Crypto market lulled to sleep; Bitcoin and major altcoins sit in tight ranges
|- Bitcoin stays close to $3,600 amid directionless trading.
- Crypto Winter does not discourage deal hunters and IT companies.
Cryptocurrency markets are mixed today with major coins moving directionlessly within narrow ranges. The total value of all digital assets in circulations stays around $121B, unchanged from Wednesday.
Bitcoin continues hovering around $3,600 as the market participants cannot decide on the next step. BTC/USD recovered from the Asian low at $3,572, but the upside is limited at this stage.
Ethereum held well, despite the last minute postponement of the long-awaited Constantinopole update. ETH/USD is changing hands at $121.50, down 1.1% since the beginning of Thursday and unchanged on a day-over-day basis.
Ripple’s XRP is hibernating at $0.3265, though the short-term bullish trend may be gaining traction.
The market has seen a significant crash in recent 12 months that erased nearly 90% of its value. Dubbed as a Crypto Winter, the collapse caused pain to many investors and raised questions about the market’s future. However, the price declines did not discourage IT companies from creating blockchain infrastructure, or investors from looking for undervalued projects.
"This is the most productive phase we’ve ever been in," Konstantin Richter, chief executive officer of Blockdaemon, said panel discussion hosted by Bloomberg News in Los Angeles. "Projects now need to show their colors. The time is up of raising a lot of money and talking a lot of talks." Richter said at a panel discussion hosted at the Los Angeles bureau of Bloomberg News.
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