Tanya Abrosimova
Independent Analyst
- Major cryptocurrencies are rangebound with a bullish bias
- Bitcoin stays unmovable in recent 24 hours
- EOS is the best performing cryptocurrency of the day.
The cryptocurrency market is rangebound during early Asian hours on Thursday after a strong rally at the beginning of the week. However, the overall trend remains bullish with major altcoins gaining from 1% to 6% in recent 24 hours. Bitcoin stays unchanged as the bulls are stuck under $4,000. The total capitalization of all digital assets in circulation hit $135B, which is the highest level since January 10.
Bitcoin (BTC) is paralyzed under $4,000, as the bulls need to pluck up courage for a decisive breakthrough. The coin is trading above DMA100 for the first time since September 5, which is a positive signal. However, a lack of progress on with $4,000 is somewhat discouraging.
Ethereum (ETH) has gained over 2.4% in recent 24 hours to trade marginally above $147 at the time of writing. ETH/USD follows the global trend on the market, meaning that more upside may be in store for us. The next bullish target is $150.00 followed by the recent high at $151.00.
Ripple’s XRP, the third largest coin, is grinding higher. XRP/USD settled at $0.3280, with 1% gains in recent 24 hours. It is still well below the recent high of $0.3505, but the overall trend remains positive as long as the price stays above $0.30.
EOS is the best-performing digital asset out of top-20 with nearly 7% gains in recent 24 hours and 35% on a week-over-week basis. EOS/USD is trading at $3.84 with the next focus on $4.00.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Dogwifhat price pumps 5% ahead of possible Coinbase effect
Dogwifhat (WIF) price recorded an uptick on Thursday, going as far as to outperform its peers in the meme coins space. Second only to Bonk Inu (BONK), WIF token’s show of strength was not just influenced by Bitcoin (BTC) price reclaiming above $63,000.
Runes likely to have massive support after BRC-20 and Ordinals frenzy
PUPS, WZRD, and PEPE are gaining liquidity through Bitcoin Ordinals. Creator of Bitcoin’s Ordinals protocol is debuting a new fungible token standard to rival BRC-20, Runes.
Ethereum shows firm support at key level as its correlation with US indices increase
Ethereum's price continued a sideways movement on Thursday as the market still awaits a trigger. Ethereum isn't alone in this horizontal trend; several major index funds have also traded sideways.
Mango Market attacker convicted of fraud and market manipulation
Mango Market attacker Avi Eisenberg was convicted by a federal jury on Thursday for "fraudulently obtaining" funds from the Solana-based decentralized exchange (DEX). He could face up to 20 years in prison for his role in the $110 million attack.
Bitcoin: BTC’s rangebound movement leaves traders confused
Bitcoin (BTC) price has been hovering around the $70,000 psychological level for a few weeks, resulting in a rangebound movement. This development could lead to a massive liquidation on either side before a directional move is established.