In recent time, the crypto market has been painting a mixed picture as Bitcoin, and other leading digital currencies such as Ripple (XRP), Ethereum, and Litecoin continue to oscillate within the latest ranges. For instance, the total market capitalization of all virtual currencies in circulation appreciated marginally by about a billion US dollars to land at $271 billion from about $273 since Tuesday. However, the daily trading volume of the cryptocurrency market has been depreciating, dropping to $84 billion amid slow market activity.
Over the past 48 hours, the cryptocurrency market has been witnessing a particularly volatile period of exchanging after the number one cryptocurrency asset; Bitcoin spread its wings above the 9,000-dollar mark only to tumble moments later and settle at the $8,500 mark.
As expected, a majority of the virtual currency market was affected by this volatility with leading assets such as Ripple’s XRP depreciating by a total of 7 percent over the past 72 hours. However, Ripple (XRP) remains a force to reckon with as it stays up by a total of 41 percent over the past 30 days.
The cryptocurrency market, as it stands, is a supreme mixture now. One can tell quickly that some of the coins do not depend on Bitcoin performance anymore, their individual positive or negative momentums now affect their prices directly. Let’s find out how the market is playing currently.
At the time of writing, Bitcoin is hovering above 8,500 USD following the Thursday evening plunge that sent tremors in the market. As it was predicted on May 30th by various cryptoanalysts, Bitcoin managed to break past its resistance level of 8,900 US dollars to even step above the 9,000 US dollar mark to trade at a high of 9,091 US dollars.
Despite its impressive run, BTC’s move might have been too ambitious as it made way for bears to come in and push for revenge. At the moment, it is not yet clear whether it was the entrance of the bears or action of traders taking advantage of the situation to make profits by creating fresh demand for the coin at a lower price that destabilized Bitcoin.
Either way, Bitcoin prices depreciated substantially below some of its main support levels such as 8,600 and 8,400 US dollars. As for BTC/USD, the pair extended the depreciation dropping under the 8,100 US dollar level. Fortunately, the re-emergence of the bulls just above the 8,000 US dollar mark saved the day, stopping further losses.
Since then, Bitcoin has managed to correct above the 24 percent Fibonacci retracement level recorded between the last sing-high of about 9,100 US dollars and a swing of 8,000 US dollars.
Meanwhile, there is a bullish momentum gathering speed above the 8,500 USD mark having 8,600 USD in its focus with buyers being supported by appreciating the RSI that currently sits at 42.42.
As it has become its norm, Ripple is keeping on with its quest of taking over the payment settlement industry by enlarging its wings further in the industry. Notably, Ripple seems not to be slowing down, introducing new inventions daily to drive out other reputable players in the industry.
Recently, Weitse Wind, XRP TipBot creator, publicized the creation of a new mobile application, Xign, that is expected to revolutionize the money transfer market. That has left a good effect on XRP prices but not a significant one, at least yet.
At the time of writing, Ripple’s XRP is exchanging at about 0.43 US dollars following a 1 percent price depreciation in the last 24 hours. However, XRP price looks stagnant for now, but following the announcement of the development of Xign, it is expected Ripple’s XRP is going to surge further making way for an impressive bull run soon.
EOS witnessed a sharp price surge this week to exchange above $7 mark. EOS price appreciation that was seen earlier this week was so impressive that the virtual asset managed to record a new high this year at 8.464 US dollars. However, the bulls didn’t last long for the coin. The current price stands above the primary resistance levels of 7.600 USD but below 8.000 USD as the coin is available for trade at $9.91 at the press time.
Ethereum and Litecoin
In the past 24 hours, Ethereum has shown mix behavior. After the Thursday (May 30th) spike, the second best crypto’s price went down, but it has managed to stabilize in the last 48 hours. Notably, on Thursday, Ethereum managed to exchange at a new 2019 high at about 289 USD level before sliding back. The decline took Ethereum’s price below the 250 US dollar support level, but it is currently trading at $267 again.
As it has become the norm for Litecoin prices to be closely related to Bitcoin price advancements, Litecoin recovered alongside the crypto king in the last 24 hours. But the six best cryptocurrencies by the highest market cap still trades in slightly red numbers (0.77%) if we take the last 24 hours into account.
Last but not least, here comes Tron. Surprisingly, the 11th biggest cryptocurrency in the world is up by a whopping 17.31% over the previous 24 hours as we write this post. Tron price surged significantly as CEO Justin Sun teased used Twitter again to announce a pre-announcement.
Quoting his recent tweet where he promised the crypto community of something ‘massive’ coming up, the Tron CEO claimed he had made a ‘big win.’ Right after the tweet, the crypto’s prices jumped.
— Justin Sun (@justinsuntron) June 1, 2019
Although Sun’s tweet has made Tron’s price to surge big time, he, however, has asked the community to wait till June 3rd for the details on his new success. At press time, TRX trades at $0.038842 after spiking by 17.31% in the last 24 hours.
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.