By CCN.com: The 24-hour period didn’t see much ultimate change in the Bitcoin price or the other few top cryptocurrencies. Litecoin overtook Stellar, however, following a rebranding earlier this week.
As noted by technical analysts Paul McNeal and Brian Swanny, a breakout in either direction may be imminent after several days of tight trading ranges in the Bitcoin price.
Bitcoin closed the 24-hour period above $3,600 at Bitfinex but below that figure on most other exchanges. For example, on itBit it closed out the period around $3,547, with a daily low as far down as $3,528 — just barely above its interim support level.
At the same time, Bloomberg analysts have yet to retract or update a call for the bottom at around $3,000 or $3,100, depending on momentum.
The ripple price (XRP) is trading in even tighter ranges than BTC. It closed the day at just under $0.32, with a high of almost $0.325.
Amid charges that its market capitalization is fictional and subsequent backlash in the form of death threats, the bank-friendly Ripple Labs released a report today noting it had sold 25% less XRP in the 4th quarter than the 3rd. Overall trading volume of XRP was significantly higher in the 4th quarter, however.
Ethereum seems to lose roughly a dollar per token per day this week. That’s over $100 million in market capitalization per day, if you’re counting.
It’s down to around $116 at time of writing. The future of the platform is questionable as it moves toward a proof-of-stake model. Still the dominant smart contract platform, its status as such is certainly wide open as other platforms compete harder and harder to unseat it.
Seventh-place Litecoin was previously #8, but it overtook Stellar today after a rebranding and $2 price increase over the course of the week. Although it started the 5-day period at around $33, it had fallen down to around $29 earlier in the week. The rebranding took place on the 22nd and led to a resurgence in the price.
At time of writing, Litecoin was fighting to maintain its $32 standing.
Tron appears to be fighting for a third cent over the past 24 hours. The Ethereum alternative began the period a bit higher than it stood at time of writing, but momentum in the media seems strong for a Tron comeback.
Tron could be one or two major breakthroughs away from nickel mark. In the news this week, they had hired a former regulator.
Featured Image from Shutterstock. Price Charts from TradingView.
Last modified: March 4, 2021 2:53 PM