Tanya Abrosimova
Independent Analyst
- Cryptocurrency market is controlled by sellers.
- Low liquidity and lack of buying interest keep digital coins under pressure.
The cryptocurrency market continues sliding down amid low liquidity caused by the holiday season. The total value of all digital assets in circulation dropped to $120B from $128B the day before, while all major coins are nursing losses in the range of 3%-13% on a day-to-day basis.
Bitcoin is clinching to $3,600 handle, down nearly 4% since this time on Thursday. The largest digital coin managed to recover from $3,578 low, though the upside momentum is limited, while the overall market volatility is shrinking.
Ripple's XRP, the second largest coin by market capitalization, has settled at $0.3450, down 7% on a day-to-day basis. The coin is moving within a bearish trend in sync with other digital assets. XRP/USD recovered from the intraday low registered at $0.3415.
Ethereum is one of the biggest losers today. ETH/USD has lost 13% in recent 24 hours amid the massive sell-off by ICO projects. The coin is changing hands at $116.37, off the intraday low reached at $115.39.
Ethereum Classic slipped back under $5.00 to trade at $48.81 by press time. The coin gave back all gains made during the previous sessions, yielding to general selling pressure on the market.
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
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.