The cryptocurrency market update: Bitcoin observes the range, altcoins way for triggers

  • Bitcoin is hovering around $10,300 with a short-term bearish bias.
  • Ethereum is the best-performing altcoin out of top-20.

Bitcoin and all major altcoins have been range-bound with a bullish bias. The total market capitalization stays edged towards to $267 billion, average daily trading settled at $44 billion, while Bitcoin's market dominance retreated below $70.0% to 69.4%.

What’s going on in the market

The representatives of Libra project scheduled a meeting with ECB officials and an CPMI (The Committee on Payments and Market Infrastructures (CPMI)) to discuss the details of the coin.

The founder of China’s first Bitcoin exchange BTCC launched a new startup called Ballet that will be developing a new set of Bitcoin wallets.

Top-3 coins  price overview

At the time of writing, BTC/USD is changing hands marginally above $10,300, unchanged both on a day-on-day basis and since the beginning of the day. The coin attempted a recovery towards $10,400, but the upside potential failed to materialize.

Ethereum, the second-largest digital asset with the current market capitalization of $20.9 billion has gained nearly 4% in recent 24 hours to trade at $193.77. ETH/USD grew strongly during early Asian hours, however, the further upside may be limited by critical $200.00.

Ripple's XRP is moving in sync with the market. The third largest cryptocurrency asset with the market value of $11.3 managed to stay above critical $0.2600; however further recovery is capped by $0.2650  XRP/USD is changing hands at $0.2625 at the time of writing. 

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Bitcoin Weekly Forecast: BTC/USD needs to go down again before it goes up

After a head-spinning volatility at the beginning of the week, BTC/USD settled above $9,600 with minor gains on a week-on-week basis. A shall Doji candle on a weekly chart is an alarming signal that the bulls are exhausted by uncertainty and large price swings. 

Read the weekly forecast