Crypto Market Update: XRP shoots to the moon, Bitcoin and Ethereum are left behind

The cryptocurrency market is a mixed picture on Tuesday. Bitcoin entered a consolidation phase after a retreat from the new April's high $7,800; major altcoins are losing ground amid low trading activity. The total capitalization of all digital assets in circulation settled at $221 billion, slightly higher from this time on Sunday, April 26, while an average daily trading volume reached $141 billion. 

The activity of cryptocurrency exchanges is on the rise

The volume of the direct transactions between cryptocurrency exchanges doubled in the first quarter of 2020 as compared to the similar period of 2019. Within the reporting period, the exchanges transacted Bitcoins worth $15 billion against $8.2 billion in Q1 2019, according to the recent report, provided by Crystal Blockchain.

The researchers analysed the transaction history between 436 exchanges in 70 countries around the globe starting from 2013 and until the end of Q1 2020. Their main purpose was to trace the evolution of the Bitcoin market and its reactions to various internal and external factors, including change of regulatory environment, global financial conditions.

Notably, 37% of all BTC transactions were performed on Seychelles Island, while the UK has become a leader in terms of exchange transactions. 

Top-3 coins overview

BTC/USD has been sitting in a tight range marginally below $7,800 since the beginning of the day. The price of the first digital coin has stayed unchanged both on a day-to-day basis and since the beginning of Monday.  BTC/USD is moving within a short-term bullish trend amid low volatility as bulls are not ready to take out $8,000. 

ETH/USD resumed the recovery and settled above $197.00 after a short0lived consolidation at $195.00 during early Asian hours. The second-largest coin has stayed unchanged both on a day-to-day basis and since the beginning of the day amid short-term bullish sentiments and low volatility. The bulls need to take out $200.00 to keep the recovery on track.

XRP/USD jumped above $0.2000 and hit $0.2100 before retreating to $0.2070 by press time. The coin is moving with bullish bias amid high volatility, 6% higher from this time on Monday.