09/24 Crypto Market Review for the Past Week

The BTC/USD pair gained a foothold above the important $6,600 resistance level and made an attempt to take the $6,800 level. On September 22, the price punched through the $6,800 level (HI $6,840). If you followed our advice to take profit ( at $6,800), you have caught the ascending wave again. And it is 11.5% of net profit! Congratulations!

The price is currently squeezed between the $6,740 and $6,650 levels. A breakthrough downwards can open the way to support testing at the $6,500 level.

On the daily timeframe, MACD is facing upwards and the fast moving average (MA9) is trying to cross the slow one (МА50) indicating a continued movement upwards.

Globally, we are still within a triangle (see daily chart). At the moment, the first target for the upward movement will be the $ 6,800 — $6,900 range, which should open the way to $7,400 level (we write about that level almost in each review)

Capitalization has slightly grown: as of this writing, it amounts to $ 224,961,599,528. It is a positive signal: money is little by little coming back to the market. Moreover, at the end of the last week, some exchanges saw a sharp increase in trading volumes. For instance, on Friday, Poloniex recorded a 250% growth.

Last week, most of the cryptocurrencies showed a fairly good growth. In particular, Ripple will be remembered for its rapid growth of almost 60%. After all the accusations, scandals and lawsuits, the project managed to restore its reputation. For a short time, it even outperformed Ethereum in capitalization. Its rapid growth is largely attributed to the announcement of the forthcoming launch of xRapid, a product for cross-border payments. New partnerships have also contributed to it. We discussed the reasons for the growth of Ripple and its prospects in this article.

Last week, there were also news reports that appeared to be bad at first sight: the community learnt about the hacking of Zaif cryptocurrency exchange. However, contrary to the established trends, the price, after a sharp decline, went up less than half an hour later. The sharp price jump coincided with the purchase of 5 million XBTUSD contracts on the BitMEX exchange.

US lawmakers made headlines in the last week’s news as well. The Office of the Prosecutor General claimed that cryptocurrency exchanges do not have adequate methods to protect users and are extremely vulnerable to manipulation. They also accused Kraken, Gate, io and Binance of illegal transactions within the United States. The good news is that the market virtually does not respond to such statements any more.

The prosecutors’ statements are not stopping Binance from testing its new fiat-to-crypto exchange either. All the details are kept secret. It is only known that Binance is planing to increase the issue of BinanceCoin. To remind out readers, the exchange regularly burns the BNB crypto currency.

We will keep you updated on the latest developments! Have great profits and stay with us!