The Cryptocurrency Market Update: Bitcoin enters into holiday mode
- Bitcoin (BTC) is range-bound amid low trading activity conditions.
- Altcoins stuck inside the ranges with a bearish bias.
The cryptocurrency market has entered a range-bound phase as a pre-holiday season is upon us. Thanksgiving day in the US and Black Friday keep trading activity low and risks of sudden price jump high. The total cryptocurrency market capitalization settled at $204 billion unchanged from this time on Thursday; an average daily trading volume decreased to $64 billion. Bitcoin's market share settled at 66.4%.
Top-3 coins price overview
BTC/USD bulls faced a strong resistance above $7,600 on Thursday and had to retreat towards $7,470 by the time of writing. The first digital currency is mostly unchanged both on a day-to-day basis and since the beginning of Friday. Looking technically, the initial support is created by SMA50 (Simple Moving Average) 1-hour, located on the approach to $7,400.
BTC/USD, 1-hour chart
Ethereum is trading at $151.70, off the intraday high registered at $153.55. The second-largest digital asset, with the current market capitalization of $16.6 billion, has been range-bound in recent 24 hours. Ethereum's further upside is limited by a psychological $155.00, which is reinforced by the upper line of 4-hour Bollinger Band. Initial support is created by a combination of SMA200 and SMA 50 1-hour at $151.50.
ETH/USD, 1-hour chart
Ripple's XRP has settled at $0.2250 by press time. The 3d largest digital asset with the current market value of $9.6 billion has been paralyzed in a tight channel since November 27, with the upside limited by $0.2300, and the downside limited by $0.2230.
XRP/USD, 1-hour chart
Author
Tanya Abrosimova
Independent Analyst
