Cryptomarket consolidates after sharp rise

April 5, 2019   Bitcoin

The cryptocurrency market entered the correction phase on Thursday after a sharp rise the day before. The price of Bitcoin again fell below the key level of $ 5,000 and reached 4920. Ethereum lost more than 10% and fell to a level of $ 155, and XRP reached 0.3290. After two days of sharp growth, the price of Bitcoin went into the overbought zone, so a correction was inevitable. It is important to note that the fall in quotations did not reach 50% of the previous growth, so you can count on the continuation of the uptrend. At the same time, the traditional analysis is not always applicable to the cryptocurrency market, since relatively low volumes allow large players to manipulate prices. One of the reasons for the sharp rise in cryptocurrency in recent days can be several large transactions with Bitcoin, conducted on the three main exchanges almost simultaneously. In turn, the main cryptocurrency traditionally “dragged” courses of other assets.

The main cryptocurrencies stabilized on Friday, the market entered a phase of consolidation after a sharp jump to the top, when Bitcoin rose above the psychological mark of 5 thousand dollars. Bitcoin rate, according to Libertex, at 10.30 per day decreased by 0.71% - to 4,940 dollars with a capitalization of 87.5 billion dollars. Ethereum by this time rose in price by 1.48% - to 162.4 dollars with a capitalization of 17.2 billion dollars.

XRP went up more than the rest and added 5.56% during the day, rising to $ 0.36, its capitalization amounted to $ 15.1 billion. The positive news for this cryptocurrency was the message that users of the Gmail mail service can now send XRP tokens directly in letters. In addition, ETP on XRP and Litecoin are launched at the branch of the Stuttgart Stock Exchange in Sweden. The Litecoin rate has strengthened by 1.5% over the day - to $ 86.8, its capitalization amounted to $ 5.3 billion.

An alternative version explains the jump in the cryptocurrency rate by the growth of active Bitcoin wallets a few weeks before the rally. According to the report of the research company Flipside Crypto, from March 15, the number of Bitcoin wallets, on which there was no activity from 1 to 6 months, decreased from the usual 50% to 10%. Thus, in this case we are talking about a surge in the activity of a large number of cryptocurrency holders, and this has affected prices. This theory is opposed by the fact that the main increase in the price of Bitcoin from $ 4,200 to $ 4,800 occurred very quickly within one hour.

The total capitalization of the crypto market has reached $ .173.7 billion. Important news for the market of digital currencies was the news that the South Korean authorities intend to revise the existing legal regulations on the regulation of cryptocurrencies in order to make the industry more transparent and contribute to its growth. In addition, more than 100 companies, including SWIFT, Ripple and IBM, have created an association to promote blockchain technology in the European Union. According to financial scouts, after the consolidation phase, crypt players may again grow somewhat. In our forecast for Friday, we expect a further reduction in the price of Bitcoin to the levels of 4850, 4800 and 4700 dollars. But with a positive scenario, Bitcoin can rise in price to $ 5,100, Ethereum - to $ 170, XRP - to $ 0.38, and Litecoin - to $ 88.

Yesterday, the branch of the Stuttgart Stock Exchange, the Nordic Growth Market, launched tradable exchange products linked to the XRP and Litecoin price. A similar product tied to Bitcoin has been traded on the exchange since 2015. Earlier this week, Amun AG also announced the launch of a stock exchange product linked to the XRP price on the Swiss Stock Exchange.

 

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