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.
Bitcoin Price Poised for a Breakout?:
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.
Ripple (XRP) Stuck in Tight Range amid Market Cap Controversy
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 Price Continues to Take Losses
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.
Litecoin Leap-Frogs Stellar
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 Price Climbs Back from Intraday Low
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