- Major cryptocurrencies are sitting in tight ranges.
- The consolidation may end in a new sell-off.
The cryptocurrency market is moving within the recent ranges predominantly with a bearish bias. The total capitalization of all digital assets in circulation reduced to $134B from $135 on Thursday.
The upside momentum created by JP Morgan’s decision to launch its own coin is fading away. The market has stalled at significant resistance levels. Inability to move further into the end of the week might result in a new leg down.
Bitcoin (BTC) is dancing around $4,000 handle. The first digital coin has been keeping cryptocurrency traders on the alert since the beginning of the week. Considering a pent-up momentum, a sustainable move above this critical handle will trigger a strong movement, possibly towards $5,000.
Ethereum (ETH) is also rangebound. The coin touched $151.00 during the week but retraced below $148.00 handle. An upcoming Constantinople update keeps Ethereum bears at bay due to a lot of uncertainty surrounding the event. ETH/USD is changing hands at $147.66 with short-term bearish bias amid low trading activity in the market.
Ripple’s XRP, the third largest coin, has lost over 2% since this time on Thursday to trade at $0.3213. A sustainable move below $0.3250 handle bodes will for the cryptocurrency, though the long term trend is still bullish as long as the price keeps above $0.30.