The altcoin market suspended its growth at the beginning of this week due to the increased attention to bitcoin. Over the past day, the situation has not changed drastically, and the main cryptocurrencies continue to fluctuate. This is due to investor concerns, the instability of the news background, and the local correction of BTC. As a result, the total capitalization of the crypto market has not changed much, remaining at $1.7 trillion.
Over the past week, ETH indicators continued their downward movement and reached a local low at $2,300. Over the past day, ethereum has fallen by 3%, and the current dynamics of price changes indicate that the asset will continue to move down. At the same time, the record low commission in the cryptocurrency network did not become a reason for the activation of retail market participants. This is clearly seen in the indicators of daily trading volumes, which sank to the level of $26 billion. The long-term indicators of the main altcoin also remain bearish. The coin's quotes show resistance to the downward trend at local support levels, but the fallen social activity and the deteriorating news background do not give the asset individual incentives for growth. Soon, the cryptocurrency will test the strength of the $2,300 mark, although it has a chance to start moving to the support level of $ 2,500.
The situation around the Ripple token remains uncertain. The coin continues to move along the downward resistance. The cryptocurrency has already tried to break through this line three times but did not succeed. Despite this, an upward trend loomed on the charts of the asset, thanks to which XRP rose in price by 1.5%. This is also indicated by the MACD indicators for the last 2 hours, similar dynamics are demonstrated by the RSI index. The main support level is still around $0.8, however, given the reversal, the cryptocurrency has every chance of testing the $1.04 mark in the near future.
LTC quotes continue to move along the support level of $160. The cryptocurrency is not able to overcome this threshold, however, it is actively recovering its positions after local collapses. The current dynamics of changes in LTC/USD indicators indicate that the asset will again test the $160 mark soon. In addition, the volume of daily trading shows a drop in interest in altcoins. In the near future, cryptocurrencies will need a strong news momentum and the relative stability of Bitcoin to start a bullish trend.
At the same time, the news background continues to remain relatively positive. The only problem was the news that the World Bank refused to help El Salvador in the implementation of bitcoin. Large investors began to lose interest in the news about the submission of new applications for the creation of bitcoin funds and cryptocurrency ETFs. It's all about the consistent policy of the SEC, which postpones the consideration of applications for a longer period. A possible reason for optimism will be Tesla's resumption of accepting bitcoins as payment for its goods. However, at the moment the market lacks the confidence to start a bullish trend, which is clearly seen in the institutional reaction to positive news.
The material has been provided by InstaForex Company - www.instaforex.com