Cryptocurrency market lethargic; beware of strong volatility ahead

Major coins are marginally in green on Friday.
The market needs strong catalysts to start moving.

Tanya Abrosimova Independent Analyst

The cryptocurrency market is rangebound with early signs of recovery. Bitcoin and major altcoins are mostly in green; however, the upside bias looks unconvincing so far. The total value of the market stays above $120.B after a short-lived dip to $119B on Thursday.

While the market is snoozing in tight ranges, investors should be on the alert, as prolonged periods of low volatility are usually followed by strong movements.

Bitcoin is changing hands at $3,573, gaining nearly 1% since this time on Thursday. The first digital coin cannot break free from the tight range since the beginning of the week, and there are no signs of the upcoming breakthrough yet.

Still, many experts believe, that Bitcoin’s short-term risks are skewed to the downside.

Ripple’s XRP is hampered below $0.3200 XRP/USD is trading at $0.3178 by press time with marginal gains on a day-over-day basis. The second largest coin with a market value of $13B holds well despite that a sustainable move below $0.3200 has worsened the technical picture.

Ethereum regained $117.00 level to change hands at $117.59 at the time of writing. The coin is floating in sync with Bitcoin and other altcoins as there are no fresh catalysts that might have triggered ETH movements.

Author

Tanya Abrosimova

Independent Analyst

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