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.
- 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
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