Tanya Abrosimova
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Crypto traders brace for short-term volatility with $2.4 billion options expiry on Friday
Bitcoin and Ethereum options market looks bullish on Friday, according to data from intelligence tracker Greeks.live. The firm said it has identified two Bitcoin calls that show an underlying bullish sentiment among market participants.
XRP recovers from week-long decline following Ripple’s response to SEC motion
Ripple filed a letter to the court to support its April 22 motion to strike new expert materials. The legal clash concerns whether SEC accountant Andrea Fox's testimony should be treated as a summary or expert witness.
Lido adds 4% gains as protocol rolls out first step towards decentralization
Lido takes the first batch of simple DVT validators to live, a step taken to decentralize the protocol. Lido leveraged technology to expand the protocol to multiple node operators, inviting both solo and community stakers.
Bitcoin Weekly Forecast: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.