- Major cryptocurrencies are still in hibernation.
- NEM is the best performer of the day.
Nothing is happening out there. Stuck in a”Groundhog Day” – as dubbed by Tomas Salles – the market eats away at nerves of speculative traders and analysts alike.
All significant coins have barely moved, while the total capitalization of all digital assets in circulation crept to $135B from $134B on Thursday, mostly due to minor coins.
NEM is the best-performing coin out of the top-20 pack. The coin has gained over 7% in recent 24 hours. IOTA, Cardano, and NEO managed to grow by 3% d/d.
What’s going on with majors
Bitcoin (BTC) sits in the middle of $3,800-$3,900 range. A short-lived bout of volatility on Thursday forced Bitcoin to test the boundaries of the range, but the breakthrough seems to be out of market’s capacity at the moment. At the time of writing BTC/USD is changing hands at $3,857.
Experts believe that this muddling in a range bodes ill for Bitcoin bulls.
“Bitcoin is still doing a lot of nothing as it seems stuck under $4k resistance. In the opposite move to the broad market, a trade that refuses to rebound will eventually tumble lower,” Jani Ziedins wrote in the CrackedMarket blog.
Ethereum, the second largest coin by market value, is trading at $133.75, also unchanged from this time on Thursday. ETH/USD retraced from the intraday high of $134.78. This area stopped the recovery attempt for the second time in succession due to stops and profit-taking orders on the approach of a critical $135.00.
Ripple’s XRP, the third largest coin, is sitting at $0.3141 amid low volatility and directionless trading. XRP/USD touched critical $0.3000 on Thursday but managed to regain ground rather quickly.