Tanya Abrosimova
Independent Analyst
- Major coins are rangebound after Tuesday sell-off.
- The market longs strong catalysts to start moving again.
Cryptocurrency market is a mixed picture on Wednesday. Bitcoin prices fell on Tuesday extending losses to $3,341. However, the coin managed to recover above $3,400 handle by the time of writing to stay unchanged on a day-over0day basis.
The total value of all digital assets in circulation stays at $113B, off the Tuesday low of $111B.
Cryptocurrency experts refrain from overoptimistic short-term forecasts amid weak fundamental backdrop and sour sentiments, dampened by ETH decision.
“There’s just no catalyst to push it higher at the moment. The macro backdrop isn’t great, and the ETF decision has dampened enthusiasm,” Charles Hayter, co-founder of CryptoCompare commented.
He also added that the trading volumes would grow in the next weeks as the market would revive after December lull.
Ripple’s XRP stays marginally above $0.2900 level. The coin is recovering from the recent low of $0.2862 amid growing short-term volatility. XRP/USD may get to $0.30 handle if the upside momentum gains traction during the day.
Ethereum sits at $105.63, unchanged both on a day-over-day basis and since the beginning of Wednesday. The coin has recovered from $103.73, but the further upside is limited due to strong technical resistance right above the current price. Low volatility amid short-term bearish sentiments is likely to hamper ETH bulls attempts to get the price above $106.00 level.
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