- 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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.