.48% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased even more in the past 24 hours as it was one of the few cryptos that managed to pass its resistance levels, with its value currently at 67.93%. This value represents a 0.74% difference to the upside.

The cryptocurrency market capitalization increased when compared to yesterday’s value, with its current value being $265.97 billion. This value represents an increase of $8.08 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Although the worldwide coronavirus pandemic has created global economic difficulties, we see cryptocurrencies growing in price, volume as well as the number of transactions. According to Brad Robertson, the head of a blockchain incubator Polyent labs, digital currencies seem appealing in the short term due to the price increase they have undergone in the past few weeks.

With the increased interest in crypto, constant printing of fiat currencies (especially during the coronavirus outbreak), and Bitcoin halving, we may see a bull run sooner than we think.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent the day trying to reach above $10,000. After it spent some time consolidating at the $9,200 area, Bitcoin spiked and tried to tackle the $10,000 level. However, the price could not get past it even with an extreme increase in volume, so Bitcoin fell down to $9,800 levels. Even so, the daily gains are more than substantial.

Bitcoin’s volume almost tripled on the day, while its RSI level reached overbought territory during the spike, but left it soon after.

Key levels to the upside                    Key levels to the downside

1: $9,880                                           1: $9,740

2: $10,015                                         2: $9,580

3: $10,350                                          3: $9,250

Ethereum

Ethereum spent the day after leaving the descending trend mostly in trying to find a place to consolidate at. The second-largest cryptocurrency by market cap rejected the $217.6 level and fell down. However, the downtrend was quickly stopped by the top descending trend line, therefore confirming that Ethereum no longer belongs to that trend.

Ethereum’s volume doubled during the move, which brought it out of the trend but normalized after. Its RSI level currently hovers just above the value of 51.

Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP continued creating lower highs even today. It is the only cryptocurrency out of the top3 to not be in the green on the day. While its price is heavily guarded against falling down by the $0.214 support level, if the cycle of lower lows continues, XRP will have no other option but to give up on this level.

XRP’s volume increased slightly during one period of the day but quickly normalized. Its RSI level is currently just above the value of 47.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $0.214

2: $0.235                                           2: $0.205

3: $0.285                                            3: $0.2

The cryptocurrency market has spent the day trying to break the levels it was bound by. Bitcoin is currently trading for $9,201, which represents an increase of 2.52% on the day. Meanwhile, Ethereum lost 1.15% on the day, while XRP went down by 1.33%.

ReddCoin took the position of today’s most prominent daily gainer, with gains of 48.23%. Zilliqa lost 9.94% of its daily value, making it the most prominent daily loser.

Bitcoin’s dominance increased in the past 24 hours as it was one of the few cryptos that managed to pass its resistance levels, with its value currently at 67.19%. This value represents a 0.65% difference to the upside.

The cryptocurrency market capitalization increased when compared to yesterday’s value, with its current value being $257.89 billion. This value represents an increase of $9 billion when compared to the value it had yesterday.

Honorable mention

Libra reinforcing its team

Facebook’s digital currency made an announcement that Stuart Levey would be joining the project “later this summer.” His job will be overseeing Libra’s “combining technology innovation with robust compliance as well as regulatory framework.”

Levey has previously served the US government as the Under Secretary of the Treasury for Terrorism and Financial Intelligence.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent the day trying to break out of the range it was bound by. Strong bullish presence managed to push Bitcoin’s price up and away from the triangle formation it was in. While it is good news that Bitcoin broke to the upside, the fact that its price did not reach past the previous high of $9,500 is not so encouraging.

With its RSI close to the overbought territory, we can expect Bitcoin to retrace or trade sideways for some time before making another move.

Key levels to the upside                    Key levels to the downside

1: $9,120                                           1: $8,980

2: $9,250                                           2: $8,820

3: $9,580                                            3: $8,650

Ethereum

Ethereum tried to mirror Bitcoin’s movements and reach above its previous highs but failed to do so. The second-largest cryptocurrency by market cap bounced off of the descending trend it is currently in and started to drop in price. A major drop was, however, prevented by the $198 support level.

Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP continued creating lower highs while maintaining lows at a similar price. Today’s move stopped at $0.222 and then reverted and started moving downwards. XRP’s price fell under the $0.214 support level, turning it into resistance. However, the fight for $0.214 is still not over, as XRP might recover.

The $0.214 level will be moved to the “upside” key levels if XRP confirms its price below it.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $0.214

2: $0.235                                           2: $0.205

3: $0.285                                            3: $0.2

The cryptocurrency market has spent the day consolidating and testing its support and (in a rare case) resistance levels. Bitcoin is currently trading for $8,954, which represents n increase of 1.12% on the day. Meanwhile, Ethereum lost 0.86% on the day, while XRP went down by 0.57%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 23.49%. Hyperion lost 31.82% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place in the past 24 hours, with its value currently at 66.54%. This value represents a 0.09% difference to the upside.

The cryptocurrency market capitalization stayed at the same place when compared to yesterday’s value, with its current value being $248.89 billion. This value represents an increase of $0.24 billion when compared to the value it had yesterday.

Honorable mention

Digital Yuan replacing cash

Li Lihui, former Bank of China President, announced that the launch of the digital yuan is certain and that it could replace cash, but only if four circumstances are met. These features of digital yuan would be:

• greater efficiency
• lower transaction costs
• enough economic scale alongside commercial value
• peoples’ acceptance

The central bank of China is currently testing digital yuan. The tests are currently showing great interest approval of the current users, as well as a surge of new users.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent another day trying to find its place to consolidate at or to escape the narrow ranges it has been in for the past couple of days. Bitcoin tested both the $8,820 support and $9,120 resistance, as well as the middle level of $8,980. While the price is currently slightly below the $8,980 level, it is unknown where Bitcoin will go in the short term, and traders should wait for a move towards either side with large enough volume.

Key levels to the upside                    Key levels to the downside

1: $8,980                                           1: $8,820

2: $9,120                                           2: $8,650

3: $9,250                                            3: $8,000

Ethereum

Ethereum lost some of the gains it made as the price had a mini-meltdown that brought it from $212 to $200. Ethereum is trading in a wide range, bound by the $198 support level and the $217.6 resistance level. One more level between these two might emerge in the very near future. Traders should proceed with caution around $210-$215 levels but can trade within this range.

Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP spent its day testing its $0.214 support level. The price fell under the level a couple of times but managed to spring back up extremely fast. While the support seems strong enough, the lack of volatility and volume indicates preparation for the next big move. Whether the move will be caused by Bitcoin’s rise/fall or if it will be caused by XRP itself is unknown. However, traders should have an easy time spotting the difference in volume and trading alongside the move that is to come.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $$0.214

2: $0.235                                           2: $0.205

3: $0.285                                           3: $0.2

The cryptocurrency market has spent the day retesting support levels only to bounce off of them later on. Bitcoin is currently trading for $9,084, which represents an increase of 4.76% on the day. Meanwhile, Ethereum gained 5.45% on the day, while XRP went up by 4.55%.

Hyperion took the position of today’s most prominent daily gainer, with gains of 79.20%. Maker lost 6.49% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly in the past 24 hours, with its value currently at 66.45%. This value represents a 0.13% difference to the upside.

The cryptocurrency market capitalization decreased when compared to yesterday’s value, with its current value being $248.65 billion. This value represents a decrease of $4.68 billion when compared to the value it had yesterday.

Honorable mention

Craig Wright Satoshi court case

Lawyers representing both sides told the public that the trial would start on July 6. This case is extremely important for the cryptocurrency community as it will effectively decide if Craig Wright has access to the 1.1 billion BTC that were initially mined.

