Cryptocurrency market is rising during the weekend | Finance and Markets

Share This On Social

Cryptocurrency market is rising during the weekend with Bitcoin price climbing above 4,000 USD, while Ripple rose above 0.37 USD and Ethereum appreciated above 130 USD. The cryptocurrency market is relatively stable during the last days, defending the area of market capitalization around 130 billion USD.

The largest increase during the weekend was registered in Ethereum-based cryptos. The EOS rose by 10% to 2.84 USD, while Ethereum expanded by 14%.

Bitcoin technical analysis

Bitcoin’s price is climbing upward on the 14-day SMA trend line on December 17 after falling below it on November 14. Currently, the price of the cryptocurrency is around 4,000 USD, around the 50-day SMA.

Between November 29 and December 6, the cryptocurrency fell below its 14-day SMA, which is below the 50-day SMA. The stochastic oscillators are under 80, which means the Bitcoin price can range between 4,000 USD and 3,500 USD in the next few trading sessions.

The area around 3,200 USD seems to be an important support for the Bitcoin, and if it breaks, we’ll look at the worst case scenario. If this happens, the bears are likely to push the cryptocurrency down to 2,500 USD.

Bitcoin price

Ripple price analysis

The price of Ripple rose against the US dollar over the past few days. The cryptocurrency has risen above its two SMA to a peak of about 0.55 USD on November 6.

After falling to just under 0.30 USD, the cryptocurrency regained its power on December 17 and managed to cross the 14-day SMA line, reaching 0.40 USD, where its 50-day SMA is located. The 14-day SMA is below the 50-day SMA.

The stochastic oscillators are closed under range 80, probably to initiate consolidation. It is necessary for the Ripple to break above 0.40 USD so that a healthy upward trend can be achieved. However, bears can still push the price of the cryptocurrency down.

Ripple price

Ethereum price analysis

There is a strong rally at the price of Ethereum, which started on December 15, when the cryptocurrency was traded around 83 USD. Since then, the price has risen by almost 60%, indicating that more and more traders are aware of how much undervalued the asset was.

On Saturday (December 22), at 07:00 UTC, Ethereum was traded at 108.81 USD. Less than 24 hours later, at 15:45 UTC on Sunday (December 23), Ethereum had overcome the resistance level of 130 USD. The currency reached 130.74 USD, rising by 20% in the last 24 hours.

If this strong performance continues, Ethereum has good chances to overtake Ripple by market capitalization before the end of the year and to re-become the second most valuable cryptocurrency.

Ethereum price

Comcast develops blockchain software

The US global telecom Comcast aims to make its blockchain initiative commercially available in 2019.

“Comcast is currently working with NBCUniversal to test the possibilities of blockchain with plans to include it in its addressable offer in early 2019”, says the announcement of the company.

Comcast is a global media company founded in 2001 that provides cable TV, Internet and telecommunication services. Comcast is the second largest television company in the world in terms of revenues and the largest television company in the United States. Consolidated revenue for the third quarter of 2018 is 22.1 billion USD.

“Cable Advertising is launching the next phase of its blockchain platform, a product designed to provide personal data and information sharing, which will eventually lead to the launch of the project in 2019. Comcast is working on the project with other industry players such as Viacom Media Conglomerates and Spectrum Reach, as well as others”, adds the statement of the company.

The blockchain technology will provide a “layer of identity” for the television industry through which media companies can share unidentifiable data. The peer-to-peer platform aims to improve the performance of TV marketing and advertising.

In addition to its own products, Comcast also supports other blockchain development projects. In March, New York-based blockchain startup Blockdaemon closed a 3 million USD funding by the telecom giant.

The funds were set to be used to “improve infrastructure capacities and help customers manage multi-user networks in all sorts of different blockchains”.