Crypto market overview: Bitcoin, Ethereum, and Ripple grinding higher, Tron under pressure

The market is mildly positive, but momentum is capped by resistance levels.
IOTA is the growth leader, while TRON is an outsider.

Tanya Abrosimova Independent Analyst

Cryptocurrency market is recovering slowly from the losses incurred earlier this week. While all major coins are green on daily basis, the upside momentum remains weak and capped by critical resistance levels. The total value of all cryptocurrencies settled at $331B with average daily volume $16B.

Bitcoin, the worlds biggest digital currency, is changing hands at $7,500, after reaching an overnight low at $7,324 level. BTC/USD is mostly unchanged since the start of the day, however, the price gained over 1.8% since this time yesterday; Bitcoin's market value is $128B.

Ethereum is trading at $572, marginally lower on the day. However, on a day-to-day basis, the second largest coin gained over 1.8% of its market value - currently $57B. ETH/USD is stuck in a narrow range of critical support at $500.00 and strong resistance at $600.00.

Ripple reclaimed $0.60 handle to trade at $0.6094. XRP/USD is down from the Asian high at $0.6140, but the momentum is positive with nearly 2% growth on daily basis amid news that Binance added new trading pairs with XRP.

Tron is the only cryptocurrency from top 10 losing ground on a daily basis. TRX/USD is trading at $0.0607, down 2% as the transition to proprietary MainNet from Ethereum protocol failed to impress the market.

IOTA is on the other end of the spectrum. IOT/USD has gained 11% in recent 24 hours, now trading at $1.75. Trinity Mobile Wallet app release is regarded as the key factor behind IOTA's upside momentum.

TRX/USD, the hourly chart

Author

Tanya Abrosimova

Independent Analyst

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