Bitcoin, Ethereum, Ripple market update - range-bound trading rules the market

  • Bitcoin (BTC) recovered from the intraday low, further upside is limited.
  • Altcoins are moving in sync with the first digital currency.

The cryptocurrency market is mostly directionless on Thursday. Bitcoin and major altcoins are range-bound with bearish bias; however, the critical support levels are still intact. 

The total cryptocurrency market capitalization settled at $196 billion; an average daily trading volume increased t0 $60 billion. Bitcoin's market share is registered at 66.6%.

What's going on in the market

Tezos (XTZ) continues its winning streak with nearly 4% of gains on a day-to-day basis. The US-based cryptocurrency exchange Kraken announced Tezos staking support that will bring the coin holders 6% of annual return. The news had a positive impact on the market and supported the price increase.

Meanwhile, Stellar Foundation decided to stop its 20-month airdrop ahead of schedule due to a flood of fake accounts. The team explained that giving money to crooks was at par with the initial purpose of the airdrop.

Also, Twitter is said to finance the development of standards for decentralized social media. The head of the company Jack Dorsey mentioned on Twitter that he was ready to fund a small independent team for that purpose. Twitter will put its weight behind the standard and, potentially, become one of its adopters.

Top-3 coins price overview 

On the intraday charts, BTC/USD has attempted a recovery above $7,200; but SMA50 (Simple Moving Average) 1-hour located on the approach to this resistance limited the upside and used the price back inside the previous range. At the time of writing, BTC/USD is changing hands at $7,184, mostly unchanged since the beginning of the day.

BTC/USD, 1-hour chart

Ethereum hit $144.80 before retreating to $144.28 by the time of writing. The coin has recovered from the intraday low of $139.80; however, the further recovery may be limited by $145.00. This resistance area is followed by SMA100 at $146.50.

ETH/USD, 1-hour chart

Ripple's XRP has settled above $0.2200 after a move towards $0.2169 during early Asian hours. The coin has recovered the intraday losses, though it is still locked within the downside trend. The upside may be limited by SMA200 1-hour at $0.2230.

XRP/USD, 1-hour chart


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bears take over and draw a bloody moon

Cryptographer and computer scientist Nick Szabo, has presented in his Twitter account a study on the "risk-benefit" ratio of different assets. The study used a Sharpe Ratio over four years Hodl period.

More Bitcoin News

ETH/USD bears flip the bulls, target shifts to $5

Ethereum Classic is facing the ultimate correction following a massive bull-run that had it hit January highs around $12 from December lows at $3.41. The persuasive urge upwards has, however, ended in losses due to a lack of ...

More Ethereum Classic News

Ripple's CEO sees an era of IPO in cryptocurrency industry

Ripple's XRP, the third-largest digital asset with the current market value of $9.4 billion has lost over 5% in recent 24 hours and hit the low of $0.2136 on Friday. XRP/USD is moving within a clear bearish trend amid expanding volatility.

More Ripple News

The Crypto Sector in selloff mode searches a support zone

Most of the cryptocurrency sector accelerated the losses after breaking the neckline of support that was holding their prices. The selling pressure was in almost all digital assets.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Bitcoin bulls and bear fight gets a tougher edge

The cryptocurrency market started the downside correction after a strong rally initiated by risk reversal play at the beginning of January and reinforced by various altcoin pumps...

Read the weekly forecast