Bitcoin is somehow managing to say in the $3,600 price range third day in a row as of today but other cryptocurrencies are mostly in the red, making a step back after the short recovery that we previously reported in our altcoin news.
The number one cryptocurrency has been trading sideways over the past 24 hours but is still able to remain at its threshold of $3,600. BTC managed to gain more than $200 in value just two days ago and reached a price point of $3,691. Also, the past week, BTC transaction volume reached the levels to where it was last January.
Ripple (XRP) which is currently the second largest cryptocurrency in the world, has seen a 3 percent decrease and is now trading at $0.3. The market cap of XRP also shrunk over the past day and now has a total value of $12.5 billion. However, it still managed to pass Ethereum which has also lost more than 2 percent throughout the day yesterday and its market cap reached around $12.3 billion.
The total market cap of all cryptocurrencies has gone down to $120.1 billion and the trading volume for the past day is around $18 billion.
As previously reported Binance Coin is one of the biggest gainers among the top 20 cryptocurrencies and is not the tenth largest coin by market cap. The coin has been growing non-stop since February 6.
Bitcoin Cash and TRON lost the most, dropping by 4 percent yesterday.
Overall, there are some interesting movements happening on the market some of which the much-anticipated announcement of the launch of digital assets platform Bakkt.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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