Cryptocurrency assets continued to rise in price at the end of the last trading week, but on Sunday the market collapsed and most currencies lost significantly in value. Bitcoin fell to the level of 3870, Ethereum dropped to $ 142, and the price of XRP fell to the support level of 0.3050 dollars.
As a result of the fall, the cryptocurrency market lost more than 11 billion capitalization in a matter of minutes. The collapse was not caused by a single factor; most likely, the previous recovery was premature. The fundamental factors associated with the adoption of cryptocurrencies by various regulatory organizations do not yet allow to form an uptrend.
Despite the sharp decline on Sunday, a number of cryptocurrencies could grow significantly in the week. EOS became the leader, it added almost 30% in price. Tron, the ninth in terms of total capitalization of cryptocurrency, rose in price by 7.4%, helped by the announcement on Sunday of the upcoming February 28 hard forks and protocol upgrade to version 3.5. According to the developers, the new version will include new multi-signatures for institutional users and account management, dynamic energy management according to real-time network performance, improved performance and resource utilization, and improved without virtual machine pass.
Earlier this week, the ability to store cryptocurrency Tron announced a custodial solutions provider company BitGo. One of the main requirements of institutional clients is account management and cryptocurrency storage solutions. Therefore, the ad BitGo has caused a strong positive reaction in the market.
In our forecast for Monday, we expect the cryptocurrency market to recover and expect Bitcoin to grow to resistance levels of 3900, 3950 and 4000 dollars, strengthen Ethereum to 142, 145 and 148, and increase XRP prices to levels of 0.3070, 0.3100 and 0.3125 dollars.
|Exchange||Volume change, 24h|