Cryptocurrency Market Update: Sunday range is a precursor for another big move


  • Negative rates policy is beneficial for cryptocurrencies.
  • Bitcoin and major altcoins are locked in tight ranges.

The cryptocurrency market is a mixed picture on Sunday. Bitcoin and all major altcoins are staying in the ranges amid low trading activity. The total capitalization of all digital assets in circulation settled at $219 billion, unchanged from this time on Saturday, April 25, while an average daily trading volume reached $166 billion. 

From the fundamental point of view, massive monetary injections and negative rates policies adopted by major central banks solidify Bitcoin's bull case. According to Narayana Kocherlakota, a professor of economics at the University of Rochester and a former president of the Federal Reserve Bank of Minneapolis, Fed's rates may go negative next week. Several European central banks, as well as the Bank of Japan, have already taken such steps. 

If the FED joins the game, Bitcoin and other cryptocurrencies may get a boost as banks will seek ways to protect their wealth without paying a penalty for keeping their funds on the central bank's accounts. Bitcoin offers no interest, just like paper cash, but it is much more convenient in terms of storage and deflationary characteristics.


Top-3 coins overview

BTC/USD has been sitting in a tight range marginally above $7,500 since Friday, April 24. The price of the first digital coin has stayed unchanged both on a day-to-day basis and since the beginning of Sunday. As the upside momentum has faded away,  BTC/USD is moving within a short-term bearish trend amid low volatility; bulls need to take out $7,600 to get the recovery back on track. 

ETH/USD has settled above $195.00 during Sunday trading . The second-largest coin has stayed unchanged both on a day-to-day basis and since the beginning of the day amid short-term bearish sentiments and decreasing volatility. The next critical resistance is created by psychological $200.00.

XRP/USD settled in the middle of the range $0.1900-$0.2000 by the time of writing. The coin is moving within the short-term bearish trend in sync with the market. The volatility is low.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

ICON looks extremely bullish in the long-term as ICX price targets $3

A brief technical and on-chain analysis on ICON price. Here, FXStreet's analysts evaluate where ICX could be heading next as it looks ready to continue surging.

More Crypto News

BNB price marches toward $400 regardless of Binance legal woes

A brief technical and on-chain analysis on Binance Coin Inu price. Here, FXStreet's analysts evaluate where BNB could be heading next as it seems primed to advance further.

More Binance Coin News

Uniswap price has gathered the steam for UNI to advance to $30

A brief technical and on-chain analysis on Uniswap price. Here, FXStreet's analysts evaluate where UNI could be heading next as it seems bound to advance further.

More Uniswap News

These two DeFi tokens are primed to skyrocket

SushiSwap continues to trade in a horizontal channel. Aave emerging from an ascending triangle pattern, breaking the 200-day SMA resistance. 

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP