Cryptocurrency Market

Cryptocurrency Market Moving along a Narrow Price Range

The valuation of the overall cryptocurrency market is hovering around the US$118 billion. The trading volume of more than 2,000 cryptocurrencies during Sunday was around US$16.4 billion.

  • Bitcoin (the largest cryptocurrency in terms of market cap) price is currently hovering just below the crucial resistance at US$3,600. This has made the market cap go above US$60 billion. In fact, BTC’s trade volume globally is over US$5.5 billion.
  • The second spot in the cryptocurrency ranking list (in terms of market capitalization) is currently held by Ripple (XRP). XRP is trading at around US$0.30, taking the market valuation to US$12.7 billion.
  • Ethereum is at the third largest cryptocurrency currently in terms of market cap. It is trading at US$113 price and the market capitalization is hovering around US$11.8 billion. In the last week, Ethereum has lost around 4%. It is the largest loss made by an altcoin in the top-5 cryptocurrency list.
Cryptocurrency Market
  • Another crypto that needs special mention is EOS, the altcoin that holds the top position in the China crypto and blockchain ranking. On Sunday, EOS was trading at US$2.39. During the weekend it was holding the 5th position in terms of market cap.
  • TRON is one of the few altcoins that made significant gains in the last 7 days. It has increased by over 25%, helping it to become the 7th largest cryptocurrency in terms of market capitalization.
  • Bitcoin Cash (BCH) is trading at a price of US$123 with the market valuation of around US$2.17 billion. In the last week, the BCH price has dropped by 2.8%. It is currently the 8th most traded cryptocurrency.  

Sideways Consolidation of Crypto Market means that Something is Going to Happen Soon

The cryptocurrency market is currently facing a lack of volatility. Uncertainty is still looming in the market. The short positions of Ethereum (ETH), as well as Bitcoin (BTC), are not particularly high on both Bitfinex and Bitmex. It seems something is going to happen soon. Either it will be a huge upswing or a significant downturn.

Photo Credit: