Tanya Abrosimova
Independent Analyst
- Major cryptocurrencies settled down after another selling wave.
- Bitcoin needs to recover quickly to avoid further losses.
The cryptocurrency market has resumed the downside into the end of the week. With all major coins deep in red, it is hard to maintain optimistic stance towards the digital assets, that have lost over $700B of their cumulative value since this time in 2017. The total capitalization is now registered at $104B, from $108B on Thursday.
Bitcoin stays unchanged since the beginning of Friday, down 4% in recent 24 hours. The coin is trading at $3,250 at the time of writing after a weak recovery from a new 2018 low registered at $3,194.
Ethereum, the third largest digital asset, is changing hands at $86.26, doing marginally better than its larger brother. The coin stays above critical support level $85.00, though the recovery is nowhere to be seen. ETH/USD has lost 3.5% in recent 24 hours and remained unchanged on Friday. The market cap of ETH has reduced to $8.9, while average daily trading volumes increased to $1.7B from $1.4B on Thursday.
Ripple's XRP is hovering under $0.30 ($0.2980 at the time of writing). The coin is doing better than its closest counterparts as it has lost only 1.7% of its value on a day-to-day basis.
Meanwhile, the market is vulnerable to new losses as there hasn't been any meaningful recovery for the recent five trading weeks. According to Jani Ziedins of CrackedMarket, the longer buyers hesitate, the less the chance for a strong growth.
“Bitcoin continues to muddle along in the mid-$3K range. The longer we maintain these levels, the less likely it becomes that prices are oversold and poised for a pop. The public has largely written cryptocurrencies off as a fad and no new money is coming in. The lack of demand will continue to be a big liability,” he explained.
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