Cryptomarket goes on to creep down

February 5, 2019

The main cryptocurrency continues its decline amid reports that the mining giant Bitmain went down to a sixteen-month low. However, the good news for the crypto market was the message that Iran introduced its own digital currency based on gold.

The cost of the main cryptocurrency practically did not change on Monday, most of the assets were trading in a narrow sideways range. Bitcoin traded on the approaches to the key resistance level of $ 3,500. Ethereum remained at $ 108, and the XRP price slightly decreased to support 0.3030.

Iranian authorities in collaboration with several local banks created a digital currency to circumvent sanctions issued by US. Cryptocurrency called PayMon will be backed by gold reserves. It is hoped that the digital asset is going to be presented on the Iranian blockchain platform Fara Bourse. 

In our forecast for today, we assume a slight recovery of cryptocurrency assets. We expect Bitcoin to rise to resistance levels of $ 3,500, $ 3,550 and $ 3,600, Ethereum strengthens to levels of 108, 110, 114, and XRP price growth to levels of 0.3050, 0.3075 and $ 0.3100.

Bitcoin rate at 11.00 per day decreased by 0.09% - to $ 3,419 with a capitalization of $ 60.6 billion. Ethereum by this time fell by 0.75% - to 106.1 dollars, its capitalization amounted to 11.2 billion dollars. XRP for the day lost in the price of 0.33% and dropped to $ 0.299 with a capitalization of 12.3 billion dollars. Litecoin fell 0.29% to $ 33.8, with a capitalization of $ 2.1 billion.

The total capitalization of the crypto market has reached $ 113.4 billion. As financial scouts believe, the decline in the crypto market will continue in the nearest future. Bitcoin can go down to $ 3350, Ethereum can go down to $ 100, XRP - to $ 0.28, and Litecoin - to $ 32.

Cryptocurrency: Bitcoin

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