Bitcoin and Ethereum Market Review for 7th January 2021

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Complete crypto market cap has contributed $102 billion to its valuation for the duration since Monday morning and now stands at $1.09 trillion. The top ten coins have all been in green for the last 24 hours, with Ripple’s XRP and Stellar’s (XLM) becoming the major winners with a 41.5 and 18.5 percent rise respectively. At the time of publication, bitcoin (BTC) was trading at $39,104.14 on the Coinbase Chart after hitting all the high $39,995, ethereum (ETH), at $1,226 on the Coinbase Chart after reaching all the high $1,291. XRP has climbed to $0.336.

BTC/USD

Bitcoin ended the trading day on Sunday, January 3rd at $33,121 after trading as high as $34,820 during intraday. The coin gained 12.8 percent for the weekend, leaping out of the sub-$30k range on Saturday. The week ended up 26 percent higher.



Bitcoin current price and all time high on Coinbase  at time of writing

The BTC/USD pair encountered a flash crash on Monday. The so-called CME gap was filled all the way down to $27,710, but the leading cryptocurrency was able to rebound in the evening part of the day, only closing with a short red candle to $31,973.

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According to some observers, the BTC’s potential financing rate was already too high, so the long tightening case, which liquidated billions of jobs, was intended to return the financing rate to balance. In general, a lower funding rate is better for long-term uptrend stabilisation.

In addition, bitcoin has been in the uptrend corridor since December 16 on the 4-hour map, which was not affected by Monday’s selling.


Ethereum current price and all time high on Coinbase at time of writing

Tuesday’s trading day was highly unpredictable. BTC/USD dropped to $30,000 in the morning, then climbed back up and closed in pink, reaching $34,000.

The coin soared to new heights on Wednesday, January 6. This period it hit $36,850, which resulted in a rise of 8.3 per cent per day.

As of the time this article was published, it was around $37,450.

ETH/USD

The Ethereum Project token ETH exceeded the weekly resistance at $790 on January 3 and stopped at the next big timeframe hurdle – $980. The coin added 26 percent to its value during the Sunday session and finished the week 43 percent higher than the previous seven-day era.

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On Monday, the ETH/USD pair established a third consecutive green candle on the daily chart and jumped up to $1,043 to breach the $1,000 psychological mark for the first time since 2018. The coin jumped up and down the broad range between $1170 and $890 during the day, which was due to BTC’s derivative-caused a flash crash case.

The price of ether rose over the next two sessions, first reaching $1,100 on Tuesday, then $1,211 on Wednesday. Over the time, it increased by 16%.

In the early hours of trading on Thursday, January 7th, the biggest altcoin hit the next major weekly resistance at $1,230 and is now trading at $1,194.

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