There should be no more postponing to the trial as the lawyers confirmed that they are not planning to delay the trial.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap successfully held up when its $8,650 support level was tested, only to bounce right after the support level “test” was concluded. With bears reaching exhaustion, BTC quickly bounced from $8,650 all the way up above $9,120. It was stopped at the resistance level, and it is not trying to find its price level above $8,980 and below $9,120.

The volume was steady throughout the day, while the RSI level increased to 61.

Key levels to the upside                    Key levels to the downside

1: $8,980                                           1: $8,820

2: $9,120                                           2: $8,650

3: $9,250                                            3: $8,000

Ethereum

Ethereum had a good day as well, with its price steadily growing after bouncing off the $198 support level. After the level held up successfully, the second-largest cryptocurrency by market cap started increasing in price and reached $212.5, where it stopped (for now). Since Ethereum is in the middle of the range, there are no tells where the price can go from here. However, traders should look for bounces off of the resistance or support levels after they have been reached.

Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP fell under the $0.214 level, all the way to $0.21, just to recover and push above $0.214 again. Ever since, the price has been steadily rising. The third-largest cryptocurrency by market cap established its price above $0.214 but seems to have slightly lost momentum towards the upside.

XRP’s volume has decreased in the most recent trading hours, while its RSI is at the value of 53.5

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $$0.214

2: $0.235                                           2: $0.205

3: $0.285                                           3: $0.2

The cryptocurrency market has spent the weekend trying to find a level to consolidate at and testing narrow ranges. Bitcoin is currently trading for $8,767, which represents a decrease of 3/69% on the day. Meanwhile, Ethereum lost 5.7% on the day, while XRP lost 4.76%. However, when compared to the prices on Friday, the market hasn’t moved that much, if at all.

Hive took the position of today’s most prominent daily gainer, with gains of 22.27%. Unibright lost 17.28% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased over the weekend, with its value currently at 66.32%. This value represents a 0.66% difference to the upside.

The cryptocurrency market capitalization decreased when compared to Friday’s value, with its current value being $243.97. This value represents a decrease of $3.58 billion when compared to the value it had on Friday.

Honorable mention

Bitcoin hash rate

Bitcoin’s third halving event is roughly two weeks away, and the BTC mining hash rate is pushing into record highs. Bitcoin hashing power plummeted by 40% just two weeks after setting its previous all-time high on March 8.

However, the hash rate increased by 90% in the following six weeks, reaching a new all-time high at 142 exahashes per second.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent the weekend trying to find a good place to consolidate at. The narrow resistance ranges of $8,650, $8,820, $8,980 and $9,120 were tested over the weekend. Bitcoin’s price spent the majority of the weekend below $9,000, and most recently retested the $8,650 resistance. That resistance has proven its strength yet again and BTC bounced back up.

The next few days will lead up to Bitcoin either breaking down below $8,650, which would trigger a downturn, or above $9,120, which would trigger an uptrend.

Key levels to the upside                    Key levels to the downside

1: $8,820                                           1: $8,650

2: $8,980                                           2: $8,000

3: $9,120                                            3: $7,750

Ethereum

Ethereum has spent the weekend bouncing between the $200 and $217.6. The second-largest cryptocurrency by market cap is currently on the path down as the $217.6 resistance level held up twice already. With the volume normalizing and the RSI falling back in the lower half of the range, we can expect a few more days of consolidation from Ethereum, unless a run-up or down gets triggered by an external factor (Bitcoin’s movement or fundamentals).

Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP is also trading in a tight range, bound by $0.214 to the downside and $0.227 to the upside. However, the most recent retest of the support level has brought the price all the way down to $0.208 before recovering above $0.214. This level seems to be barely holding for now, and it is likely that it will not hold up if being tested for much longer. If $0.214 fails, we can expect XRP to fall to the $0.205 or $0.2 levels.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $$0.214

2: $0.235                                           2: $0.205

3: $0.285                                           3: $0.2

The cryptocurrency market has spent the past 24 hours trying to find a level to consolidate at after dropping in price due to the lack of bull pressure. Bitcoin is currently trading for $8,770, which represents a decrease of 6.11% on the day. Meanwhile, Ethereum lost 4.74% on the day, while XRP lost 5.89%.

Hyperion took the position of today’s most prominent daily gainer, with gains of 14.4%. Hive lost 13.59% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased another half a percent from yesterday’s dominance levels. Its value is now 65.69%, which represents a 0.5% difference to the upside.

The cryptocurrency market capitalization decreased when compared to yesterday, with its current value being $247.55. This value represents a decrease of $3.25 billion when compared to the value it had yesterday.

Honorable mention

XRP supported by the first Crypto bank

The first FINMA licensed cryptocurrency bank, Sygnum Bank, has made an announcement on April 30 that Ripple’s XRP token is now available through its platform. Users can deposit, exchange, as well as credit services using the third-largest cryptocurrency.

Sygnum Bank customers can use fiat deposits such as the Swiss franc, the US Dollar, the Euro, the Singapore dollar, to buy, hold as well as trade XRP tokens on the Sygnum platform.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent the day retracing and looking for a place to consolidate at. After a bull run which brought its price above $9,000, the price had to retrace in order for the price increase to be considered “healthy. BTC initially dropped all the way to $8,400, but recovered and started its consolidation phase within a range bound by $8,650 to the downside and $8,820 to the upside. This is the time for traders that like range-trading to play around the support and resistance levels that bitcoin is bound by.

BTC’s volume decreased drastically in the past few candlesticks as the sharp moves subsided. Its RSI has also left the overbought area.

Key levels to the upside                    Key levels to the downside

1: $8,820                                           1: $8,650

2: $8,980                                           2: $8,000

3: $9,120                                            3: $7,750

Ethereum

Ethereum’s chart looks awfully similar to Bitcoin’s chart for the past few days. They acted almost exactly the same when it came to rising in price, retracing, and then consolidating. The second-largest cryptocurrency by market cap fell from its $225.5 highs to around $200 before going back up and consolidating at the ~$215 level.

Ethereum’s volume started normalizing after the sharp moves, while its RSI left the overbought territory with the current value of 59.

Key levels to the upside                    Key levels to the downside

1: $217.6                                            1: $198

2: $225.5                                           2: $193.6

3: $240                                               3: $185

Ripple

XRP lived through the same fate through the past 24 hours, where it reached new highs, retraced hoping to find stable support, and then started its consolidation phase. The third-largest cryptocurrency by market cap dropped from its $0.235 highs all the way down to $0.208 before going above the $0.214 level yet again.

XRP’s volume normalized after the explosive moves, while its RSI dropped to the value of 58, therefore leaving the overbought zone.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $$0.214

2: $0.235                                           2: $0.205

3: $0.285                                           3: $0.2

The cryptocurrency market had an incredible day as most cryptocurrencies recorded daily gains of over 5%, some even reaching the double-digit gain levels. This move was led by Bitcoin reaching and surpassing $9,000. Bitcoin is currently trading for $9,201, which represents an increase of 17.21% on the day. Meanwhile, Ethereum gained 11.9% on the day, while XRP gained 7.9%.

Streamr DATAcoin took the position of today’s most prominent daily gainer, with gains of 60.65%. Aave lost 2.18% on the day, making it the most prominent daily loser.

Bitcoin’s dominance soared compared to yesterday’s dominance levels. Its value is now 65.19%, which represents a 1.29% difference to the upside.

The cryptocurrency market capitalization increased significantly when compared to yesterday, with its current value being $250.8. This value represents an increase of $25.92 billion when compared to the value it had yesterday.

Honorable mention

Coinbase and Binance amid Crypto Surge

Bitcoin’s price jump April 29 brought a few interesting things about certain exchanges to light. Binance, the world’s largest crypto exchange at the moment, has hit $11 billion in trading volume just for the past 24 hours, therefore reaching an all-time high. The last time the exchange even came near $11 billion was back in early 2018.

