Crypto market overview: Bitcoin et al. hibernating in narrow ranges as investors wait for recession to become the next bullish catalyst

• All major coins are rangebound during early Asian hours on Friday.
• Most institutional investors expect cryptos to grow in case of economic recession, Fundstrat’s survey shows.

Cryptocurrency market is going nowhere: all major coins are dozing in depressingly narrow ranges amid declining trading volumes and non-existent volatility. The  total capitalization of the market slipped to $217.8B from $219.5 on Thursday.

BTC/USD settled marginally above critical $6,500 handle, to trade at $6,534 by the time of writing. The largest digital coin has been rangebound since the start of the week moving sleepily between $6,600 and $6,500.  

ETH has returned to $220 handle after a short-lived recovery attempt on Thursday. The second largest coin is changing hands at $220.00, losing 1.4% on day-on-day basis.  

Ripple’s XRP is trading at $0.5233, off the Asian low registered at $0.5201. The coin has lost nearly 3% of its value on a day-on-day basis after a failed recovery attempt towards $0.5480 on Thursday.

Meanwhile, investors believe the cryptocurrency universe will experience a strong growth if  global economy slips into a recession,  Fundstrat Global Advisors research shows. The experts surveyed institutional investors and found out that 72% of them expect that this class of assets will draw bids amid an economic slowdown. This results confirm the online Twitter survey also conducted by   Fundstrat Global Advisors:  59% of respondents expect cryptos to grow during recession.