Weekly Market Sentiment: Bulls get behind Bitcoin and Ethereum while XRP waits on the annual Swell Boost
The first full week of November sees the 3 main cryptocurrencies bracing for a period of intense volatility. Bitcoin, Ethereum and XRP are all coming after weeks of fluctuation and investors’ despair. Now, the market sentiment points to a fight to the death between bears and bulls, with the latter slightly likelier to come out on top.
The week starts with a total crypto market capitalization of $247 billion that sees it lose $10 billion from the $257 billion-mark that it hit only 7 days ago. Bitcoin is still dominating the market with 67.2%, Ethereum lagging far behind at 8.09% and XRP sluggishly hovering at 5.12%.
Bitcoin Market Sentiment
Bitcoin price ended the week at $9,400 only to drop by on Sunday night and starting the next week at $9,275. The bearish move seems to be short-lived and insignificant when compared to the massive drop that saw BTC trade for nearly $7k two weeks ago.
The $9,000 – $10,000 interval seems to be the battleground for Bitcoin value between bulls and bears in the short-term. Unless China’s Xi Jinping doesn’t come out with a new statement regarding his country’s love for blockchain, we should not see remarkable changes throughout the next seven days.
The most optimistic view regarding BTC price comes from Binance CEO CZ, who is a staunch believer of an imminent bullish surge. In a recent tweet, he claimed that 1.4 billion people are currently working to get Bitcoin value over the $16k mark.
Many industry experts share CZ’s bullish sentiment regarding Bitcoin, but few can agree that BTC price will go over this year’s high of $13,800 any time soon.
Crypto analyst SmokeyXBT believes that a recent bearish sentiment which would see BTC price drop to $8,700 is not realistic. Another Bitcoin trader, The Crypto Dog claims that the recent value evolution of the world’s best-known cryptocurrency looks like a bullish “launchpad.”
Ethereum Market Sentiment
Ethereum price is looking to consolidate its position above the $180 mark. Ever since surpassing it almost a week ago, the second most popular crypto is looking for a significant bullish push above the $190 threshold. At that point, the subsequent increase in demand for Ethereum would most likely see its value reach as high as $213.
Ethereum already started the week on a high, peaking Monday morning at $186.17. For a very short spell, it followed Bitcoin’s downtrend and reached a disappointing $182 before surging back to its weekend value.
Mayne is a cryptocurrency analyst that maintains his optimist Ethereum sentiment. He believes that the crypto will solidify its position and any value drop will most likely result in a bear trap.
Ethereum may remain in bear territory in the short-term, and although a bullish push is likely to happen, outperforming Bitcoin remains a mirage.
XRP Market Sentiment
XRP price opens the week at $0.296091. Ripple’s utility token has been flirting with the $0.30 mark for several weeks now, and it might finally break the ice in the upcoming days.
The Swell Conference that will take place between 7 and 8 of November in Singapore will most likely reveal several significant announcements for the crypto market. Potentially positive announcements should boost XRP value past the dreamy $0.30 threshold.
The Swell by Ripple Conference is an invite-only event where some of the biggest names in the crypto industry come together. Every year, the summit reveals new developments and innovations that attract investors and developers alike.
In anticipation of the Swell Conference, XRP has seen a remarkable surge in transactions. Only on October 26th, the number of daily transactions reached an impressive 1.63 million. As crypto analyst XRPcryptowolf pointed out, the bullish push got near to the record-high 1.70 million that took place between December of 2017 and January 2018.
Peter Brandt, a trading professional with 40 years of experience in the field expressed his optimistic sentiment regarding XRP value. He claims that the current run of Ripple’s token may see it jump to $0.47 once it goes over the $0.30.
Crypto Market Overall Sentiment
The end of October 2019 has seen the 3 main cryptocurrencies get a mid-week boost in value before going on a slow downtrend. For the week to come, many expect the bulls to get behind and push strongly for another flash news surge.
It may be too early into the week to witness a full-out attack, so the current market sentiment among investors is to patiently wait before throwing their chips into the fight.