Unlike Binance’s thriving volume, Coinbase has experienced several major outages that stopped trading. Their status page, website, mobile app, as well as API website, experienced the outages.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap explosively bounced to the upside, breaking the ascending trend. The price quickly rose from $7,750 levels all the way up to $8,980, where it was stopped. However, the newest push by the bulls brought the price above the $8,980 resistance level as well as the $9,120 level. The move was stopped by the $9,250 resistance level.

BTC’s volume increased greatly, while its RSI level stepped deep into the overbought territory on all time frames. Its current value on the 4-hour time frame is 90.

Key levels to the upside                    Key levels to the downside

1: $9,250                                           1: $9,120

2: $9,735                                           2: $8,980

3: $9,870                                            3: $8,820

Ethereum

Ethereum followed Bitcoin’s bullish pattern and gained quite of bit of value in the past 24 hours. The second-largest cryptocurrency by market cap passed the $198 level and soared towards the $217 level, where it got stopped by a large number of sellers. However, the most recent bullish move brought the price above $217. The move reached exhaustion at the $225.5 resistance level, where the price started descending.

Ethereum’s volume almost doubled today, while its RSI level reached 82.5 on the 4-hour chart.

Key levels to the upside                    Key levels to the downside

1: $225.5                                            1: $217.6

2: $240                                              2: $198

                                                           3: $193.6

Ripple

XRP also broke out of its usual pattern and soared, reaching the price level of $0.235. The third-largest cryptocurrency broke the $0.227 after some consolidation and testing of the resistance level. The price is now trying to find a place to consolidate at as well as to test the $0.227 support level.

XRP’s volume skyrocketed, while its RSI level reached the value of 85. The key level of $0.227 will remain on the “upside” side until XRP resolves its price uncertainty.

Key levels to the upside                    Key levels to the downside

1: $0.235                                           1: $0.227

2: $0.285                                           2: $0.205

3: $0.296                                            3: $0.2

The cryptocurrency market continued its past moves by slowly going towards the upside. Bitcoin is currently trading for $7,809, which represents an increase of 1.48% on the day. Meanwhile, Ethereum gained 2.74% on the day, while XRP gained 10.32%.

Aave took the position of today’s most prominent daily gainer, with gains of 25.55%. Hive lost 20.55% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly compared to yesterday’s dominance levels. Its value is now 63.90%, which represents a 0.53% difference to the upside.

The cryptocurrency market capitalization pretty much stayed at the same place when compared to yesterday, with its current value being $224.88. This value represents an increase of $2.38 billion when compared to the value it had yesterday.

Honorable mention

Bitcoin network addresses reaching all-time highs

Glassnode’s data shows that the number of network addresses that hold at least 0.1 BTC continued growing throughout time, signifying a great increase in interest for Bitcoin. The numbers keep going up, passing 3,010,784 on Monday.

The number of addresses began to increase drastically around mid-February.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap continued its slow move towards the upside along the ascending channel. Yesterday’s consolidation tested the downside of this channel, which kept up nicely and propelled the price up. In the meantime, Bitcoin passed the $7,750 resistance level and continued to move up.

BTC’s volume stayed steady over the course of the day, while its RSI level is currently dangerously close to the overbought area on the 4-hour time frame.

Key levels to the upside                    Key levels to the downside

1: $8,000                                           1: $7,750

2: $8,650                                           2: $7,420

3: $8,820                                            3: $7,085

Ethereum

Ethereum was stuck within a range bound by $193.6 to the downside and $198 to the upside for the majority of the day. However, the past couple of hours brought additional bull support, and Ethereum is now breaking this level. The price is currently above $198, but it will take some more time and testing to confirm the level breaking.

Ethereum’s volume was on the same level as it was the previous couple of days, while its RSI level started increasing. It is currently at a value of 62.5.

Key levels to the upside                    Key levels to the downside

1: $198                                               1: $193.6

2: $217                                              2: $185

                                                           3: $178.6

Ripple

XRP had a massive uptick that brought its price from $0.1965 all the way up to $0.2185. The move was accompanied by massive volume. This uptick broke through $0.2 as well as $0.205 resistance levels, stopping above (and retesting) the $0.214 level, which wasn’t really acknowledged since early March 2020.

XRP’s massive price increase brought its RSI level to overbought levels on every single time-frame. Its value on the 4-hour time-frame is currently sitting at 78.5. The $0.214 level will not be included in the “key level” section yet due to the uncertainty of it maintaining relevance.

Key levels to the upside                    Key levels to the downside

1: $0.227                                           1: $0.205

2: $0.285                                           2: $0.2

3: $0.296                                            3: $0.10

The cryptocurrency market has spent the past 24 hours mostly consolidating and preparing for the next move. Bitcoin is currently trading for $7,713, which represents an increase of 0.01% on the day. Meanwhile, Ethereum lost 1.08% on the day, while XRP lost 0.75%.

Stellar took the position of today’s most prominent daily gainer, with gains of 11.24%. Hive lost 33.46% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly compared to yesterday’s dominance levels. Its value is now 63.37%, which represents a 0.41% difference to the downside.

The cryptocurrency market capitalization pretty much stayed at the same place when compared to yesterday, with its current value being $222.50. This value represents a decrease of $0.52 billion when compared to the value it had yesterday.

Honorable mention

Ethereum

This year has not been good for financial markets. However, cryptocurrencies seem to be surviving the current situation a lot better. While not much has been made about Bitcoin’s gains of 7$ since the start of 2020, Ether has been performing amazingly. Its year-to-date price increase is roughly 50%. Ether’s price was trading for $129.89 on January 1st, 2020.

Many call the cryptocurrency market a safe haven. However, while it is true that it was less affected than the traditional markets, cryptos showed some degree of correlation with the other markets.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap had a day of consolidating, with one attempt of breaking the $7,750 resistance level. While the price did break the level, it was short-lived, and BTC went below the level soon after. As it failed to break the $7,750 level, BTC started gaining momentum to the downside.

BTC’s volume stayed steady over the course of the day, while its RSI level went down from the near-overbought levels to just under 60.

Key levels to the upside                    Key levels to the downside

1: $7,750                                           1: $7,420

2: $8,000                                           2: $7,085

3: $8,650                                            3: $6,850

Ethereum

Ethereum spent the day consolidating as well. Unlike Bitcoin, the pressure was not just towards the upside. Ether had a couple of small pushes towards the upside and a couple of stronger ones to the downside. The $198 resistance level and $193.6 support level held up quite nicely, and the price remained within a range bound by these two levels. However, this narrow of a range will not last long, and Ethereum will have to break out to either side.

Key levels to the upside                    Key levels to the downside

1: $198                                                1: $193.6

2: $217                                              2: $185

                                                           3: $178.6

Ripple

XRP did not differ in its movements much from the other two top cryptocurrencies. After one shy attempt to break the $0.2 resistance level, which did not even reach the resistance line, XRP started moving towards the middle of the range-bound by $0.2 to the upside and $0.19 to the downside. There are no current indications of the short-term direction of XRP.

XRP’s volume remained at the same levels over the past couple of days, while its RSI level started dropping, currently being at 53.5.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.178

3: $0.227                                             3: $0.165

LAST HOUR NOTICE: Ripple just has made a large movement that broke the 0.2 resistance and made a new top above the one made on April 07. This 5 percent impulse has put it directly in an overbought condition but signaled a clear bullish move for this digital asset. It is expected a consolidation after the candle, but buyers may enter on the breakout of the 0.21 level.

The cryptocurrency market continued its bullish momentum and went after new highs over the weekend. Bitcoin is currently trading for $7,698, which represents an increase of 1.52% on the day. Meanwhile, Ethereum gained 0.95% on the day, while XRP gained 1.4%.

