Tanya Abrosimova
Independent Analyst
- Major cryptocurrencies are locked in narrow ranges.
- Big investment firms poured over $1.6B in the industry in 2018.
Cryptocurrency market continues its consolidative pattern during early Asian hours. Bitcoin and other major altcoins are sidelined in narrow ranges with Bitcoin SV being the biggest mover out of top-20 coins. BSV lost nearly 6% of its value on a day-over-day basis, though it is still in a green zone on a week-over-week basis.
The total capitalization of all digital assets in circulation is $130B, unchanged from Wednesday.
Bitcoin (BTC) clinches to $3,800 handle amid low trading activity and non-existent volatility. We need to see an apparent breakthrough in either direction soon to clarify the short-term momentum. $3,900 handle creates the near-term resistance, while the local support comes at $3,650.
Ethereum (ETH) is hovering around $137.00, also unchanged on a day-over-day basis. Constantinople update is going to take place today, so be wary of sudden bouts of volatility in ETH.
Ripple’s XRP, the third largest coin, is changing hands at $0.3140, down 1% from this time on Wednesday. The price is moving in sync with the rest of the market.
EOS and Binance Coin are the growth leaders today. Both coins have gained nearly 4% in recent 24 hours.
Meanwhile, venture capital and blockchain-related funds were not deterred by the bear market and invested over $1.6B in the industry since the beginning of 2018, according to the latest report published by Diar Research.
“2018 may have been a bloodbath for cryptocurrencies, but not so for blockchain-led operations having secured over $1.6 billion for projects that have garnered attention by their very backers. The industry as a whole had secured over $3.9 billion up till October 2018, moving the tally upwards of $5 billion accounting for capital raised,” the data and analytical research provider wrote in a note to its clients.
The data confirms the process of institutionalization of the industry where the retail traders give way to large-scale investment firms.
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