Bitcoin and Ether Market Update: April 30, 2020

Total crypto market cap added $34.5 billion to its value since Monday morning and now stands at $257.3 billion. Top ten coins are all in green for the last 24 hours with Bitcoin (BTC) and Bitcoin SV (BSV) being the top performers with 15.3 and 10.8 percent of gains respectively. At the time of writing Bitcoin (BTC) is trading at $9,150 on the Bitstamp daily chart, while ether (ETH) moved up to $217 and Ripple’s XRP climbed further to $0.225.

BTC/USD

Bitcoin ended the previous seven-days reaching $7,700 after six consecutive green candles on the daily chart. The coin added 8.5 percent to its value for the period.

The BTC/USD pair opened the new week by continuing its good performance. It climbed up to $7,787 and confirmed its position above this important S/R line.

On Tuesday, April 28, the leading cryptocurrency made a short pullback, which can be attributed to price-taking activities and corrected its price down to $7,756 after falling as low as $7,638 during intraday.

The mid-week trading session on Wednesday was one simply put one of the biggest one-day increases for BTC in the recent months. It skyrocketed all the way up to $8,787, which resulted in a 13 percent increase. What’s more, we saw the coin breaking above the 100 and 200-day Exponential Moving Averages and the horizontal resistances around $8,000/$8,100 and $8,700.

What we are seeing on Thursday morning is a continuation of the strong uptrend. The price is currently hovering around $9,200, down from $9,500 that was reached in the early morning. Bitcoin is close to the long-term downtrend line, which is coming all the way down from January 2018 and was never breached.

In terms of trading volumes, they decreased to $31-$33 billion from Monday to Tuesday and stayed in that range until midday on Wednesday. These values have been increasing since then and are currently situated around $69 billion.

ETH/USD

The Ethereum Project token ETH, just like Bitcoin, closed the previous week with some solid gains. It moved up to $198 on Sunday, April 26 and registered 10.6 percent of increase for the whole period. It surpassed both the horizontal and diagonal resistances.

On Monday, April 27, the ether made a small correction, but found stability around the already-mentioned resistances turned support now. It lost $2 and closed the day at $196.

The Tuesday session was low volatility one as the ETH/USD pair remained flat for the day.

The third day from the workweek was quite positive for bulls. The leading altcoin followed the general crypto market trend and smashed through $200 do reach $215. The move resulted in a 9.6 percent increase.

In the early hours of trading on Thursday, April 30, ETH is extending its winning streak by moving up to $220.

The 24-hour trading volumes have been stable in the $13-$14 billion range in the first two weekdays then started to increase on Wednesday and peaked at $26 billion as of the time of writing.