Kyber Network took the position of today’s most prominent daily gainer, with gains of 28.05%. DigiByte lost 12.59% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly compared to Friday’s dominance levels. Its value is now 63.78%, which represents a 0.34% difference to the downside.

The cryptocurrency market capitalization increased over the weekend, with its current value being $223.02. This value represents an increase of $12.77 billion when compared to the value it had on Friday.

Honorable mention

StorJ

Storj, a decentralized storage network, has launched a program that provides free storage to COVID-19 research participant organizations on April 22.

Storj’s storage program is set to provide each of the qualifying organizations with 1 (one) terabyte of cloud storage completely free of charge. Storj has decided to commit up to 5 (five) petabytes of storage toward COVID-19 research in total. It will also consider requests for additional resources exceeding 1 (one) terabyte.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap had a weekend of consolidation and indecisiveness. While the most recent spike brought BTC to higher levels and reach $7,811, the fact of the matter is that the $7,750 level held up quite nicely and that the Bitcoin bears did not let the price to stay above this level.

If Bitcoin goes over $7,750 support level, we can expect a sharp increase in price. However, if that does not happen, we are more likely to expect a heavy selloff at below $7,420.

Key levels to the upside                    Key levels to the downside

1: $7,750                                           1: $7,420

2: $8,000                                           2: $7,085

3: $8,650                                            3: $6,850

Ethereum

Ethereum followed Bitcoin to the upside and ended up in a narrow range between $193.6 and $198. However, Ethereum’s move towards the upside was much more stable than Bitcoin’s move. The second-largest cryptocurrency by market cap will not be staying in this range for long as it is too narrow. Its fair will most likely be decided by Bitcoin’s movement in the near future.

Ethereum’s volume held its level throughout the weekend, while its RSI is at 65.

Key levels to the upside                    Key levels to the downside

1: $198                                                1: $193.6

2: $217                                              2: $185

                                                           3: $178.6

Ripple

XRP made a slight increase in value over the weekend as well but had the same fate as Bitcoin. While its price increase is not insignificant, the fact that it got stopped by the $0.2 resistance level says a lot in regards to the bull vs. bear presence. XRP might be forming a double top at the $0.2 level, which may trigger a selloff in the short term.

XRP’s volume stayed at the same level throughout the weekend, while its RSI level shot up to 62.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.178

3: $0.227                                             3: $0.165

The cryptocurrency market continued its bullish momentum and tried reaching new highs, but got stopped by the resistance levels. While most cryptocurrencies ended up in the green, the gains they ended up making were far lower due to the price consolidating at lower levels. Bitcoin is currently trading for $7,503, which represents an increase of 4.62% on the day. Meanwhile, Ethereum gained 0.26% on the day, while XRP gained 2.5%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 22.01%. Synthetix Network lost 3.97% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly compared to yesterday’s dominance levels. Its value is now 64.12%, which represents a 0.4% difference to the upside.

The cryptocurrency market capitalization increased over the past 24 hours, with its current value being $213.26. This value represents an increase of $6.94 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin – Transaction Fee Increase

The total fees that were paid for on-chain Bitcoin transactions over the past 24 hours increased over 50% when compared to yesterday’s transactions paid.

Glassnode (an on-chain data analytics service) reported that total Bitcoin fees paid over the past 24 hours increased by 50.7%, amounting to over $9,500. On top of that, the Bitcoin fees paid by users increased by 58.8%, reaching the amount of $0.78 per transaction (on average).

Meni Rosenfeld (currently the Chairman of the Israeli Bitcoin Association), however, stated that he believes 24-hour fees are too short of a timeframe to be considered particularly significant. He also stated that the historical data suggests that the Bitcoin transaction fee is far more volatile than Bitcoin’s price itself.

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Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap had quite a volatile day. BTC managed to spike up and reach the price of $7,750, where it was stopped by the resistance level. The failure to break this level stopped Bitcoin’s momentum, then triggering a pullback. While Bitcoin made some gains on the day, they are nowhere as significant as they would be if it broke the $7,750 resistance level.

Bitcoin is now consolidating at the $7,500 level, with the possibility to test the $7,420 level.

Key levels to the upside                    Key levels to the downside

1: $7,750                                           1: $7,420

2: $8,000                                           2: $7,085

3: $8,650                                            3: $6,850

Ethereum

Ethereum ended up making a slight gain in the past 24 hours, mainly as a result of increased bullish momentum, which broke the $185 resistance level. The second-largest cryptocurrency by market cap was, however, stopped in the move by the resistance at $193.6. The pullback brought the price near the $185, which now acts as a support level.

Ethereum’s RSI level is hovering around and under the overbought territory.

Key levels to the upside                    Key levels to the downside

1: $193.6                                             1: $185

2: $198                                              2: $178.6

3: $217                                               3: $175.5

Ripple

XRP broke its steady gain phase and entered a “speedrun” to the upside. The third-largest cryptocurrency managed to reach the resistance at $0.2 before being brought back to consolidating levels. XRP is now trading in the middle of the range, bound by $0.19 to the downside and $0.2 to the upside.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.178

3: $0.227                                             3: $0.165

The cryptocurrency market gathered bullish momentum as Bitcoin passed $7,000 to the upside once again. Most cryptocurrencies ended up in the green, some even recording double-digit gains. Bitcoin is currently trading for $7,142, which represents an increase of 4.3% on the day. Meanwhile, Ethereum gained 6.94% on the day, while XRP gained 3.77%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 22.37%. Quant lost 3.4% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place when compared to yesterday. Its value is now 63.72%, which represents a 0.2% difference to the downside.

The cryptocurrency market capitalization increased over the past 24 hours, with its current value being $206.32. This value represents an increase of $8.06 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Libra

Binance Research looked into Libra’s most recent whitepaper, which was updated as the regulators were not particularly happy with the previous iteration of the whitepaper. A lengthy report came from their research team, in part claiming that Facebook’s Libra could alter the payments world in a major way.

They mentioned that Libra’s global payment system could possibly do to the payment industry what Elon Musk’s SpaceX did to the space industry.

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Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap managed to gather bullish momentum and push for $7,000 once again. Bitcoin managed to break through $7,000 as well as the $7,085 resistance levels. On top of that, the $7,085 level got tested and held up quite nicely. We can expect a move towards the upside from Bitcoin, but we have to look for any cueues when it comes to price reversal, as Bitcoin is possibly on its way of creating a double top formation. However, the current outlook is slightly bullish.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640

Ethereum

Ethereum also ended up being in the green on the daily, even more so than Bitcoin. ETH bulls pushed its price above the $175.5 as well as $178.6 resistance levels, which were overcome pretty easily. Ethereum’s move towards the upside was stopped by the $185 level for a short while, and the level is currently being tested.

Ethereum’s RSI level is approaching overbought territory while its volume is fading, which is a strong indicator of an end of the move. However, Ethereum still has a chance to approach $193.6 if the volume returns.

Key levels to the upside                    Key levels to the downside

1: $185                                                1: $175.5

2: $193.6                                            2: $178.6

3: $198                                                3: $168

Ripple

XRP had a good day as well, with its price steadily rising towards the $0.19 level, and breaking it as well. The main difference between XRP’s price gain and the one of Bitcoin and Ethereum was the intensity of the move. XRP performed steadily, while BTC and ETH were quite explosive. While XRP managed to break the $0.19 resistance level, it is still undecided where the price will consolidate at, as the level was not tested out.

For this reason, the $0.19 level will not be moved to the downside key levels yet.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.178

2: $0.2                                                2: $0.165

3: $0.205                                             3: $0.147

The cryptocurrency market didn’t move much in the past 24 hours, but rather took the time to consolidate and establish support and resistance levels. Bitcoin is currently trading for $6,849, which represents a decrease of 0.32% on the day. Meanwhile, Ethereum lost 0.55% on the day, while XRP dropped 0.19% from yesterday’s price.

