The 24-hour period of trading hasn’t seen vast activity in the crypto economy. Since the spike at the end of last week, nothing truly significant has taken place on Bitcoin markets.
With a high degree of irony, the whole crypto market seems on pause while the SEC “eventually” plans to approve an exchange-traded fund.
If the holding pattern continues, Bitcoin will likely once again break one direction or the other in the coming weeks. If it’s for the negative, we can expect lower lows than we’ve had in recent months. The $2,000s aren’t behind us yet.
Of the outliers, NEO saw the best gains, charting finally once again above $8. As a side note, Binance Coin has solidified its position as the #10 by market capitalization, pushing now toward a $10-per-token price. With a more than $200 million lead on Bitcoin SV, it will take BSV some serious turnaround work to recapture its former default position as a top-10 crypto.
The $100 spread between Bitfinex and Coinbase carries on. For much less than $100, one can move a BTC to Bitfinex and immediately have a profit. Demand for BTC on Bitfinex seems higher than on the retail master Coinbase, who recently got a new investor in the form of a fund backed by public pensions.
Late last night a quick sell-off did drive the price briefly beneath $3,600, but not for any sustained length of time. The OG crypto has been trading in a $100 range for a few days now. As stated before, the question is what direction it will go when it eventually breaks out of this pattern.
If it does so on the news of an ETF, the answer is likely up, up, up. If it breaks out as before based on some collective end to the monotony, then it could go both ways before finally heading below $3,000.
Ether somewhat followed the same track as Bitcoin, picking up a bit higher percentage-wise.
Last night it went down to the $117 range, but by press time it had picked back up to $121 at Coinbase. The recent positive momentum for Ethereum and tumbling in XRP has caused the two to swap places again in the market capitalization listings.
XRP frequently holds the #2 spot, but it switches with Ethereum from time to time. As communities and confidence go, Ethereum likely has more users and invested parties. It certainly has more fiat markets.
Bitcoin Cash also followed the same track but had a bit more of an interesting ride.
It dropped all the way to $116 on Coinbase. Then it picked back up to a global average of $122, within a dollar of Ethereum. Ethereum has a greater supply and therefore a greater market capitalization. Yet, by press time, essentially, 1 BCH = 1 ETH, an unusual situation.
The base token of the “NEO Smart Economy” picked up some steam over the 24-hour period, even on the fiat markets.
NEO saw a price of $8.32 on the macro level. On Bitfinex and Binance it was trading 14 cents higher by press time and had also seen a steady climb over the last 18 hours.
A notable alternative to Ethereum, NEO has spent years trying to find its place. Several dApps have been built, but penetration of western markets remains seemingly limited.
Featured Image from Shutterstock. Price Charts from TradingView.
Last modified: March 4, 2021 2:53 PM