Per a report from the Cambridge Center for Alternative Finance (CCAF), fossil fuels have been the primary energy source for BTC mining since the start of the year. The CCAF recently updated its Cambridge Bitcoin Electricity Consumption Index (CBECI). Its study claims that 62% of all the energy the leading token has consumed so far consists of coal-based energy. BTC’s Energy-Intensive Mining Bitcoin employs the proof-of-work consensus mechanism to create new tokens and validate transactions on the blockchain. The PoW…
As we edge closer to the end of February 2020, the top crypto coins continue performing well, making broad-based gains but with intense volatility.
All the top three cryptocurrencies (Bitcoin, Ethereum, and XRP) are trading at higher prices than the weekly lows. Bitcoin may have broken the $10 000-mark last week but has been quite volatile, giving price analysts a difficult time coming up with an accurate price prediction.
The prices of altcoins have also increased thanks to a ripple effect caused by Bitcoin. Below is a closer look at how the top coin has been performing in the past week (16th to 23rd Feb).
In the past week, Bitcoin has continued to rally to fresh highs, with the bears taking a new turn on Wednesday. On 19th Feb, Bitcoin fell by close to 10% in a single hourly candle, hitting a low of $9 250. However, the price recovered to trade at $9 725 by Friday.
From the chart, the resistance is at $9 900(the current price), and the support is hovering at around $8 950. The past week also saw CME Bitcoin futures hit $1 billion in daily trading volume for the third time in history. The Relative Strength Index (RSI) read 56.07 daily and remains neutral for the better part of the week. As we enter a new week, we should expect a bearish scenario with a most likely price of $9 000. Price analysts are also looking at a scenario where Bitcoin will experience a massive drop in price before the May 2020 Bitcoin halving event before undergoing a recovery by the end of 2020.
In Ethereum, the past week saw ETH trade slightly above $260 with the bulls slowly fading out. The coin recorded a sharp 8% price fall after failing to break the highly anticipated $300 barrier. The past week’s lowest ETH price was $256 but recovered to trade at $286 on Wednesday after a short-lived bullish momentum with a Double Top formation. From the below chart, the support lies at $250, $235, $225, and $220. The resistance lies at $270, with the RSI approaching 50. The Double Top formation is likely to cause a bullish reversal, and therefore traders should expect an extended bullish momentum this week.
The past week saw Ripple’s XRP price surged by 1.25% to trade at $0.2745 and close the week at a yearly high of $0.3464. XRP is currently on a bullish momentum but with low volatility, which signals a shift in the trade to either side this week.
From the trade chart above, the resistance is at $0.28, with the immediate support being at $0.27. The chart signals the possibility of the price sticking close to the support. The predominant chart pattern is the falling wedge that is likely to undergo a break upward, indicating that Ripple could be on its way to full recovery at $0.35 in the coming weeks.
For Bitcoin Cash, the past week has been a massacre with plummeting prices. Last week Wednesday saw the prices dip from $420 to $400 and currently hovering around $380. The most predominant signals indicate a bearish inclination, with the price expected to hit $370 or lower this week. The RSI remains at 61 and is trying to find balance at 30. BCH is trading way below its EMAs, and the bulls can do much but uphold the current price at $380. This week, traders should expect a continuous fall in prices as the coin shows no recovery signals.
Bitcoin SV performed exceptionally well in the past week. The coin made an incredible recovery from $250 to trade at $330, representing a 15% growth in value. The surge in price has also overshadowed Bitcoin’s 0.33% rise. In the past seven days, Bitcoin SV reached heights of $384-an an incredible rise from $100 at the beginning of 2020.
The chart indicates the support to be $300 and $350 with resistance at $350 and $384. This week, the price may hit $350 if the bulls continue to hold. A break of price under the triangle will surely be disastrous for Bitcoin Cash, leading to an unimaginable fall in prices.
The past week has had bulls dot the cryptocurrency market leading to broad-based gains. Apart from BCH, the top five cryptos have recorded a rise in prices but with intense volatility. Bitcoin continues to hover around $10 000, with Ethereum edging $265 with XRP surging by 1.25%. As we start the week, the bullish trend is expected to continue, at least for now.