DigiByte took the position of today’s most prominent daily gainer, with gains of 7.96%. MaidSafeCoin lost 5.02% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place when compared to yesterday. Its value is now 63.92%, which represents a 0.09% difference to the upside.

The cryptocurrency market capitalization decreased as most cryptos were in the red. Its current value is $198.26. This value represents a decrease of $1.13 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The 45-page CBDC report is that the Netherlands’ Dutch Central Bank (DNB) wants to become a digital currency “test subject” for the Eurosystem.

The DNB said that the development of a euro-based digital currency could contribute to diversity as well as innovation in the payment market. They believe that the Netherlands provides a suitable place for such an experiment.

Honorable mention

Ripple

Ripple Labs (ran by its CEO Brad Garlinghouse) filed a lawsuit against Youtube LLC in California’s Northern District on Apr 21. Ripple seeks damages for Youtube’s inability to stop XRP scammers as well as impersonators.

The plaintiffs are taking action against Youtube to, as they said, change the expectation of accountability in the current industry that Youtube is in.

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Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap had a slow day and kept to the price it was at yesterday. Bitcoin seems to be fighting for the $6,850 level and whether it will end up above or below it is highly debatable. However, once the price establishes, we can expect a further move to that side. The probabilities are slightly in favor of the downside.

Bitcoin’s volume was on the levels it was at over the weekend, while its RSI level stayed around the value of 43.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960

Ethereum

Ethereum spent the past 24 hours consolidating and establishing its position above the $168 support level. The attempt to do that was so far successful, and there is no reason for expecting ETH to go below it unless strong selling BTC pressure appears (due to the correlation these two cryptocurrencies have).

Ethereum’s volume stayed at the same level as the previous day, while its RSI level is in the middle of the value range.

Key levels to the upside                    Key levels to the downside

1: $175.5                                             1: $168

2: $178.6                                            2: $158 

3: $185                                                3: $147.5

Ripple

After confirming its position above the descending trend, XRP continued moving sideways and consolidating. The low volume and indecisiveness translated into the chart, which we can prove by seeing large wicks and small candlestick bodies in the past 24 hours.

XRP’s volume was descending throughout the day, while its RSI level kept its position around the value of 43.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.178

2: $0.2                                                2: $0.165

3: $0.205                                             3: $0.147

The cryptocurrency market had a slight price decline in the past 24 hours. Most people connect this price drop with the WTI crude Futures market plummeting yesterday. Bitcoin is currently trading for $6,886, which represents a decrease of 3.91% on the day. Meanwhile, Ethereum lost 5.19% on the day, while XRP dropped 4.95%.

Stellar took the position of today’s most prominent daily gainer, with gains of 2.01%. Numeraire lost 11.21% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at the same place when compared to yesterday. Its value is now 63.83%, which represents a 0.25% difference to the upside.

The cryptocurrency market capitalization decreased as most cryptos were in the red. Its current value is $199.39. This value represents a decrease of $9.39 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitcoin vs. WTI Crude

The Futures contract for West Texas Intermediate Crude for the month of May dropped more than 100% on Monday. Its worst the price managed to reach negative $37.63. This phenomenon has never happened before.

Bitcoin’s price also corrected on Monday as WTI futures imploded. However, the decline that Bitcoin had was relatively small.

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Technical analysis

_______________________________________________________________________

Bitcoin

The largest cryptocurrency by market cap did not manage to keep its price above $7,000 on Monday. Therefore, its price fell under and reached the low of $6,750 before springing back. Its price is currently above the $6,850 level, but there are no indications about what the price will do next at the time of writing.

Bitcoin’s volume almost doubled during the downswing, while its current volume is on the lower side of the scale. Its RSI level is bouncing from the 40’s levels.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960

Ethereum

Ethereum followed Bitcoin to the downside, and, as it usually goes with all altcoins, dropped more in price than Bitcoin did. The second-largest cryptocurrency by market cap fell from its highs of $190 slowly to $186 over many hours, until an influx of sellers came to the market. Ethereum’s price then fell to $166.5, but acknowledged the $168 support level and stayed above it. Ethereum looks safe above this level (for the time being).

Ethereum’s volume (on average) increased in the past 24 hours, while its RSI level bounced back from the value of 40 to around 47.

Key levels to the upside                    Key levels to the downside

1: $175.5                                             1: $168

2: $178.6                                            2: $158 

3: $185                                                3: $147.5

Ripple

Even though XRP followed the market down, an extremely bullish thing emerged from the price drop. The third-largest cryptocurrency by market cap fell from its most recent highs all the way down to $0.178. However, the price sprang back up and recovered to the price of $0.185. The highest level of the price recovery isn’t the thing we should pay attention to, though, but rather the descending trend which XRP entered during its price drop. With its price going up, XRP managed to escape this trend and then confirm its price above it, which is huge for the XRP bulls.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.178

2: $0.2                                                2: $0.165

3: $0.205                                             3: $0.147

The cryptocurrency market spent the weekend consolidating. Bitcoin is currently trading for $7,166, which represents an increase of 0.38% on the day. Meanwhile, Ethereum gained 2.83% on the day, while XRP gained 0.03%.

MaidSafeCoin took the position of today’s most prominent daily gainer, with gains of 112.34%. Synthetix Network lost 4.92% on the day, making it the most prominent daily loser.

Bitcoin’s dominance dropped almost a whole percent during the weekend. Its value is now 63.58%, which represents a 0.75% difference to the downside.

The cryptocurrency market capitalization increased slightly over the weekend. Its current value is $208.78. This value represents an increase of $5.42 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Blockchain is becoming one of the most demanded business skills for 2020. Blockchain technology is (as the research shows) the most sought-after hard skill in 2020.

While the coronavirus pandemic is continuing to “take” jobs from people, blockchain-related jobs have been on a constant rise.

Honorable mention

Bitcoin

Researchers from the Norwegian University, as well as the University of Luxembourg, have published an interesting research paper that detailed a network attack that tries to deanonymize the transactions broadcast across the Bitcoin’s Lightning Network.

The paper describes this ‘probe attack’ as possible and doable in “under a minute per channel.” On top of that, they said they required moderate capital commitment and no expenditures to perform the attack.

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Technical analysis

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Bitcoin

The largest cryptocurrency by market cap spent a slow weekend (from a price perspective). After the price broke the $7,085 level, it established itself above and confirmed $7,085 as its support. The volume over the weekend decreased when compared to the previous week but stayed at the same level throughout the days.

One thing to note is that Bitcoin rarely “stops” its movement like this, and whenever this happens Bitcoin is likely to have a volatile move to either upside or downside.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640

Ethereum

Unlike Bitcoin, Ethereum spent the weekend attempting to reach new highs. The second-largest cryptocurrency by market cap managed to break out and surpass $168 resistance level as well as $175.5 and $178.6 resistance levels. The cryptocurrency reached a price of $190, but quickly rebounded and fell in a tight range between $178.6 and $185.

Ethereum’s volume decreased over the weekend (if we exclude the volume increase during the few hours of the price spike), while its RSI level is at 61.

Key levels to the upside                    Key levels to the downside

1: $185                                                1: $178.6

2: $193.6                                            2: $175.5 

3: $198                                                3: $168

Ripple

XRP went through the weekend without much price movement. The third-largest cryptocurrency by market cap retested the previously passed $0.19 support line, which received enough support and confirmed itself as a support level. However, XRP is looking towards the downside again, and it is likely that it will retest this support level once again.

