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The whole cryptocurrency market is range-bound early on January 22, 2019. The market is hibernating in significantly tight ranges. Bitcoin and all other major coins have stuck in tight ranges after the unprecedented collapse on Sunday. The total capitalization of all the digital assets in circulation dropped marginally below $120 billion representing around a $5 billion drop from the $124 billion levels of the weekend.
Bitcoin
The biggest crypto by market capitalization is currently hovering around $3,560. That price is barely changed both on a day-over-day basis and from the opening of Tuesday trading. Furthermore, Bitcoin is currently locked in a tight range that seems to have not blinked after its breakdown on Sunday.
Any sustainable move below the $3,600 price is still seen as a precondition for an extended recovery. The token seems to be consolidating as analysts and experts believe that it may soon bottom out.
Ripple’s XRP
The token seems to have grabbed and owned the second spot from Ethereum in recent weeks. XRP has settled around the $0.3200 price level. Currently, traders and investors do not know the direction it will take as it trades within limited ranges currently hovering around $0.3177. Over the last few days, the token has been mostly range-bound which also coincides with the broader market.
Ethereum
The third-largest cryptocurrency by market capitalization has dropped below the $118.00 handle. It is currently oscillating in a limited range around $117.37. However, the downside momentum has faded away almost completely. The token is trading at levels of at least 1% down on a day-over-day basis. The coin has a market capitalization value of $12.266 billion for now with an average daily trading volume of $2.31 billion.
TRON (TRX)
Currently ranked at number 9 in the market capitalization charts, TRX is the growth leader on Tuesday so far. It appreciated to $0.0259, therefore gaining almost 10% in the past 24 hours. The constant positive fundamentals have provided TRON with strong support recently.
According to the creator of TRON Foundation, Justin Sun, the blockchain network will have around 2,000 dApps deployed on it before the end of 2019. The market seems to see it similarly resulting in gains even amidst general market drops.
Another catalyst driving the bullish sentiment to TRON (TRX), is the upcoming BitTorrent airdrop for TRX holders. On February 11th, 2019, BitTorrent Foundation will start its first airdrop. Currently, Huobi Wallet, Binance, CoinTiger, WazirX, FCoin, OKEx, Gate.io, Bibox, Bitpie, CoinEx, Bithumb, Cobo and MBAEx will Support BTT Airdrop. The list will be updated continuously here.
Please note: Cryptovibes.com is not a financial advisor. Do your own research before investing in any financial asset. We are not responsible for your investing results.
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