Tanya Abrosimova
Independent Analyst
- Major coins are rangebound amid directionless trading.
- BTC/USD paralysed under $4,000.
Cryptocurrency market is a mixed picture during early Asian hours on Monday. Top-20 coins are moving within tight ranges, little changed from the end of the previous week with the notable exception of Binance Coin that has been growing strongly in recent 24 hours.
The total capitalization of all digital assets in circulation stays at slightly over $140B, while an average daily trading volume is registered at $29B, in line with the longer-term figures.
Bitcoin (BTC) keeps hiding under $4,000 handle. The first digital coin is changing hands at $3,973, unchanged since this time on Sunday and lethargic for the whole week. We are still waiting for a decisive breakthrough above $4,000 as this development is a pre-requisite for a more extended recovery towards $4,200 and, potentially, $5,000.
Ethereum (ETH) is little changed staying at $136.54 at the time of writing. The second largest cryptocurrecy managed to recover from Thursday’s collapse to $133.51 but still lost 2.5% w/w. From the longer-term point of view, ETH/USD is also rangebound, capped by $140.00 on the upside and $130.00 on the downside.
Ripple (XRP) stays under $0.3100 handle. The third largest digital asset has barely changed in recent 24 hours; however, from a long-term perspective, it moves within a bearish trend, capped by the sloping trendline (currently at $0.3133). XRO/USD is down 2.7% since the previous Monday, moving in sync with the rest of the market.
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