Bitcoin, Ethereum, Ripple overview: Bitcoin whales on shopping spree amid the bear market

  • Major cryptocurrencies are rangebound on Wednesday.
  • Crypto whales increased their wallet balances.

Cryptocurrency market is a mixed picture on Wednesday with Bitcoin and all major altcoins oscillating in tight ranges with no viable signs of an imminent breakthrough. However, the cryptocurrency market is known for its notorious unpredictability so that anything can happen before the next dawn in Asia.

The total capitalization of all digital assets in circulation has settled at $130B, marginally lower from Tuesday’s $130B.

Bitcoin (BTC) is lethargic marginally above $3,80o. Considering a confluence of strong technical indicators, the upside will be difficult until $3,900. A move higher will heighten the chances for another leg up, above $4,000. 

Ethereum (ETH) has settled above $139.00 after a short move to $135.70. The second largest coin is waiting for the upcoming Ethereum network updates, which makes it somewhat volatile. The event is scheduled for February 28, and if everything goes smoothly, ETH might experience a strong relief growth.

Ripple’s XRP, the third largest coin, is changing hands at $0.3188 as the upside caused by Coinbase pro listing news proved to be unsustainable. XRP’s volatility is expanding, while the short-term trend is bullish.

Meanwhile, some investors seem to increase their cryptocurrency exposure amid bearish market. The balances of the largest Bitcoin wallets increased by over 150 000BTC (about $570M) in recent two months, according to BitInforCharts.

The first five addresses with increased balances are known, they belong to cryptocurrency exchanges Bittrex, Bitfinex, Bitstamp, Huobi, and Binance. Their cumulative balance increased by 2 879 BTC to 574 000 BTC (about $2.17B) from 17 December 2018.

The owners of other top-100 wallet addresses are mostly unknown. Their cumulative balance grew by 151 405 BTC.

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