Tanya Abrosimova
Independent Analyst
- Major cryptocurrencies are still rangebound.
- ETH is under pressure following the hardfork.
Cryptocurrency market is still plagued by depressingly low volatility. Despite notable moves in separate coins, like BNB Litecoin and NEO, the overall market capitalization of all digital assets in circulation has barely changed in recent seven days.
Bitcoin, the largest and the most popular cryptocurrency, is glued to $3,800 handle. BTC has been dancing around this level for about a week with few signs of an upcoming breakthrough.
Considering the lack of upside momentum, the risks are tilted to the downside, which means that BTC/USD is more likely to retest $3,630 (DMA50) than to break above $3,900. Currently, BTC/ÚSD is changing hands at $3,794.
Ethereum, the second largest coin by market value, has successfully lived through the much-awaited hardfork. Constantinople update was activated at block #7280000 just as planned and went on smoothly. The initial reaction of ETH was muted, however, later the coin edged lower and broke below critical $130.00 handle.
At the time of writing, ETH/USD is changing hands at the intraday low of $129.84 amid growing bearish pressure. The coin has lost nearly 3% since this time on Sunday.
Ripple’s XRP, the third largest coin, is changing hands at $0.3111, losing 1.5% day-on-day. On a weekly basis, the coin has gained 2.6% due to a strong recovery on Monday, February 25. Since that time, the price has been drifting lower in sync with the market.
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