Cryptocurrency market update: the moon is nigh

Tanya Abrosimova Independent Analyst

Cryptocurrency market has been growing like crazy this Tuesday morning. The total capitalization of all digital assets in circulation jumped to $160B for the first time since November 2018, while an average daily trading volume spiked to $44B, which is the highest since January 2018.

Was it a dormant whale with a large buying order? Or some kind of insider trading? Or maybe just a bunch of speculations? The answers are yet to be found out.

However, the facts are as simple as that:

Bitcoin (ETH) grew by nearly 23% in a matter of an hour and hit an area above $5,000. At the time of writing BTC/USD is changing hands at $4,750, which is still 14% higher from the levels registered at the start of the day.
Ethereum (ETH) hit $155.96 and retraced to $150.00 by the time of writing. The coin’s value grew by 6% since the start of the day.
Ripple’s XRP spiked to $0.3450 before retreating to $0.33 amid technical correction from an overbought territory.
Other altcoins demonstrated similar momentum gaining from 5% to 13%.

"Looks like #AprilFoolsDay put everyone in a good mood. This move has bee building for a while. Taking out the key level at $4,200 was critical. The rest is history,” Mati Greenspan from eToro says. commenting on the move.

Author

Tanya Abrosimova

Independent Analyst

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.

Crypto Today: Bitcoin, Ethereum, XRP trade within range amid low retail interest

Bitcoin, Ethereum and Ripple continue to exhibit subdued volatility, consolidating within narrow ranges at the time of writing on Monday. Persistent low retail participation and weak technical structures limit the chances of any extended upside price movements.