XRP’s volume was descending during the whole weekend, while its RSI reached the value of 52.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.221                                             3: $0.147

The cryptocurrency market spent the past 24 hours reaching new highs. Bitcoin is currently trading for $7,094, which represents an increase of 6.98% on the day. Meanwhile, Ethereum gained 12.66% on the day, while XRP gained 6.71%.

DigiByte took the position of today’s most prominent daily gainer, with gains of 56.51%. Swipe lost 2.38% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at pretty much the same place when compared to yesterday’s value. Its value is now 64.33%, which represents a 0.09% difference to the upside.

The cryptocurrency market capitalization increased in the past 24 hours. Its current value is $203.36 billion. This value represents an increase of $6.36 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Chicago Mercantile Exchange (CME) has seen a great increase in Bitcoin futures. The increase is as high as 70% from the March lows. This spike is indicating a comeback of institutions to the market.

The number of futures contracts outstanding on CME on Wednesday was $181 million, a 70% increase from $106 million contracts that were recorded on Mar 22.

Honorable mention

Digital Dollar

Congresswomen Rashida Tlaib and Pramila Jayapal introduced a new proposal regarding the federal government issuing $2,000 per month to the US residents. The US would do this by minting a pair of $1 trillion coins, which would be used to back the payments.

Under the ABC Act, the US Congress would authorize the Federal Reserve for the creation of “FedAccounts,” which are nothing else than digital wallets.

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Technical analysis

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Bitcoin

After a red day of bears retesting the $6,640 lows, Bitcoin surged above $7,000 and seemingly stabilized there. The largest cryptocurrency by market cap went as low as $6,460 before suddenly spiking and reaching $7,220. BTC is now trading at slightly above $7,000, right above the $7,085 support level. This level was quickly retested and confirmed.

Bitcoin’s volume (surprisingly) did not increase much during the price spike. Its RSI level, however, did. Its current value is 61.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640

Ethereum

Ethereum was the best performing crypto asset out of the top3 cryptocurrencies by market cap. Its gains happened during the same time as Bitcoin’s did. After testing the $147.5 lows, the price spiked and reached $175.5, where it stopped. It seems that a new resistance level might be exactly at that level, as this level stopped ETH from going up several times now.

Unlike Bitcoin, Ethereum’s volume increased severalfold during the spike, while its RSI reached a value of 67.5.

Key levels to the upside                    Key levels to the downside

1: $175.5                                             1: $168

2: $178.6                                            2: $158 

3: $185                                                3: $147.5

Ripple

XRP was the most stable crypto asset out of the top3, but also the one with the least gains. The third-largest cryptocurrency by market cap was heading down towards testing the descending trend line, but quickly bounced back and reached above $0.19 as well as the top line of the descending trend. This is a huge move for XRP, even though the gains have been overshadowed by the aforementioned Bitcoin and Ethereum.

XRP’s volume was descending during the price surge, while its RSI reached the value of 58.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.221                                             3: $0.147

The cryptocurrency market spent the past 24 hours mostly consolidating and staying at the same price levels. Bitcoin is currently trading for $6,924, which represents an increase of 0.51% on the day. Meanwhile, Ethereum gained 3.32% on the day, while XRP lost 0.81%.

ABBC Coin took the position of today’s most prominent daily gainer, with gains of 22.93%. Insolar lost 8.47% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased when compared to yesterday’s value. Its value is now 63.69%, which represents a 0.55% difference to the downside.

The cryptocurrency market capitalization stayed almost at exactly the same place for the past 24 hours. Its current value is $197.50 billion. This value represents an increase of $0.5 billion when compared to the value it had yesterday.

What happened in the past 24 hours

International agriculture magnates, Agrocorp and Cargill, traded $12 million worth of wheat. The cargo was traveling from North America to Indonesia. The interesting part is that the trade was settled via the blockchain.

The transaction was made possible by the Singapore-based blockchain platform called dltledgers, which is based on Hyperledger Fabric.

Honorable mention

Digital Yuan

Screenshots of the pilot version wallet app of the Chinese digital yuan are currently circling all over on social media.

Ling Zhang, Binance’s executive director of M&A and Global Fiat, shared the images first. The images were then retweeted by Changpeng Zhao, the exchange’s CEO. According to what Zhang said, the app is already available for download in four Chinese cities selected for the trial. Those cities are Shenzhen, Chengdu, Suzhou, and Xiongan.

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Technical analysis

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Bitcoin

Bitcoin bears have dominated in the past 24 hours, dropping the price below $6,850 and retesting the $6,640 lows. The price even fell all the way down to $6,470 at one point, but quickly recovered. The support level of $6,640 held up well and Bitcoin stayed above it. On top of that, it gathered the strength to push back up and retake the $6,850 level.

Bitcoin’s volume is on the same level as yesterday, while its RSI level is at 52.5.

Key levels to the upside Key levels to the downside

1: $7,085 1: $6,850

2: $7,420 2: $6,640

3: $7,750 3: $5,960

Ethereum

Ethereum mirrored Bitcoin’s movements, even though it performed slightly better than Bitcoin. The ETH bears took its price below the $158 support level and then all the way down to the $147.5 level. This support, however, held up well, and Ethereum stabilized and gathered the strength to push back up. The second-largest cryptocurrency pushed above $158 and even reached $168, but failed to pass this resistance level due to the lack of bull pressure.

Ethereum’s volume increased greatly over the past 24 hours, while its RSI level is just above 60.

Key levels to the upside Key levels to the downside

1: $168 1: $158

2: $178.6 2: $147.5

3: $185 3: $139

Ripple

XRP is in a pretty rough spot in the short term at the moment. It is constantly creating lower lows and lower highs. Once again, the third-largest cryptocurrency bumped into $0.19 without being able to cross it. This happened right after the bears gave up on taking the price down as they couldn’t pass the $0.174 level.

XRP’s volume almost doubled in the past 8 hours, while its RSI level is at 52.5.

Key levels to the upside Key levels to the downside

1: $0.19 1: $0.165

2: $0.2 2: $0.147

3: $0.205 3: $0.1

The cryptocurrency market spent the past 24 hours in the slight green. Bitcoin is currently trading for $6,873, which represents an increase of 0.56% on the day. Meanwhile, Ethereum gained 1.85% on the day, while XRP gained 1.67%.

Lisk took the position of today’s most prominent daily gainer, with gains of 12.33%. Nervos Network lost 4.24% on the day, making it the most prominent daily loser.

Bitcoin’s dominance decreased slightly when compared to yesterday’s value. Its value is now 64.24%, which represents a 0.37% difference to the upside.

The cryptocurrency market capitalization stayed at exactly the same place for the past 24 hours. Its current value is $197 billion. This value represents an increase of $0.35 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Bitfinex’s Bitcoin holdings have reduced by 66,000 BTC in the past four weeks. The exchange counted 200,140 BTC on Mar 17. However, the data from Apr 13 shows that this amount went down to 134,091.

The massive decrease is not related just to this one exchange. We can also see the data on BitMEX, which had a 38% percent decline in its Bitcoin holdings.

Honorable mention

Libra

Economist and academic John Vaz said he believes Bitcoin still faces competition from Facebook’s Libra project.

He explained that Bitcoin has scaling challenges as far as payments go. On top of that it was used as a speculation vehicle. In contrast, he said, Libra has been with its only purpose to be a scalable payment network.

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Technical analysis

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Bitcoin

Bitcoin had a pretty slow day after the upswing which brought its price above $6,850. The largest cryptocurrency by market cap managed to stay above this support level, but did not go far from it. BTC is actually “hugging” this level and testing it every few hours. However, $6,850 is holding well and showing no signs of breaking.

Bitcoin’s volume is quite low, while its RSI level is at 49.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960

Ethereum

Ethereum had a slightly better day than Bitcoin and outperformed it in terms of price gain. The second-largest cryptocurrency by market cap managed to push its price above $158 and establish its level above it. ETH’s chart looks almost identical to Bitcoin’s, with the exception that BTC crossed its resistance level earlier, while ETH did that in the past 24 hours. However, they both seem to “hug” the now-support level and keep retesting it.

Ethereum’s volume is descending and on comparatively low levels, while its RSI is at 52.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $158

2: $178.6                                            2: $147.5 

3: $185                                                3: $139

Ripple

XRP ended up in the green over the past 24 hours even though it found a level it can’t pass. The third-largest cryptocurrency by market cap tried to break the $19 resistance level for a day and a half now, without success. Low volume alongside overall stagnation in the crypto market makes the situation for XRP to break $0.19 almost impossible. However, the current price position can be quite responsive to both sides (up or down) and the next movement will most likely be preceded by Bitcoin’s move.

XRP’s volume is descending when compared to the past week, while its RSI level is currently at 61.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.165

2: $0.2                                                2: $0.147

3: $0.205                                             3: $0.1

The cryptocurrency market recovered from the price drop it experienced during the weekend and made its move towards the upside. Bitcoin is currently trading for $6,888, which represents an increase of 3.02% on the day. Meanwhile, Ethereum gained 3.77% on the day, while XRP gained 2.58%.

MaidSafeCoin took the position of today’s most prominent daily gainer, with gains of 25.25%. Digibyte lost 8.89% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased slightly when compared to yesterday’s value. Its value is now 64.61%, which represents a 0.44% difference to the upside.

The cryptocurrency market capitalization increased slightly over the past 24 hours. Its current value is $196.65 billion. This value represents an increase of $4.11 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The COVID-19 Credentials Initiative (also known as CCI) is working on a digital certificate that will enable users to show proof that they have recovered from the COVID-19 virus. The certificate will work by using the W3C verifiable credentials standard. The certificate will show whether a person has antibodies for coronavirus or if it got a vaccine.

This form of certificate would act as an immunity passport, which could help stop the spreading of COVID-19 as well as helping individuals return to their lives prior to the pandemics.

Honorable mention

Bitcoin

One of the biggest and most well-known exchanges, Binance, has officially launched Bitcoin options on the Binance futures trading platform.

Binance has hinted that this might be the case earlier in April, but the main announcement came on April 13. The options are currently limited to the mobile app.

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Technical analysis

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Bitcoin

Bitcoin started recovering from the fall below some of its key support levels and made an attempt to reach its previous levels. The largest cryptocurrency by market capitalization has been moving up steadily over the past 24 hours, making its way above $6,850 and establishing its price there. Low volume might indicate that a move will end soon unless some form of new money comes to the market.

Bitcoin’s volume was descending in the past 24 hours, while its RSI level went to a value of 50.

Key levels to the upside                    Key levels to the downside

1: $7,085                                           1: $6,850

2: $7,420                                           2: $6,640

3: $7,750                                            3: $5,960

Ethereum

Ethereum established its position above $147.5  and started moving above the key level over the past 24 hours. The second-largest cryptocurrency is currently trading around the price of $158, with volume a bit low to progress further. However, the support level of $147.5 will hold (at least in the short-term) as there is no bear pressure at the moment.

Ethereum’s volume is on low levels, preventing any unstable movement. Its RSI level is currently at 48.

Key levels to the upside                    Key levels to the downside

1: $158                                                1: $147.5

2: $168                                               2: $139 

3: $178.6                                             3: $128

Ripple

XRP increased as well over the past 24 hours but had a pretty rough day. If we take a look at the chart, we can see its price increasing and trying to follow the ascending trend line. However, the uptick was stopped by the $0.19 key resistance level. As the price stopped rising, XRP started making moves towards the downside. There is a possibility that XRP might lose today’s gains very soon.

XRP’s volume decreased when compared to yesterday, while its RSI level is at 44.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.165

2: $0.2                                                2: $0.147

3: $0.205                                             3: $0.1

The cryptocurrency market saw most coins drop in price slightly over the weekend. Bitcoin is currently trading for $6,711, which represents a decrease of 1.7% on the day. Meanwhile, Ethereum lost 2.68% on the day, while XRP lost 2.16%.

Komodo took the position of today’s most prominent daily gainer, with gains of 11.13%. Maker lost 7.80% on the day, making it the most prominent daily loser.

Bitcoin’s dominance stayed at almost exactly the same place from where it was on Friday. Its value is now 64.17%, which represents a 0.39% difference to the upside when compared to Friday.

The cryptocurrency market capitalization went down slightly over the weekend. Its current value is $192.51 billion. This value represents a decrease of $11.78 billion when compared to the value it had on Friday.

What happened in the past 24 hours

Blockchain software and tax services company called Lukka is chosen to provide a crypto taxation software to the fifth-largest accounting company in the US, RSM.

Lukka CCO Jeremy Drane, as well as RSM senior manager of international tax and blockchain Jamison Sites, spoke about the partnership and how it could benefit both companies.

Honorable mention

Bitcoin

Someone transferred 161,500 Bitcoin for a fee of only 0.00010019 BTC on April 10. When translated into dollars, this is $0.68 for a $1.1 billion transaction.

Of that amount, 15,000 Bitcoin was sent to a certain wallet, while the remainder of the transaction (146,500 BTC) was returned to the original address.

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Technical analysis

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Bitcoin

Bitcoin fell under $7,000 again, after failing to reach above $7,420 many times. With bulls showing such sign of weakness, bears took over and pushed the price down a few times until the $7,000 level was broken. Bitcoin has now fell under the $6,850 support as well, but found its stability at the $6,640 key level. Traders should most definitely look at the volume when trading, as that may be the best indicator of when the move is coming at the moment.

Bitcoin’s volume is rose over the weekend but is pretty low at the moment. Its RSI level is currently at 39.

Key levels to the upside                    Key levels to the downside

1: $6,850                                           1: $6,640

2: $7,085                                           2: $5,960

3: $7,420                                            3: $5,000

Ethereum

Ethereum’s chart looks more or less the same as Bitcoin’s. Once the bulls couldn’t handle the resistance levels, bears took over and brought Ether’s price down. The wall of $158 fell, and ETH had do find another support level, which it did. The $147.5 line responded well to the pressure, and Ethereum is consolidating above it.

Ethereum’s volume increased slightly over the weekend while it is back to normal at the moment. The RSI level is currently at 40.

Key levels to the upside                    Key levels to the downside

1: $158                                                1: $147.5

2: $168                                               2: $139 

3: $178.6                                             3: $128

Ripple

XRP was following the ascending trend line until the drop of April 10. The third-largest cryptocurrency crashed and fell under this line and then retesting it only to fail to break it to the upside. Over the weekend, this like got tested once again as XRP pushed to $0.1965. However, the resistance level held up, and XRP bears responded by bringing the price down to $0.183.

XRP’s volume increased greatly during the most recent drop, while its RSI level is at 39.

Key levels to the upside                    Key levels to the downside

1: $0.19                                              1: $0.165

2: $0.2                                                2: $0.147

3: $0.205                                             3: $0.1

The cryptocurrency market had a slightly red day as it consolidated and tested slightly lower prices overall. Bitcoin is currently trading for $7,133, which represents a decrease of 2.08% on the day. Meanwhile, Ethereum lost 3.84% on the day, while XRP lost 2.11%.

Dash took the position of today’s most prominent daily gainer, with gains of 7.03%. Seele lost 11.05% on the day, making it the most prominent daily loser.

Bitcoin’s dominance increased a tiny bit. Its value is now 64.56%, which represents a 0.31% difference to the upside when compared to yesterday.

