Bitcoin and Ether Market Update: October 3, 2019

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The total crypto market cap added $9.8 billion to its value since September 30, and now stands at $222.8 billion. The top ten coins are all in green for the last 24 hours with Cardano (ADA) and ether (ETH) being the best performers with 2.9 and 2.4 percent of gains respectively. At the time of writing bitcoin (BTC) is trading at $8,352 on the Bitstamp daily chart, while ether (ETH) stands at $179, and Ripple’s XRP climbed up to $0.251.

BTC/USD

Bitcoin fell down to $8,045 on Sunday, September 29, and closed the week with a 19.8 percent of price decrease.

The most popular cryptocurrency opened the new trading period with a highly volatile session on Monday; the coin was trading in the wide range between $8,377 – $7,714. Bulls were not only able to avoid a drop below the critical level of $8,000 but also regained positions at $8,300. As we pointed out during our previous analysis, the mentioned level is the last major support before $8k.

The BTC/USD pair closed the month of September 13.5 percent lower compared to August. The start of the new 30-day trading period did not bring any sudden changes as BTC remained relatively flat around the $8,300 level.

On Wednesday, October 2 bitcoin moved up to $8,382 and formed its third consecutive green candle on the daily chart. In the early hours of October 3, the coin is trading at $8,352.

A piece of interesting news came out this week involving major industry players. A group of heavyweights in cryptocurrency announced the creation of a new digital assets rating system called the Crypto Rating Council.

The initiative will serve as a simple guide to market participants and help them determine whether a digital asset is a security or not by implementing a 1 to 5 rating system. A score of 5 will mean the asset will most probably be considered a security by the regulators and will thus fall under the US federal securities laws.

Among the founding members are the leading crypto trading platforms Coinbase, Bittrex, Circle, Genesis, and Kraken as well as the custodian services providers Anchorage, DRW Cumberland, and Grayscale Investments.

ETH/USD

The Ethereum token once again tested the $165 support on Sunday, September 29, but limited losses to $169, closing the 7-day period with a 20 percent loss.

On Monday, September 30, the ETH/USD pair registered its best session for the last two weeks and gained 7 percent. It moved above the important level at $180 and closed the month of September at $181 or 5.8 percent up.

ETH peaked at $185 on the first day of October but fell down to $176 as buyers could not consolidate for another movement upwards. On Wednesday, October 2, the coin formed an almost identical candle but in the opposite direction moving up to $181 and erasing the loses from the previous day.

At the time of writing, the ETH/USD pair is trading at $179.

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