The cryptocurrency market capitalization went down slightly in the past 24 hours. Its current value is $204.27 billion. This value represents a decrease of $4.22 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Canadian asset manager 3iQ announced that they would finally launch a fund tied to Bitcoin on the Toronto Stock Exchange. This news came after three years of legal issues.

‘The Bitcoin Fund’ started trading yesterday. It listed almost 1.5 million Class A ‘QBTC.U’ shares the exchange on April 9. The fund’s company shares are currently trading for somewhere around $11 each.

Honorable mention

Ethereum

Investors seem to be liking Ethereum, as some of them are ready to pay five times more than its price. Grayscale Ethereum Trusts offers Ether at a 515% premium, and people still like it.

It costs $90.55 to buy one share in the Grayscale Investments’ Ethereum Trust. However, this share currently only holds $16.10 worth of Ether.

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Technical analysis

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Bitcoin

Bitcoin has spent the day consolidating and dropping in price slightly. However, things do not look well as Bitcoin is taking a retest of the lows with slightly increased volume. While it is currently trying to breach $7,000 and trade under it, nothing is settled yet.

Bitcoin’s volume is slowly increasing, while its RSI is currently at the value of 40.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640

Ethereum

Ethereum spent the past 24 hours trying to establish a price above the $168 support level. However, the latest push down broke the level, and ETH went below $168. It looks like the second-largest crypto will retest at least the $158 level, if not more.

Ethereum’s volume skyrocketed during the price drop, while its RSI level is at 46.

Key levels to the upside                    Key levels to the downside

1: $168                                                1: $158

2: $178.6                                            2: $147.5 

3: $185                                                3: $139

Ripple

XRP spent the past couple of days fighting to stay above $0.2. However, the tight range between $0.2 and $0.205 was not enough for XRP, so the price had to move somewhere. A slight increase in bearish presence brought the price down to rested the $0.19 levels and solidified XRP’s position below $0.2. The level seems to be holding up nicely so far, which means that $0.19 will not fall unless the volume increases dramatically.

XRP’s RSI level has been dropping for the past couple of days, now being at 45.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.227                                             3: $0.147

The cryptocurrency market had a slow day, losing a bit of its value while it consolidated. Bitcoin is currently trading for $7,289, which represents a decrease of 0.77% on the day. Meanwhile, Ethereum lost 1.35% on the day, while XRP lost 0.76%.

Seele took the position of today’s most prominent daily gainer, with gains of 20.9%. CyberVein lost 12.12% on the day, making it the most prominent daily loser.

Bitcoin’s stayed at the same place dominance-wise. Its value is now 64.25%, which represents a 0.01% difference to the upside when compared to yesterday.

The cryptocurrency market capitalization did not change much in the past 24 hours. Its current value is $208.49 billion. This value represents a decrease of $0.85 billion when compared to the value it had yesterday.

What happened in the past 24 hours

The Cardano Foundation made an announcement that they will be partnering with the South African National Blockchain Alliance. This partnership aims to explore further ways to strengthen (mostly blockchain) technology’s adoption all throughout South Africa.

According to the official announcement, Cardano will be using blockchain technology to boost socio-economic growth throughout South Africa.

Honorable mention

BCH/BSV

Bitcoin Cash completed its first block reward halving on Wednesday, Apr 9. The halving created a price surge, with the coin gaining 11.2% on the day.

Bitcoin SV made a bit of a stronger move, with its block halving on schedule for Friday, Apr 10. However, the cryptocurrency gained 19.4% in the same time period as Bitcoin Cash and outperformed it despite not completing the block reward halving yet.

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Technical analysis

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Bitcoin

Bitcoin has spent the day consolidating. The volume was low and the price action was almost non-existent. The largest cryptocurrency by market cap is showing that it will take a lot of work to get past $7,420, as it endured every attempt of breaking it so far (and there were many). This is a perfect time for traders to use their ranging market strategies.

Bitcoin’s volume is significantly lower than yesterday, while its RSI dropped to 60

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640

Ethereum

Ethereum spent the past 24 hours retesting the $168 support level that it went above during the most recent price surge. The support level held up well, and ETH is currently secure above it. As the retesting is still in play, we can’t rule out the option of price falling below the $168 level and retesting $158. However, there probably won’t be any chance of the price going down further due to the lack of volume.

Ethereum’s volume gradually reduced to extremely low levels, while its RSI went back down to 64.

Key levels to the upside                    Key levels to the downside

1: $178.6                                             1: $168

2: $185                                              2: $158 

3: $193.6                                            3: $147.5

Ripple

XRP fought to stay between a tight range of $0.2 and $0.205. However, while the $0.2 level did get recognized, it did not pose a big threat to the price. After a while, bulls and bears moved almost freely throughout the 0.2 zone. The price is currently just below $0.2. There are no indications of the direction of the movement yet. Still, with the volume at this low level, the chance of going above $0.205 or below $0.19 is almost non-existent.

XRP’s RSI level dropped from the oversold territory and is currently at 61.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.227                                             3: $0.147

The cryptocurrency market established its position after the gains it made yesterday. Bitcoin is currently trading for $7,338, which represents an increase of 0.76% on the day. Meanwhile, Ethereum gained 0.42% on the day, while XRP gained 1.33%.

CyberVein took the position of today’s most prominent daily gainer, with gains of 47.18%. Bytecoin lost 8.52% on the day, making it the most prominent daily loser.

Bitcoin’s stayed at the same place dominance-wise. Its value is now 64.25%, which represents a 0.1% difference to the downside when compared to yesterday.

The cryptocurrency market capitalization increased over the past 24 hours. Its current value is $209.34 billion. This value represents an increase of $4.65 billion when compared to the value it had yesterday.

What happened in the past 24 hours

Twitter CEO, as well as the founder of Square Jack Dorsey, has started a fund, which will help with fighting COVID-19. The fund is called Start Small LLC. Dorsey is seeding the fund with $1 billion, which is roughly 28% of his wealth.

Honorable mention

BCH/BSV

Bitcoin Cash will complete its block reward halving in the next 9 hours, with Bitcoin Satoshi’s Vision following shortly after.

By performing a block reward halving, Bitcoin Cash will cut its block reward from 12.5BCH down to 6.25BCH.

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Technical analysis

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Bitcoin

Bitcoin has spent the day consolidating and testing the upside and downside relative to the level it is in right now. The largest cryptocurrency tried to break the $7,420 resistance level many times, but with no success. It also tested the $7,085 level once again, but the bulls quickly reacted to the price going down and jumped in to help stabilize the market.

Bitcoin’s volume is slightly lower than yesterday, while its RSI dropped out of the overbought territory and is now at the value of 64.

Key levels to the upside                    Key levels to the downside

1: $7,420                                           1: $7,085

2: $7,750                                           2: $6,850

3: $8,000                                            3: $6,640

Ethereum

Ethereum spent the past 24 hours fighting to stay above the $168 level. After a sharp increase in price, ETH dropped down from $176 to $162. However, the ETH bulls jumped in and brought the price above the $168 resistance level, making it support.

Though Ethereum’s volume reduced by quite a bit, it is still elevated compared to the previous week. Its RSI level is currently at 69.

Key levels to the upside                    Key levels to the downside

1: $178.6                                             1: $168

2: $185                                              2: $158 

3: $193.6                                            3: $147.5

Ripple

XRP also tested where it will find a suitable place to consolidate. The price fluctuated between the $0.19 and $0.205, trying to find the stabilization point. XRP failed to break $0.205 to the upside, but also retested $0.19 right after failing to break to the upside. After failing to break to the downside as well, XRP consolidated right below the $0.2 level.

XRP’s volume is just slightly lower when compared to yesterday, while its RSI level is at 67.

Key levels to the upside                    Key levels to the downside

1: $0.2                                                1: $0.19

2: $0.205                                            2: $0.165

3: $0.227                                             3: $0.147